Vanadium demand trends

Vanadium applications have grown in recent years, contributing to price growth. The vast majority of vanadium is used as an additive in the steel industry to make a high-strength product that is lighter, stronger and more resistant to shock and corrosion.

Vanadium content of less than 0.1 percent is needed to double the strength of steel, and although other metals — including manganese, molybdenum, niobium, titanium and tungsten — can be interchanged with vanadium for alloying with steel, there is no substitute for vanadium in aerospace titanium alloys.

Over the last few years, China has increased its vanadium use, producing steel rebar with high tensile strength for construction. Vanadium compounds are also used in nuclear reactors because they have low neutron-absorbing properties. Vanadium oxide is used as a pigment for ceramics and glass, and can act as a catalyst in the production of superconducting magnets.

In addition to the steel alloy sector, the metal is often used to make parts for jet engines, as well as crankshafts, axles and gears. What’s more, vanadium redox batteries (VRFB) are currently generating excitement because they are reusable over semi-infinite cycles, and do not degrade for at least 20 years, allowing energy storage systems the ability to bank renewable energy.

However, these batteries are quite large compared to lithium-ion batteries, and are better suited for industrial or commercial use rather than for use in electric vehicles. That said, there are a number of companies around the world working on developing the technology for residential and smaller-scale use.

Vanadium supply trends

The top vanadium producing countries are China, Russia and South Africa, and worldwide vanadium production totaled 100,000 metric tons (MT) in 2024. China was the world’s largest producer of vanadium by far, contributing 70,000 metric tons of vanadium. Russia came in at a distant second with output of 21,000 MT, and South Africa was in third place with 8,000 MT.

Russian-owned Evraz is a large vanadium producer with assets in Russia and Czechia, and is a major supplier of ferrovanadium to the European steel market. In the first half of 2022, Russia’s invasion of Ukraine and subsequent trade sanctions have prompted end-users to look for more secure vanadium supplies. By the end of 2024, Russian vanadium pentoxide exports to China had dried up, and supply uncertainties were also reported in South Africa.

For his part, CRU Group’s Goel believes other nations are also interested in boosting domestic vanadium production. “Governments worldwide have recognized vanadium as a critical mineral, leading to increased support for emerging vanadium projects,” he said. Goel cited as an example the private Australian company Vecco Group, which received an AU$3.8 million grant to advance the feasibility and design of its vanadium project in Brisbane.

However, vanadium will have to break free from the current low pricing environment if ex-China projects are to move from discovery to production.

Zeus Resources (ASX:ZEU,FSE:ZEU) is a mineral exploration company dedicated to advancing high-grade critical mineral projects in underexplored regions. Its primary focus is the 100-percent-owned Casablanca antimony project in Morocco, while also maintaining exploration interests in uranium, lithium and rare earth elements across Australia.

Targeting Europe’s industrial and defence supply chains, Zeus is leveraging Morocco’s efficient permitting environment to fast-track development. In July 2025, Zeus completed its acquisition of Casablanca and immediately initiated a high-resolution geophysics program. The company aims to progress from reconnaissance to drilling within months, capitalising on record-high antimony prices and tightening Western supply chains. The Casablanca project represents one of the few high-grade antimony exposures outside China.

Zeus also strengthened its Moroccan strategy through a five-year, non-exclusive license agreement with Newmont, covering its Morocco exploration database and regional framework study across the Anti-Atlas and Central Meseta regions. The database integrates geochemical, geophysical and structural datasets, providing Zeus with a competitive advantage in prospectivity analysis and target generation. Key terms include a 1 percent NSR royalty on any properties Zeus acquires in these regions and a 15-year right of first refusal for Newmont on transfers. The agreement streamlines project identification, reduces early-stage risk and positions Zeus to efficiently expand its Moroccan footprint.

Company Highlights

• Casablanca Antimony Project: Six exploration licenses over 79 sq km in central Morocco. Surface sampling during due diligence returned astonishing results: up to 61.9 percent antimony, with additional samples ranging 7.8 to 46.52 percent antimony along a mapped strike exceeding 4 km
• Strategic Location for Supply Security: Morocco is a long-standing antimony producer with historic supply to Europe, ranking 19th globally on the Fraser Institute’s mining jurisdiction index- – on par with Western Australia.
• Rapid Advancement Exploration Model: Geophysics survey underway within weeks of licence acquisition, trenching program planned, and drill commencement targeted for early Q4 2025.
• Favourable Market Dynamics: Antimony prices have quadrupled since early 2024 to ~US$55,000/t amid tightening global supply and rising demand from defence, electronics and renewable energy sectors.
• Strategic Advisory Firepower: Former US Ambassador Christopher Dell has joined as US business and strategic development advisor aiming to leverage his extensive diplomatic experience and proven negotiation skills to facilitate Zeus navigate capital-raising, geopolitical positioning and partnerships aligned with Western critical minerals policy
• Strategic Data Access: Access to Newmont’s Morocco exploration database and framework study strengthens Zeus’s ability to fast-track target generation and expand its Moroccan footprint
• Lean Valuation, Clear Milestones: Market capitalization sits around AU$9 to AU$13 million, offering early-stage leverage if exploration success continues.

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Investor Insight

With a targeted, execution-driven strategy, Zeus Resources is positioning itself as an emerging critical minerals explorer with a compelling investment story that leverages a strengthening antimony market and a clear path from discovery to production.

Overview

Zeus Resources (ASX:ZEU,FSE: ZEU) is a dynamic mineral exploration company focused on discovering and advancing early-stage, high-grade critical mineral assets in underexplored jurisdictions. Its primary strategic focus is the 100-percent-owned Casablanca antimony project in Morocco. The company also has exploration interests in uranium, lithium and rare earth elements in Australia.

Antimony, the company’s lead commodity, is designated as a critical mineral by the US, EU, Japan and Australia due to its essential role in defence, energy storage, electronics and renewable technologies. Global supply is heavily concentrated, with more than 60 percent of production originating from China and Russia and limited processing capacity outside China.

This current dynamic makes Morocco’s potential as a secure, alternative source strategically and economically important.

With Europe’s industrial and defence supply chains as its target, Zeus is leveraging Morocco’s efficient permitting environment to fast-track development. In July 2025, the company completed its acquisition of Casablanca and quickly initiated a high-resolution geophysics program. The company aims to move from reconnaissance to drilling within months to capitalise on record-high antimony prices and tightening Western supply chains. The Casablanca project represents one of the rare high-grade antimony exposures outside China.

In parallel, Zeus has strengthened its Moroccan strategy through a five-year non-exclusive license agreement with Newmont, covering its Morocco exploration database and regional framework study across the Anti-Atlas and Central Meseta regions. The database provides integrated geochemical, geophysical and structural datasets, giving Zeus a competitive advantage in prospectivity analysis and target generation. Key terms include a 1 percent NSR royalty on any properties Zeus acquires in these regions and a 15-year right of first refusal for Newmont on transfers. This agreement streamlines project identification, reduces early-stage risk, and positions Zeus to expand its Moroccan footprint efficiently.

Beyond Morocco, Zeus retains royalty-backed lithium exposure through the Mortimer Hills project in Western Australia’s Gascoyne region, situated near Delta Lithium’s substantial Malinda and Jameson deposits. The company also holds the Kalabity project in South Australia, offering multi-commodity optionality including uranium, copper, base metals, lithium and REEs, across a large landholding with geological analogies to both Olympic Dam (IOCG) and Broken Hill mineral systems.

Company Highlights

• Casablanca Antimony Project: Six exploration licenses over 79 sq km in central Morocco. Surface sampling during due diligence returned astonishing results: up to 61.9 percent antimony, with additional samples ranging 7.8 to 46.52 percent antimony along a mapped strike exceeding 4 km
• Strategic Location for Supply Security: Morocco is a long-standing antimony producer with historic supply to Europe, ranking 19th globally on the Fraser Institute’s mining jurisdiction index- – on par with Western Australia.
• Rapid Advancement Exploration Model: Geophysics survey underway within weeks of licence acquisition, trenching program planned, and drill commencement targeted for early Q4 2025.
• Favourable Market Dynamics: Antimony prices have quadrupled since early 2024 to ~US$55,000/t amid tightening global supply and rising demand from defence, electronics and renewable energy sectors.
• Strategic Advisory Firepower: Former US Ambassador Christopher Dell has joined as US business and strategic development advisor aiming to leverage his extensive diplomatic experience and proven negotiation skills to facilitate Zeus navigate capital-raising, geopolitical positioning and partnerships aligned with Western critical minerals policy
• Strategic Data Access: Access to Newmont’s Morocco exploration database and framework study strengthens Zeus’s ability to fast-track target generation and expand its Moroccan footprint
• Lean Valuation, Clear Milestones: Market capitalization sits around AU$9 to AU$13 million, offering early-stage leverage if exploration success continues.

Key Projects

Casablanca Antimony Project

Located in central Morocco, the Casablanca antimony project spans 79 sq km under six granted exploration licences in a historically productive mining district. Situated along the regional NNE-striking Smaala-Oulmes fault, the project benefits from structural dilation and quartz vein networks hosting high-grade stibnite mineralisation.

Multiple historical and recent artisanal workings are present across the tenure, with extensive surface mineralisation mapped over more than 4 km of strike. Rock chip sampling during due diligence returned exceptional antimony grades, peaking at 61.9 percent antimony, with additional assays of 44.5 percent and 39.4 percent, and a broader range of samples between 7.8 percent and 46.52 percent antimony across 20 locations. These results rank among the highest reported for any early-stage antimony discovery globally, underscoring the strong potential for defining a resource. The licences are drill-ready, and Zeus has rapidly commenced a high-resolution induced polarisation (HRIP) geophysical program comprising 23 dipole-dipole profiles over 16 km to delineate subsurface conductive zones and key structural controls.

The work is supported on the ground by Ashgill Morocco, whose in-country geological team brings deep expertise in North African mineral systems and manages permitting, mapping and logistics. Upon completion of the geophysics, a trenching program, selected for its speed and cost efficiency given the project’s grade profile, will test surface veins and inform drill targeting. Drilling is anticipated to start in early Q4 2025. Morocco’s modern mining code, stable political environment and strategic proximity to European markets present a clear pathway to fast-track the project from exploration to development, should drilling confirm significant resources.

Mortimer Hills

The Mortimer Hills project (E09/2147), located in the Gascoyne region, lies ~5 km along strike from Delta Lithium’s Malinda project. It is situated within the Leake Springs Metasediment unit, which collectively hosts 21.9 Mt of lithium resources (Malinda + Jameson deposits). The project was sold to Delta Lithium’s subsidiary, but Zeus retains a structured royalty interest, providing leveraged exposure to a rapidly advancing lithium district without ongoing capital commitments.

Kalabity Project

Kalabity is Zeus’ South Australian exploration initiative, targeting uranium, copper, base metals, lithium and REE within the Curnamona Tectonic Province. The project spans four granted exploration licences (EL7008, EL7039, EL7048 and EL7058) and is strategically located near historic deposits such as Kalabity and Crocker Well. The district’s geological setting is analogous to Olympic Dam (IOCG) and Broken Hill (zinc-lead-silver) systems, offering large-scale polymetallic potential. The recent granting of EL7058 further consolidates Zeus’ position in this prospective province.

Management Team

Alvin Tan – Executive Chairman

With nearly three decades of corporate experience across ASX-listed and global companies, Alvin Tan has a track record in mergers, acquisitions and capital raising. He currently serves as a director of LSE and NSX-listed PYX Resources and was formerly a director of ASX-listed Advanced Share Registry prior to its acquisition.

Hugh Pilgrim – Executive Director

Founding partner of Caravel Securities, Hugh Pilgrim has extensive experience in capital raising, mineral project acquisition and structuring corporate transactions on the ASX. He is leading Zeus’ corporate development strategy, with a focus on accelerating the Casablanca project’s exploration and development.

Robert Marusco – Executive Director and Company Secretary

A corporate strategist with over 25 years of experience, Robert Marusco has held senior roles in private and ASX-listed companies. He specialises in corporate governance, financial planning and compliance, with a background in advising on ASX listings, M&A and restructures.

Christopher Dell – US Business and Strategic Development Advisor

Christopher Dell is a former US Ambassador to Angola, Zimbabwe and Kosovo, and senior executive at Bechtel and Fieldstone Africa. His appointment strengthens Zeus’ ability to engage Western governments, companies and strategic funders in the antimony supply chain context

Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.

GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.

GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.

Company Highlights

• Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
• Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
• Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
• Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
• Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
• By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.

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Canada’s top mining provinces

The two Canadian jurisdictions ranked the highest by the Fraser Institute are Saskatchewan, which came in seventh on the Investment Attractiveness Index, and Newfoundland and Labrador, which took the eighth spot.

Both provinces ranked highly in terms of policy, with Saskatchewan earning a score of 96.37 to take the third spot out of 82, and Newfoundland and Labrador achieving a score of 91.84 for sixth place.

Alberta also placed in the top 10 for policy, coming in ninth place at a score of 87.8.

When it comes to mineral potential, both Saskatchewan and Newfoundland and Labrador were left out of the top 10, placing 21st and 16th, respectively. Still, Canada maintained a presence, with BC scoring 85.45 for fourth, Yukon receiving a score of 79.03 for eighth and Manitoba coming in ninth with 78.57.

Behind the figures, respondents to the Fraser Institute’s survey identified uncertainty as their chief concern. In BC, political stability and disputed land claims were top concerns, but these worries were also accompanied by decreased apprehension surrounding regulatory duplication and environmental regulations.

In Saskatchewan, there were increased concerns over the province’s taxation regime and regulatory duplication, but there was less worry over the availability of labor.

Canadian mining policies and tax credits

At both the provincial and national levels, Canada has established various programs with the intent of attracting investment capital to the country’s resource sector.

Among them are flow-through shares (FTS), which enable companies to pass certain expenses onto shareholders. For tax purposes, investors can claim 100 percent of eligible expenses, ultimately lowering their tax burden.

On top of FTS are several tax credit programs. The Mineral Exploration Tax Credit (METC) provides a 15 percent tax credit on exploration expenses incurred through FTS. The program was designed to stimulate investment in early stage exploration projects, which tend to carry higher risk than assets already in production.

The federal government has a similar program tailored for investment in critical minerals projects. Although it cannot be combined with the METC, the Critical Mineral Exploration Tax Credit (CMETC) doubles the tax credit to 30 percent and targets exploration for minerals, including lithium, cobalt, copper, nickel and rare earths.

Other programs exist at the provincial level as well. This is one of the reasons Saskatchewan scored so highly on policy in the Fraser Institute’s report — the province offers a 30 percent tax credit, which, when combined with either the METC or CMETC, gives investors total tax credits worth 45 percent and 60 percent.

BC has also incentivized investment in the mining sector with a 20 percent tax credit, which grows to 30 percent if projects are located in areas affected by the invasive mountain pine beetle.

Additionally, as tariff threats from south of the border loomed in the first half of 2025, the Canadian government introduced the Building Canada Act, intended to streamline the regulatory approval process for infrastructure projects deemed to be in the national interest, including resource development.

The goal is to reduce red tape by consolidating federal reviews into a single process, eliminating redundancies between the federal and provincial governments and reducing timelines to within two years.

Similar initiatives have been introduced on the provincial level. In May of this year, the BC government introduced the Infrastructure Projects Act, designed to expedite permitting and environmental reviews.

Mining challenges in Canada

Although regulations vary from province to province and are subject to change with the election of new governments, Canada has developed a reputation for being a safe mining jurisdiction due to its political stability.

These positive outcomes are reflected in how many provinces scored highly in the Fraser Institute’s report; however, respondents weren’t without criticisms of Canada. One participant suggested that investment in BC is deterred by regulatory failures that create uncertainty, while another stated that taxation is a significant issue.

When examining Manitoba, which fell sharply in the standings to 26th from sixth in 2023, one exploration company president noted that a long list of roadblocks makes exploration in the province challenging.

How the new acts and shifts in policy will affect the mining industry won’t be known for some time. Still, they could go a long way to addressing issues outlined in the report and begin attracting new projects to the Canadian resource sector, which would be a boon to both mining companies and investors.