Critical Minerals Group has raised $2 million to support work including its Lindfield vanadium mine prefeasibility study and development of an electrolyte facility in Logan.

Managing director Scott Winter said the capital raise would enable CMG to hit a number of milestones and continue progressing other activities.

“We expect to see the completion of the prefeasibility study and the continuation of the larger pilot plant test work for the Lindfield project,” he said.

“We will also be in a position to continue with the development of the vanadium electrolyte facility and early stage plans for an expanded facility.

“We are similarly excited about the opportunities presenting in the market for long-duration storage suited to VFBs (vanadium flow batteries) and these funds will assist in our evaluation of projects and submission of VFB project detail.“

Lindfield is CMG’s flagship project, located 30km east of Julia Creek in North-West Queensland.

CMG recently finalised a study into power for the vanadium mining project, finding a hybrid solution combining renewable energy generation (solar and or wind) firmed by a vanadium battery to be the most optimal solution and lowest cost across the whole mine life.

Metallurgical testwork is continuing and CMG has started compiling its environmental impact statement for the Lindfield project.

In its latest quarterly report, the company said it was continuing to work on various potential VFB projects and more recently had been working alongside a major multinational services company.

CMG said it had submitted an expression of Interest (EOI) to a major Australian gentailer for deployment of VFB technology at a renewable energy precinct in Victoria and had passed the initial stage gate.

Regarding the development of its vanadium electrolyte facility, an amendment to account for 24/7 operations has been approved.

CMG said 120kg of vanadium pentoxide had been delivered to Queensland University of Technology (QUT) for vanadium electrolyte demonstration production and qualification purposes.

This will be used to pre-qualify CMG’s product for a range of existing VFB suppliers.