Vanadium is an important element due to its lightweight, steel-strengthening alloying abilities, non-corrosive properties, and various industrial and non-industrial applications. However, vanadium is rarely found in its metallic form in nature, but it is found in 65 different minerals. The majority of the vanadium produced today is consumed by the steel industry as an alloying agent for lighter-weight, high-strength steel. However, vanadium's use in the energy storage industry is expected to dramatically rise as a result of the increased deployment of renewable energy projects that are estimated to grow global renewable electricity capacity by 50%-60% over the next four years; the projects often require high-capacity batteries to store energy due to the inconsistency of power being produced. REPORT HIGHLIGHTS: (1.0) Shift to Renewable Energy Could Trigger a Surge in Demand (1.1) The use of vanadium in renewable energy storage solutions, such as Vanadium Redox Flow Batteries (VRFB), is an efficient and cost-effective alternative to existing lithium-ion (Li-ion)-based batteries. (1.2) Currently, it is estimated that the VRFB market only accounts for 3%-5% of vanadium production but the continued shift to renewable energy solutions could trigger a surge in vanadium demand and account for 20% of vanadium consumption by 2030. (2.0) Demand Across Various Applications Continues to Grow (2.1) The majority of all vanadium produced is used as an alloying agent for strengthening steel. Vanadium producers have recently benefited from an increase in infrastructure spending. (2.2) However, the demand for vanadium also continues to increase with other applications, including in the aerospace industry and the production of vanadium redox batteries. (3.0) Potential Supply Deficit as Early as 2025 (3.1) Various supply-demand forecasts have vanadium in a supply deficit starting around 2025. Without additional supply to meet the demand, the price of vanadium could remain above historical averages. (4.0) Domestic Sources Needed to Secure Supply Chains (4.1) Over 66% of vanadium production comes from China, while China and Russia together account for over 83% of world mine production. (4.1) With recent geopolitical and supply chain issues, Australian, European, and North American industries need to secure a domestic supply chain for critical minerals, including vanadium. (5.0) Company Spotlight – Currie Rose Resources Inc. (TSXV:CUI) (5.1) Company Description: Currie Rose Resources is a mining exploration and development company focused on its 100%-owned North Queensland Vanadium Project (NQVP) located within the mining-friendly vanadium hub in central Queensland, Australia. The project has a well-developed infrastructure with a local, skilled workforce, power service, and rail, road, and port access. The NQVP hosts the Cambridge deposit with an NI 43-101 compliant resource of 61.33 Mt at 0.34% V2O5 in the Indicated category and an Inferred Resource of 144.87 Mt at 0.33% V2O5 as well as an estimated MoO3 grade of 239.7 parts-per-million (ppm). The Indicated resource can be part of a Preliminary Economic Assessment (PEA) study. The Cambridge resource is open for expansion to the north and the project hosts multiple other drill-ready targets. (5.2) Investment Thesis: Currently, Currie Rose is trading with an Enterprise Value (EV) that is well below the Average and Median EVs for other vanadium companies in the Resource Stage of development. (5.3) Short-term Catalysts (5.3.1) Deliver the next phase of the metallurgical test work required for the PEA. (5.3.2) Initiate the environmental test work required for the PEA. (5.3.3) Initiate drilling programs to get the appropriate samples for geotechnical and metallurgical test work, water testing, and exploring new advanced projects, including Flinders River and Runnymede. (5.3.4) Develop a plan for processing the resource. (5.3.5) Update the Cambridge Resource with infill drilling. (5.3.5) Complete the PEA.