Critical Minerals Group Starts Drilling at Lindfield Vanadium Project in Queensland

what happened

Critical Minerals Group has started its first drilling at the Lindfield vanadium project in Queensland since 2023, as it moves toward definitive feasibility work, smallcaps.com.au reports. The first phase includes about 55 core holes totalling 1,320 metres, with drilling beginning on 27 October after site works earlier that month.

Queensland authorities on 19 October approved adding land to exploration permit EPM 27872, bringing the whole proposed mine plan inside the permit area. The mineral resource of 713 million tonnes grading 0.32% vanadium pentoxide was left unchanged. The move addresses a risk the pre-feasibility study had rated high, which flagged an exclusion affecting up to roughly 20% of mineralised material.

The company is also seeking up to $2.05 million through a placement and a share purchase plan, though part of that money is conditional. It held $245,710 in cash at the end of September.

why it matters

The news is mainly company-specific rather than a shift in vanadium supply or demand. The bigger question for shareholders is funding, since later stages such as the pilot plant will not proceed until money is secured. Vanadium prices and financing conditions for small developers form the backdrop for projects like this.

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