The trading halt will remain in place until the beginning of trade on Wednesday, September 2, or when an announcement is released to the market, whichever occurs earliest.
Scope to boost mine life
In July, the company increased the Gabanintha Vanadium Project measured and indicated resource by 32% to 9.6 million tonnes at 1% vanadium, providing scope to extend the mine life.
The increase is a result of a maiden indicated mineral resource for the Southern Tenement of 9.6 million tonnes at 1.0% V2O5.
This forms part of the overall resource estimate at this tenement of 27.7 million tonnes at 0.9% V2O5, an increase of 29% from the previous estimate of 21.5 million tonnes.
Within this is a high-grade component of 14.4 million tonnes at 1.1% V2O5.
The global mineral resource estimate for Gabanintha, which also includes the Northern Tenement, now sits at 137.2 million tonnes at 0.9% vanadium.