Ann: Vandium Offtake Agreement with Glencore, page-43

Just posted on Critical Metal’s LinkedIn (for anyone new NMT owns 19% of Critical).


Dear Shareholders & Friends of Critical Metals,

Thank you for supporting our efforts to develop a sustainable Nordic business.

Critical Metals is a strategic shareholder in Europe's only circular, high-purity, low carbon, no mining, vanadium project. The project is expected to produce 9ktpa of 99.5% V2O5 for a minimum of 10 years (but likely much longer) from 2026.

I'd like to bring two important and positive project updates to your attention, namely an agreement with SSAB extending the time within which to consider a final investment decision (FID) through to 30 September 2023; and an offtake agreement with global major Glencore for 100% of the vanadium product. I expect the next major vanadium project milestone will be a project finance outcome later this Quarter.

On a side note, the experience we've gained and the people we've met incubating the vanadium project in Sweden and Finland since 2019 has piqued our interest in long-duration energy storage using vanadium redox flow batteries (VRFBs). These scaleable, safe and environmentally friendly batteries are used to store renewable energy from the wind, water and sun. They've been deployed at a megawatt scale in Asia, are starting to penetrate Europe and have a competitive position on the cost curve (compared to other battery chemistries) when releasing power into the grid (or industry) over more than 6 hours. We're assessing opportunities to incubate a long-duration energy storage business using VRFBs in the Nordics.

Please contact me if you would like to discuss these project and corporate opportunities. We're always seeking to establish long-term partnerships with great teams focused on creating better solutions for society.