Multicom Resources Limited (Multicom) evolved from a 2014 discovery of a potentially large-scale oil resource in North Queensland. Analysis of the mineral content of the oil revealed significant amounts of vanadium within the oil shale sequence. During 2015-2016, concept studies undertaken by leading Brisbane-based consultancies proved the project feasible and key relationships were established with vanadium consumers, in both the steel and redox flow battery sectors.
In the context of the 2016 low oil price environment, Multicom made a corporate decision to develop the Yappar project to a point where the licenses can be retained until the oil price improves and to re-focus in the short to medium term on a pure-play vanadium project in non-oil bearing stratigraphy. Consequently in November 2016, the Saint Elmo project was secured and is currently being expedited.
Multicom continues to work closely with its strategic partners in the development of the Saint Elmo Project. These partners include Wave International, Epic Environmental, Downer Group, Alexander Mining and StorEn Technologies.
Parallel to the development of the Saint Elmo project, in 2017 Multicom Resources established a subsidiary, Freedom Energy Pty Ltd (Freedom). Freedom, in conjunction with its project partner StorEn Technologies, is progressing a vertically integrated supply chain model. Vanadium based flow batteries will be manufactured in Queensland and distributed domestically within Queensland and internationally throughout the Asia Pacific region.
In 2018, Multicom established a second wholly owned subsidiary, Vanadis Technologies Pty Ltd (Vanadis). Vanadis will be working with leading academic and research institutions to progress a range of next generation uses for vanadium and its derivative compounds.