PRESS RELEASE: The agreement between Multicom and Downer outlines their proposed collaboration with the intention of progressing to a mining services agreement at Saint Elmo, as well as the provision of design and engineering services.

These services will support Multicom's focus on the exploration and development of high-quality vanadium assets to satisfy the growing demand for in steel manufacturing and the emerging energy storage market.

With global interest in modern commodities such as vanadium increasing, Multicom said it has established strategic partnerships with international institutions and technology specialists looking to utilise vanadium's unique properties, high demand and short supply.

Multicom is rapidly progressing the permitting, approval and development of the Saint Elmo project. Since acquiring the tenement in early 2017, Multicom has lodged the mining lease application and is well advanced on environmental and pre-feasibility studies.

Multicom CEO Shaun McCarthy said: "The partnership will allow Multicom to leverage Downer's strong relationships and technical capabilities across industries such manufacturing and mining. Downer can deliver the solutions required for Multicom today, with a proven track record in the ability to partner to deliver integrated solutions for tomorrow. This makes Downer the perfect partner for Multicom."

Downer's general manager strategy and growth, mining east, Vikesh Magan, said: "Mining is fundamental to underpinning the sustainable industries and technologies of the future. Downer is committed to being part of a sustainable future and partnering with forward-looking projects. Multicom is at the forefront of new energy developments, and we are pleased to be involved with this exciting project."