Critical Minerals Group launches $2.05M capital raise for vanadium project

Critical Minerals Group has announced a capital raise of up to $2.05 million to fund a Definitive Feasibility Study (DFS) for its Lindfield Vanadium Project in Queensland. The Brisbane-based company aims to develop an integrated vanadium supply chain to support the market for long-duration energy storage and vanadium flow batteries.

The funds will support pre-wet season drilling, bench-scale metallurgical testing, and the advancement of environmental and mining lease approvals. The capital raise includes a $1.25 million placement to sophisticated investors and an $800,000 Share Purchase Plan for eligible shareholders in Australia and New Zealand. Cornerstone shareholder Idemitsu Lindfield Pty Ltd has committed approximately $694,059 to maintain its holding, subject to approval.

In addition to the financing, the company appointed Gerhard Redelinghuys as a Non-Executive Director. As part of cost-reduction initiatives to streamline operations, the company also made the full-time Chief Financial Officer role redundant.