First Vanadium

What First Vanadium does

First Vanadium Corp. is a publicly traded mining exploration and development company (TSX.V: FVAN; OTCQX: FVANF; Frankfurt: 1PY) headquartered in Vancouver, Canada, with operations focused on the Carlin Gold Trend in Nevada, USA. The company's flagship asset is the Carlin Vanadium Project, located 6 miles south of Carlin, Nevada, which hosts North America's largest highest-grade primary vanadium resource, comprising 24.64M tons Indicated at 0.615% V2O5 (303M lbs contained) and 7.19M tons Inferred at 0.520% V2O5 (75M lbs contained). A positive Preliminary Economic Assessment (May 2020) outlines a 16-year mine life producing 11.4M lbs/year of vanadium pentoxide (V2O5) flake at a projected $5.17/lb cash cost, using conventional open pit mining and a hydrometallurgical process (crushing, grinding, attrition scrubbing, flotation, acidulation, pressure oxidation, solvent extraction, and calcination) that achieves 92-98% vanadium extraction.

The company has expanded from a single vanadium focus into a dual-commodity strategy. In late 2019, renowned Carlin Gold Trend geologist Dave Mathewson identified a Carlin-style high-grade gold target at depth on the same Carlin property, and subsequent drilling (RC20-01, November 2020) intersected 487m of favorable altered lower plate rocks. First Vanadium also holds the AVP Property in the Battle Mountain-Eureka Gold Trend (optioned January 2021) and the West Jerome copper property in Arizona.

The business is pre-revenue and capital-markets-driven, having raised approximately $8.975M CAD across three private placements (2019, mid-2020, and May 2021) led by notable mining investors including Rob McEwen and Eric Muschinski. Forward revenue is expected to come from V2O5 sales to steel manufacturers and vanadium flow battery producers, with a secondary sulfuric acid and energy sales stream during years 17-20 of the project. Future pre-production capex is estimated at $535M.

Name

First Vanadium

Legal name

First Vanadium Corp.

Website

https://firstvanadium.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

First Vanadium Corp. is a pre-revenue mining exploration company developing the Carlin Vanadium Project in Nevada, which hosts North America's largest highest-grade primary vanadium resource, while also exploring Carlin-style gold and copper targets on adjacent properties.

Ownership category

akta.pro rank

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Vanadium Pentoxide Sales: Future revenue from mining and selling vanadium pentoxide (V2O5) flake product. PEA projects 16 years of vanadium production with 11.4 million pounds average annual production at $10.65/lb V2O5 price assumption.
2. Sulfuric Acid and Energy Sales: Post-mineral processing extension (years 17-20) selling sulfuric acid and energy exclusively from acid plant. PEA projects $40 million contribution to cashflow from this extension.
3. Gold Exploration Value: Potential future revenue from gold exploration on Carlin Gold Trend property. Project covers 2 miles of 9-mile long structure with 9 Moz Au in multiple deposits nearby.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

First Vanadium is a mineral exploration and development company advancing the Carlin Vanadium Project in Nevada, which hosts North America's largest highest-grade primary vanadium resource. The company plans to produce vanadium pentoxide (V2O5) flake via open pit mining and hydrometallurgical processing, while also exploring Carlin-style gold targets on the same property along with a copper property in Arizona and a gold property in the Battle Mountain-Eureka Trend.

Product overview

First Vanadium Corp. is a vanadium and gold exploration company with a portfolio of mineral properties in Nevada and Arizona. The company's flagship asset is the Carlin Vanadium Project, which hosts North America's largest highest-grade primary vanadium resource and includes a separately identified Carlin-style gold target at depth. The company also holds the West Jerome copper property in Arizona and the AVP gold property in Nevada. The Carlin Vanadium Project is being advanced through a Preliminary Economic Assessment, while the gold targets are being explored through drilling programs supervised by renowned Nevada gold geologist Dave Mathewson.

Differentiator

Problem solved

Functional benefit

Products and services

• Carlin Vanadium Project A vanadium deposit located 6 miles south of Carlin, Nevada within the Carlin Gold Trend. The project hosts North America's largest highest-grade primary vanadium resource, with a NI 43-101 compliant mineral resource estimate of 24.64 million tons at 0.615% V2O5 Indicated and 7.19 million tons at 0.520% V2O5 Inferred. A positive PEA demonstrates economics for a large-scale open pit mining operation producing vanadium pentoxide (V2O5) flake. Targeted at steel manufacturers and vanadium flow battery producers needing a domestic US vanadium supply.
• Carlin Gold Target A Carlin-style high-grade gold exploration target identified at depth within the Carlin Vanadium property, strategically located within the prolific Carlin Gold Trend of Nevada. Exploration drilling has confirmed favorable rock hosts, brecciation, sulfides, and alteration typical of Carlin deposits, with the IP survey identifying a large root system 1.2 km long, 750 m wide, and over 500 m vertically. The target is being advanced under the supervision of Nevada gold specialist Dave Mathewson.
• West Jerome Property A 100%-owned copper exploration property located near Jerome, Arizona (subject to a 1.5% NSR royalty). The property is a high-grade massive sulfide target located 2.4 km south of the past-producing United Verde Mine (33 million tons grading 4.36% Cu). It lies in a volcanogenic massive sulfide camp with favorable geology and coincident geophysical anomalies.
• AVP Property A gold exploration property optioned from Dave Mathewson located in the Battle Mountain-Eureka Gold Trend of Nevada, specifically on the southern extension of the Cortez-Gold Bar Trend. The property covers a 3.6 kilometre north-south stretch with historical drilling indicating favorable limestone host with anomalous gold, subject to a 3% NSR royalty retained by Nevada Gold Ventures.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core and major.

• Nevada Gold Ventures, LLC (Dave Mathewson)coreStrategic or Co-development Partner · 14 January 2021Five-year option agreement to acquire 100% interest in the AVP Property in Battle Mountain-Eureka Gold Trend, Nevada. Option payments include $25,000 cash and 250,000 shares on signing, with additional cash payments and share issuances totaling US$1M over 5 years and US$2M in work commitments. Nevada Gold retains 3% NSR royalty.
• Dave Mathewson (Geological Advisor)coreStrategic or Co-development Partner · 12 November 2019Renowned Carlin Gold Trend specialist and former Newmont Regional Exploration Manager engaged to assess gold potential. Identified Carlin-style high-grade gold target at depth. Joined Advisory Board November 2019. Led exploration team discovering 4Moz of gold deposits in Rain District during 1990s at Newmont.
• Wood Canada LimitedmajorImplementation/ SI/ Consulting Partner · 7 October 2019Engaged to prepare NI 43-101 Preliminary Economic Assessment for Carlin Vanadium Project. Global engineering firm with vanadium project experience and specialized hydrometallurgical expertise. PEA filed June 2020.
• SGS Canada Inc.majorImplementation/ SI/ Consulting Partner · 7 August 2019Conducts metallurgical test work including solvent extraction test work to produce ammonium metavanadate and final vanadium pentoxide product. Variability test work conducted at Lakefield, Ontario facility.
• Sherritt TechnologiesmajorImplementation/ SI/ Consulting Partner · 7 August 2019Conducts acid leach and pressure oxidation test procedures. Leader in development and commercialization of pressure hydrometallurgical processes. Initial test work achieved 95.5% vanadium extraction, refined to 92-98% extraction rates.
• SRK Consulting (U.S.), Inc.majorImplementation/ SI/ Consulting Partner · 9 April 2019Completed independent NI 43-101 compliant mineral resource estimate and technical report for Carlin Vanadium Project. Prepared mineral resource statement showing 24.64M tons Indicated at 0.615% V2O5 and 7.19M tons Inferred at 0.52% V2O5.
• America's Gold Exploration Inc. (AGEI)coreStrategic or Co-development Partner · 9 November 2017AGEI holds an option to acquire 100% of the Carlin Vanadium Project from Golden Predator US Holding Corp. (GPUS), which was assigned to First Vanadium through a definitive Assignment Agreement. Terms for First Vanadium to earn 100% interest are outlined in the November 9, 2017 news release.
• Golden Predator US Holding Corp. (GPUS)coreStrategic or Co-development PartnerGPUS owns the core 72 claims of the Carlin Vanadium Project. First Vanadium has an option to acquire 100% interest through the AGEI assignment agreement.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Largo Inc. Canadian-listed primary vanadium producer operating the Maracás Menchen Mine in Brazil. Most directly comparable peer as a publicly traded primary vanadium producer with similar cost structure and end-market exposure to steel and battery storage.
• Bushveld Minerals Limited: South African integrated vanadium producer and VRFB energy storage investor. Direct peer in primary vanadium mining with downstream battery exposure, comparable to First Vanadium's positioning.
• Energy Fuels Inc. US-based uranium and vanadium producer with operations in Utah and Arizona. Comparable as a North American critical minerals producer recovering vanadium as a byproduct and addressing US strategic mineral supply.
• Western Uranium & Vanadium Corp. US-focused uranium and vanadium developer with projects in Utah and Colorado. Comparable peer in vanadium resource development targeting steel and battery markets with similar size and stage profile.
• U.S. Vanadium LLC: US-based vanadium producer operating processing facilities in Arkansas and Ohio, producing high-purity V2O5 for battery and aerospace markets. Comparable as a North American primary vanadium producer with similar customer end-markets.
• Gold Standard Ventures Corp. Canadian gold developer with Carlin-style gold projects in Nevada. Highly relevant peer for the gold upside thesis — co-founded by Dave Mathewson and pursuing analogous geological concepts in the same region.

Emerging players

• VanadiumCorp Resource Inc. Canadian junior vanadium exploration company focused on the Lac Dore and Iron-T projects in Quebec. Comparable as a small-cap vanadium developer with similar exploration-stage profile and primary vanadium focus.

Broad incumbents

• Glencore plc: Global mining major producing vanadium as a byproduct at its Rhovan and other operations. Comparable as a major vanadium producer that sets global price benchmarks, though vanadium is a small part of its diversified portfolio.
• AMG Critical Materials N.V. Global critical materials company with vanadium processing operations through AMG Vanadium. Comparable as an established vanadium processor with aerospace, battery, and steel customer base, though diversified across many other specialty materials.
• Newmont Corporation: World's largest gold producer and operator of the Carlin Gold Trend mines adjacent to First Vanadium's property. Relevant peer given geological comparability (Carlin-style deposits) and former employer of key advisor Dave Mathewson.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/FirstVanadium
• LinkedInlinkedin.com/company/first-vanadium-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Vanadium