VanadiumCorp Resource Inc (TSX-V:VRB) is on the hunt for a new leader.
The company announced the resignation of Paul McGuigan, who completed his mandate as interim CEO since March 2022.
McGuigan oversaw the construction of the company’s first electrolyte plant within 12 months, primarily utilizing in-house technical staff.
“We look forward to our next phase of corporate development and commercial production enabled by the experience of our first plant,” McGuigan said in a statement.
“It has been my pleasure to work with the VanadiumCorp team on this stage of its development.”
The plant, located in Val des Sources, Quebec, marks a significant milestone for the company, providing essential experience and market development with minimal capital expenditure. The demonstration-sized plant has produced batches meeting stringent electrolyte specifications and high purity, validating the company's choice of electrolyzer technologies.
VanadiumCorp is planning a larger plant, with engineering scoping indicating a capacity of four to eight million liters per year. This plant will utilize electrolyzer modules from C-Tech Innovation Limited, UK.
The company said it is conducting market studies to ensure demand for its premium electrolyte product before committing to this expansion.