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Critical Minerals Group Reaches PFS Milestone at Lindfield Vanadium Project
Critical Minerals Group's Lindfield vanadium project PFS shows pre-tax NPV of $821 million and IRR of 26.6%. The company is targeting first revenue in 2028 but has only 0.8 quarters of cash runway.
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Critical Minerals Group has completed a pre-feasibility study for its integrated Lindfield vanadium project in Queensland, reporting a pre-tax net present value of $821 million and an internal rate of return of 26.6%.
The preferred development combines a 3 million tonne per annum open cut mine near Julia Creek with a vanadium electrolyte manufacturing facility at Parkes in New South Wales. The company said it is targeting a final investment decision in calendar 2027, subject to funding, approvals, offtake, and further technical work.
First revenue is targeted for 2028, with the electrolyte facility to be commissioned ahead of the mine using third-party vanadium pentoxide feedstock. That approach would reduce peak funding exposure, the company said.
The PFS estimated total capital costs at $981 million, with a peak funding requirement of $736 million. Average annual V₂O₅ production is forecast at 10,577 tonnes during the first 16 years of a 31-year mine life. The post-tax NPV was $458 million and the post-tax IRR was 18%. Payback is estimated at seven years.
The project is underpinned by a mineral resource estimate of 713 million tonnes at 0.32% V₂O₅, with 491 million tonnes in the Indicated category and 222 million tonnes in the Inferred category. No ore reserve has been declared pending further drilling for the definitive feasibility study.