The share price of ASX-listed Australian Vanadium increased by nearly 17% on Monday after the company signed a joint venture agreement to develop the Coates vanadium project, in Western Australia.
Under the terms of the agreement, privately held Ultra Power Systems (UPS) would be given exclusive rights to earn a 49% interest in the project by spending A$50 000 on exploration within the first 12 months of the agreement, and A$150 000 during the first 24-months of the agreement.