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Highlights
- Velox Energy Materials reschedules its ASX dual listing to March 2025.
- A cornerstone investment from QCMBTF secures a stake of up to 19% in Velox.
- Funds to support key projects including the North Queensland Vanadium Project and Kotai Hydrogen Project.
Velox Energy Materials, a company specializing in energy materials development, has delayed its planned dual listing on the Australian Securities Exchange (ASX) to March 2025. This decision allows the company additional time to meet all requirements for the dual listing process.
The revised timeline has received backing from the QIC Critical Minerals and Battery Technology Fund (QCMBTF), a fund focused on advancing critical mineral ventures in Queensland. QCMBTF, which is administered by QIC Limited, agreed to extend the long stop date of its subscription agreement with Velox.
Earlier in August 2024, QCMBTF committed between $4 million and $5 million as a cornerstone investment in Velox. This agreement will provide the fund with an ownership stake of approximately 15% to 19% in the company. These funds are instrumental in supporting Velox’s dual listing efforts and capital raise, projected to secure an additional $8 million to $10 million.
The raised capital will be allocated to feasibility studies and pre-production activities at Velox’s North Queensland Vanadium Project. Additionally, it will further bolster Velox’s ongoing Kotai Hydrogen Project and general operational expenses.
The North Queensland Vanadium Project is poised to play a significant role in the critical minerals sector, aligning with Queensland's broader vision for sustainability and clean energy. Similarly, the Kotai Hydrogen Project emphasizes Velox’s commitment to advancing renewable energy solutions.
Velox CEO Simon Coyle highlighted the significance of QCMBTF’s support in extending the agreement timeline. He remarked, “With critical minerals being key to Queensland’s future, the extended commitment reflects the value of Velox’s assets and the robust prospects for vanadium and other critical minerals in the region.”
The company remains focused on ensuring compliance with the ASX’s listing requirements while positioning itself for long-term success. No other terms of the agreement with QCMBTF have been altered, reaffirming the mutual commitment to the dual listing initiative.
Velox Energy Materials operates as a forward-thinking energy materials company, prioritizing the development of high-value assets in resource-friendly regions. With its strong foothold in the critical minerals market, Velox is well-positioned to contribute to the future of energy and sustainable technologies.
Through its initiatives, the company underscores its dedication to building a resilient framework for the advancement of renewable energy solutions and critical mineral supply chains.
