VanadiumCorp Resource files year-end financial statements, highlighting significant reduction in its net loss for 2020

VanadiumCorp Resource Inc has filed its 2020 year-end financial statements showing the firm managed to narrow its loss by a significant margin as it progresses its clean technology initiatives. 

The Vancouver-based company posted a net loss of around $672,000 for FY2020, compared to the $1.4 million it posted in the same 12-month period a year prior. 

Filing its year-end financials will help to bring the company into good standing, CEO Adriaan Bakker said in a statement accompanying the results. 

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“We thank all our shareholders for their support and patience as we go through the process to bring the company into good standing,” Bakker said.

“The company continues to work diligently on its clean technology and development plans for its mineral resources throughout this process.”

VanadiumCorp is focused on lowering the cost and carbon footprint of energy by harnessing the green and reuseable potential of vanadium in vanadium redox flow batteries (VRFB Battery).

The company owns two development-stage vanadium resource projects in Quebec, as well as the VanadiumCorp-Electrochem Process Technology (VEPT), which was developed as a cost-effective, green and much higher-yielding alternative to conventional pyro-metallurgical processes for many new vanadium sources, such as calcine waste and steel slags.

Improving price fundamentals spells good news

In its results statement, the junior company noted the improving commodity price landscape for vanadium pentoxide, which has increased from US$5 to $9.80 per pound in the past 10 months.

“The company is well-positioned to participate in the surging worldwide demand for green energy storage,” it said in the statement.

VanadiumCorp is poised to initiate environmental and economic studies after validation of its large vanadium-titanium-iron ore mineral deposit at Lac Dore, Quebec with a NI 43-101 technical report, it said, adding that the key to those pending studies is the commercial-scale demonstration of its patented hydrometallurgical process.

“Success contingent, the company is uniquely positioned to cover the entire supply chain: from mining; responsible extraction of vanadium, titanium, and iron; to the manufacture of vanadium electrolyte,” it concluded.

VanadiumCorp told shareholders it plans on filing all remaining quarterly financial statements as soon as possible, after which it will apply for reinstatement to trade its shares on the TSX Venture Exchange.

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Story by ProactiveInvestors