The SPP was strongly supported, which reflects the positive outlook for TNG and its Mount Peake Vanadium-Iron-Titanium Project in the Northern Territory.
TNG managing director Paul Burton said: “This is an excellent result which reflects both the strength of our share register and the quality of our key asset.
“I would like to take the opportunity to thank our shareholders for their strong support.”
The Mount Peake project is located 235 kilometres northwest of Alice Springs, close to existing key power and transport infrastructure.
Mount Peake is one of the largest undeveloped vanadium-titanium-iron projects in the world with an indicated and inferred resource totalling 160 million tonnes grading 0.28% V2O5 (vanadium pentoxide), 5.3% TiO2 (titanium dioxide) and 23% iron.
TNG recently signed a binding term sheet with market expansion services provider, DKSH, to purchase, on a life-of-mine basis, up to 100% of the titanium dioxide pigment produced from the Mount Peake Project.
Vanadium price increase
Vanadium prices continued their strong upward trajectory over the September 2018 quarter and into October, with vanadium prices recently reaching 13-year highs.
The strong price momentum is underpinned by increasing demand for vanadium in China to meet new steel rebar regulations, which is coming into effect this month.
This is expected to see vanadium prices continue to rise through the December 2018 quarter.