NewPeak acquires Queensland vanadium project
ASX-listed NewPeak Metals has announced the acquisition of AusVan Battery Metals, which includes the Allaru vanadium project in north-west Queensland.
The deal, valued at A$5-million in NewPeak shares, will make the company the sole owner of AusVan, which holds six granted exploration permits and one application for the project, with an inferred resource of 710-million tonnes of vanadium.
The acquisition will be funded through the issue of NewPeak shares at $0.0165 each. Alongside the transaction, NewPeak plans to raise between A$2-million and A$3-million through a rights issue at the same share price to support its exploration and development activities.
“This acquisition marks a significant step in NewPeak’s transition into the strategic critical minerals space,” the company stated. The move follows earlier acquisitions of uranium, rare earth, and scandium assets in Canada and Australia, as well as the sale of its projects in Finland, Sweden, and New Zealand.
The Allaru vanadium project is located near Julia Creek, and is surrounded by other vanadium deposits at various stages of development. Vanadium is a key material for renewable energy storage solutions, and the acquisition positions NewPeak to benefit from the growing demand for critical minerals.
Proceeds from asset sales and the planned capital raising will fund NewPeak’s exploration and future development plans, supporting its focus on the critical minerals sector.
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