NEW YORK, May 15, 2018 /PRNewswire/ --

According to a report published by Technavio, global vanadium market is expected to grow at a compound annual growth rate of 11 percent by 2021. The report indicated that the growing demand for high strength steel is one of the factors that has driven the growth of the global vanadium market. In addition, the increasing use of vanadium in batteries also has fuel the growth of the vanadium market till 2021. Vanadium is one of the key components in Vanadium Redox Flow Batteries, which are used in energy storage solution. The major characteristics of vanadium redox flow battery include larger storage tanks and easier to rechargeability. Vanadium is often produced as a byproduct of uranium mining. Uranium is a non-renewable energy source that cannot be replenished in a short period of time and is used as fuel for Nuclear reactors. Anfield Energy Inc. ANLDF, Energy Fuels Inc. UUUU, Uranium Energy Corp. UEC, Largo Resources Ltd. LGORF, Denison Mines Corp. DNN

According to Mohammed Shakeel Iqbal, a lead analyst at Technavio for metals and minerals research, "Vanadium is used separately or in a mixture with other elements to form alloys. These alloys provide strength to steel plates, which are used in box girders and other types of bridges. Vanadium helps in resisting fire and provides resistance to the eroding effects of weather. Vanadium is also used in welded and seamless tubular high strength steel structures such as the columns in airports and large unsupported structures in sports stadiums and aircraft hangers."

Anfield Energy Inc. ANLDF is also listed on the TSX Venture Exchange under the ticker (TSX-V: AEC). On April 25th the company announced that it has, "identified vanadium exploration targets in its recently-acquired exploration database of mining projects in the Western United States. These targets, found in both Colorado and Utah, are considered complementary to Anfield's Utah-based Shootaring Canyon mill as Anfield could include a vanadium processing circuit on this asset. Moreover, these vanadium projects could serve as a potential extended vanadium project pipeline beyond the Velvet-Wood uranium/vanadium project on which Anfield has previously announced a vanadium exploration target. Finally, Anfield's prospective energy partners have shown an increasing interest in the Company's vanadium assets due to the recent upturn in the vanadium price - from US$4.00 to US$15.00 per pound."

Corey Dias, Anfield CEO, states, "The identification of potential vanadium targets in in our recently-acquired database offers a distinct advantage to the Company. Further to our news release on December 13, 2017, Anfield has already identified a vanadium exploration target of between 6.3 million pounds and 9.7 million pounds at its past-producing Velvet-Wood uranium mine - at which vanadium was previously produced as a byproduct - and the potential to create a significant pipeline of vanadium projects is compelling. This is even more attractive to Anfield as it holds one of only three licensed, permitted and constructed uranium mills in the U. S., and the ability to add a vanadium processing circuit to the Shootaring Canyon mill provides a strategic advantage to the Company in relation to its peers as Anfield could accelerate the vanadium production process.

"Vanadium is increasingly being embraced by battery manufacturers as a core material in the production of batteries to be used in both small-scale and large-scale applications; in fact, vanadium redox-flow batteries (VFBs) have started to grow in influence as energy companies look to improve energy storage. This ranges from grid-scale uses, such as Prudent Technology's use of a VFB for its solar installation in Italy, to smaller-scale uses such as Warren Buffett's BYD company using vanadium batteries for its electric vehicles and Subaru using a VFB to power its Subaru G4e vehicle. Vanadium is clearly viewed as an attractive alternative to other battery technology sources. Anfield is fortunate in having the ability to exploit two energy metal resources together, both with highly positive demand projections: uranium and vanadium".

Energy Fuels Inc. UUUU is a leading integrated U.S. uranium mining company, supplying U3O8 to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the western United States. Recently, the company announced that it intends to resume vanadium recovery operations in 2018, and it expects to recover significant quantities of currently dissolved vanadium (as V2O5) from pond solutions at the Company's White Mesa Mill. Vanadium prices have risen by more than 400% over the past 24 months to about US$15 per pound V2O5. Based on extensive test work and laboratory analysis, the Company has identified significant concentrations of dissolved vanadium in pond solutions at the Mill, ranging between 1.4 and 2.0 g/L. Based on current estimates, the Company believes these pond solutions, which result from past mineral processing campaigns at the Mill, may contain over four (4) million pounds of recoverable vanadium (as V2O5).

Uranium Energy Corp. UEC is a U.S.-based uranium mining and exploration company. The Company's fully-licensed Hobson Processing Facility is central to all of its projects in South Texas, including the Palangana ISR mine, the permitted Goliad ISR project and the development-stage Burke Hollow ISR project. Earlier this month, the company announce that it has recently completed its previously announced Purchase Agreement with Uranerz Energy Corporation, a wholly owned subsidiary of Energy Fuels Inc. and now holds 100% of its advanced stage North Reno Creek ISR project located immediately adjacent to and within UEC's existing Reno Creek Project permitting boundary in the Powder River Basin, Wyoming. Increases Reno Creek's combined Measured and Indicated resource by 20%, based upon Uranerz's previously reported NI 43-101 Measured and Indicated resource of 3.8 million tons grading 0.056% U3O8 yielding 4.3 million lbs at North Reno Creek.  

Largo Resources Ltd. LGORF is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. On April 16, 2018, the company announced its plan to expand production capacity at the Maracás Menchen Mine from the nameplate rate of approximately 800 tonnes per month of vanadium pentoxide ("V2O5") to 1,000 tonnes per month, being an increase of 25% over nameplate capacity. The enhanced production rate at the Maracás Menchen Mine is expected to result in an additional 200 tonnes of V2O5 being produced per month from and after June 2019. Capital expenditures for the plan are anticipated to total approximately US$15.5 million using current exchange rates. Construction is expected to begin at the beginning of June 2018 with an expected timetable for completion of approximately 12 months, including the required permitting and commissioning.

Denison Mines Corp. DNN is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan - including its 60% owned Wheeler River project, which hosts the high grade Phoenix and Gryphon uranium deposits. On January 31, 2018, Denison announced an 88% increase in the Indicated Mineral Resources estimated for the Wheeler River project (63.3% Denison owned). The result was attributable to an increase in the estimated resources at the Gryphon deposit, which is estimated to include, above a cut-off grade of 0.2% U3O8, 61.9 million pounds of U3O8(1,643,000 tonnes at 1.71% U3O8) in Indicated Mineral Resources, plus 1.9 million pounds of U3O8 (73,000 tonnes at 1.18% U3O8) in Inferred Mineral Resources. On April 18, 2018, Denison reported preliminary, radiometric equivalent uranium ('eU3O8') results from the Wheeler River winter 2018 diamond drilling program, which totalled 21,153 metres in 29 holes. High-grade uranium drill intercepts were obtained at the sub-Athabasca unconformity 600 metres and 1 kilometre to the northeast of the Gryphon deposit along the K-North trend.

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