The halt will remain in place until the earlier of the start of normal trading on Thursday, October 11, or when the announcement is released to the market.
Earlier this week, the company changed its name from Mustang Resources after receiving shareholder approval and registration by the Australian Securities and Investment Commission (ASIC).
The name change reflects the company’s focus on vanadium and graphite exploration and mining, commodities that are crucial for the rapidly-growing new energy market.
New Energy recently produced high-grade vanadium concentrate in initial bench-scale metallurgical test work on ore from its Caula Vanadium-Graphite Project in Mozambique.
The company used an integrated graphite and vanadium flowsheet and the test work utilised wet high-intensity magnetic separation (WHIMS) on composite samples.
This resulted in a cleaner concentrate grade of 1.66% vanadium pentoxide with 80.6% recovery.