[Ferro-Alloys.com] VanadiumCorp Resource Inc announced that its vanadium electrolyte-processing plant has been completed by the manufacturer in the United Kingdom and is ready for inspection this week.

The company said that once the equipment has been inspected by its engineers it will be shipped to its Val-des-Sources, Québec facility for re-assembly.

The facility, which is expected to produce up to 350,000 litres per year of high-purity vanadium electrolyte, is on budget and scheduled to be completed in the first quarter of 2024.

VanadiumCorp said the company has taken possession of the site and commenced site preparation, engineering designs are finished, and all major equipment has been procured and is ready for installation, with some supporting process equipment already on site.

Further, the company said it has secured initial feedstock supplies and is building a multi-month feedstock inventory.

Meanwhile, VandiumCorp said the pre-engineering scoping study of a second Québec electrolyte plant which would produce approximately 4 million litres per year has been completed.

The company said it is now reviewing a specific industrial site in Québec and, upon site and partner selection, a detailed engineering and economic study is expected to kick off in the second quarter of 2024.

Shares of the company moved higher on the news, adding 16.7% at C$0.07 before the opening bell on Tuesday.

VanadiumCorp is a Canadian critical minerals company in the renewable energy storage space facilitating the global energy transition.

• [Editor:tianyawei]