Uses of Vanadium

Primarily used as an alloy in steel & aluminium production. Vanadium’s properties give it the ability to make materials stronger lighter, more efficient and more powerful. Vanadium-titanium alloys have the best strength-to-weight ratio of any engineered material on earth


By 2025 it’s estimated that 85% of all automobiles will incorporate vanadium alloy to reduce their weight and increase their fuel efficiency


Vanadium pentoxide is used in REDOX flow batteries for energy storage from solar and wind farms


Increasing use in electric vehicle batteries


Excellent properties for the aerospace & chemical storage sectors


REDOX Flow Properties Vs. Lithium



  • Rechargeable flow battery which employs vanadium ions as charge carriers
  • Non-flammable – suitable for grid storage
  • Up to 10,000 cycles vs max 1,000 cycles for Li-Ion
  • Maintain 90% of their storage capacity over 20 years
  • Batteries suitable for single houses now commercially available



  • Smaller – suitable for EV’s & personal devices
  • Complex system
  • Get very hot
  • Degrade over time
Development of Vanadium Projects


Airijoki (Sweden) and Koitelainen (Finland) projects to produce high-grade vanadium magnetite concentrates to sell to European and global markets



  • Lowers pre-production CAPEX
  • Decreases timeframes to production
  • Builds the Company’s financial position to allow for optimum financing of Phase 2
  • Access to infrastructure, transport services and ports
  • High-grade nature of vanadium magnetite concentrates produced from Airijoki and Koitelainen


Centralised plant to process vanadium magnetite concentrates from Airijoki and Koitelainen into V₂O₅ flake or VRFB electrolyte for sale to Europe



  • Multiple sources of high-grade vanadium magnetite concentrate
  • Blending of concentrates
  • CAPEX amortised across multiple projects
  • Close to European markets
  • Low power costs
  • Excellent infrastructure


< click on map for larger version

Vanadium Project Portfolio
  • Finland Exploration Licences granted in 2019 and 2020
  • Sweden Exploration Licences granted August 2018
  • Wholly owned – Kendrick will hold 100% interest
  • Access to excellent infrastructure
  • Globally significant Inferred Mineral Resources defined at Koitelainen and Airijoki
  • Drilling and metallurgical studies planned, giving abundant news flow
  • Emerging Vanadium Industry  Vanadium production plant to be built in Finland
  • Access to infrastructure  4km (Airijoki), 15km (Koitelainen)
  • Power Costs  Approx. 10c/kwh, lowers OPEX
  • Proximity to Markets  Growing V2O5 market in Europe
  • Huge upgrade factor to magnetite concentrate grade  4-5 X upgrade
  • V₂O₅ Magnetite Grade Amongst Highest in World  >2% V₂O₅ (Koitelainen),  >1.7% V₂O₅ (Airijoki)
  • Mineral Resource  Significant resource upside & straight into fresh ore
  • Processing Flow Sheet  Simple, due to sulphide only ore & magnetite concentrate production