Sparton Provides Updated Information on the VRB Energy-Lubao Group Joint Venture Activities

Core Insights - Sparton Resources has announced positive developments in its investment in VRB Energy, following the signing of definitive agreements with Shanxi Red Sun Co., Ltd. and affiliates, finalizing previously announced transaction terms [1] Group 1: Company Developments - VRB Energy has successfully passed strict quality inspections for its flow battery systems, with a unit shipped to a customer in Okinawa, Japan, marking its entry into the global market for standardized products ranging from 100kW to 1000kW configurations [2] - The collaboration between Red Sun and VRB Energy has led to rapid advancements in the joint venture, showcasing effective execution and technological integration [3] - Sparton holds a 9.98% interest in VRB Energy through a 90% stake in VanSpar Mining Inc., translating to an indirect 4.4% interest in the joint venture [4] Group 2: Project Timeline - On October 15, 2024, definitive agreements for the formation of the VRB China joint venture were signed [6] - A groundbreaking ceremony for a 3GWh capacity vanadium flow battery manufacturing base took place on October 18, 2024, in Changzi, Shanxi Province, China [6] - A strategic cooperation agreement with Huadian Group was announced on December 11, 2024, which includes the development of a 10 MWh storage project in Hunan Province [6] - Initial production was achieved in the first phase of the new facility in Changzi on December 25, 2024 [6] - VRB China has entered into a joint venture with Chengde Vanadium Titanium Co., Ltd., ensuring a stable supply of vanadium resources for future projects [6]