Critical Minerals Group Limited (ASX: CMG) has announced the completion of a Pre-Feasibility Study (PFS) for its Lindfield Vanadium Project. Critical Minerals Group Limited (ASX: CMG) is a Queensland-based vertically integrated vanadium developer, advancing an open-cut mine in north-western Queensland and a Vanadium Electrolyte (VE) manufacturing facility in central New South Wales. The PFS highlights compelling financial outcomes for the integrated project, with a pre-tax Internal Rate of Return (IRR) of 26.6% and a pre-tax Net Present Value (NPV) of A$821 million for the preferred 3 Mtpa annual run-of-mine (ROM) feed scenario.
The study details a staged development strategy, commencing with the VE facility in Parkes, New South Wales, expected to commission by 2028 using third-party vanadium pentoxide (V2O5) feedstock. This phase aims to bring forward first revenue. The subsequent Lindfield Mine near Julia Creek, Queensland, will then supply V2O5. The preferred 3 Mtpa scenario projects a 31-year mine life, with average annual V2O5 production of 10,577 tonnes and 73 million litres of Vanadium Electrolyte during the initial 16 years. Total capital expenditure is estimated at A$981 million, with a payback period of seven years and a peak funding requirement of A$736 million.
Following these positive PFS results, CMG’s Board intends to advance the project to a Definitive Feasibility Study (DFS), aiming for a Final Investment Decision (FID) in calendar year 2027. The company highlighted that the Production Target underpinning the PFS includes both Indicated (94%) and Inferred (6%) Mineral Resources, with further drilling planned during the DFS to increase geological confidence and target a maiden Ore Reserve. CMG also noted that achieving the indicated outcomes is contingent on securing additional funding.
