The Airijoki Project lies within the Vittangi Greenstone Group (VGG) of northern Sweden, in relative proximity to established infrastructure as well as several significant mines (i.e. Kiruna, Svapparvaara, Leveäniemi and Mertainen) and other new energy mineral projects (i.e. Talga Group’s Vittangi graphite project).  Geologically the Project is centred on a laterally continuous, northeast trending gabbroic (locally termed diabase) intrusion which hosts vanadium-magnetite mineralisation along with lesser base metal (predominantly copper mineralisation).

Airijoki is currently supported by an Inferred Mineral Resource comprising 44.3 Mt at an in situ grade of 0.4% V2O5, containing 5.9 Mt of magnetite averaging 1.7% V2O5 (in magnetite concentrate) for 100,800 t of contained V2O5 based on a 13.3% mass recovery of magnetite concentrate and a 0.7% V2O5 cut-off grade, on a 100% equity basis (and net attributable basis).

Subsequent Davis Tube Recovery (DTR) and low-intensity magnetic separation (LIMS) test work indicated that vanadium magnetite concentrates grading over 2% V2O5 and more than 65% Fe are possible at mass recoveries over 20% from the vanadium mineralisation at Airijoki.  Overall, vanadium recoveries in excess of 70% can be achieved using a relatively coarse grind size of 355 µm and using LIMS without the need for further treatment.

Conceptual studies completed in 2019 envisage that Airijoki will be developed by bulk open pit mining techniques from four open pits using standard drill and blast, load/haul and crusher feed/magnetic separation to produce a vanadium magnetite concentrate. The conceptual techno-economic studies demonstrated the Project has the potential to be financially robust.  Further metallurgical test work, extensional and infill drilling and optimisation studies are warranted at Airijoki prior to more advanced techno-economic analysis.