• Vanadium Resources (VR8) confirms “superior” grade and recoveries in its latest test work from the Steelpoortdrift vanadium project in Limpopo, South Africa
• The company is currently conducting a definitive feasibility study (DFS) to undertake mining operations and to construct a concentrator and salt roast plant
• The pilot plant test work indicated elevated overall recoveries of 84.4 per cent, indicating a four per cent increase to metrics used for the pre-feasibility study (PFS)
• Additional test work has subsequently been commissioned to investigate low-cost opportunities for processing the residue material to recover ilmenite concentrates

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• Vanadium Resources (VR8) has dual listed on the Frankfurt Stock Exchange (DAX), under the ticker code TR3
• The Frankfurt listing will enlarge Vanadium Resources’ investor reach and increases its exposure to European markets
• The listing will also play a big role in the storage of renewable energy with Vanadium Redox Flow Batteries (VRFB)
• To assist in promotional marketing aimed at generating company awareness, Vanadium Resources has engaged with well known German company Dr Reuter Investor Relations

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• Vanadium Resources (VR8) completes bulk sampling from trial mining and begins pilot plant test work for its Steelpoortsdrift vanadium project in South Africa
• This work is part of the definitive feasibility study (DFS), which aims to produce a high purity vanadium product from primary run of mine mineralised material
• The trial mining extracted 40 tonnes of mineralised material, with 15 tonnes classified as fresh high-grade material from the lower magnetite mineralised zone
• Bulk sampling of the material was recovered and sent to a facility in South Africa for concentrator pilot plant test campaigns

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• Vanadium Resources (VR8) increased its interest to 73.95 per cent in the Tier 1 Steelpoortdrift Vanadium Project in Limpopo, South Africa
• The company has received approval from the South African Government to receive the transfer of an interest of 23.95 per cent in the project
• The increase in ownership comes at no cost to VR8 as the consideration shares for the purchase of the asset were issued in September 2019
• A definitive feasibility study (DFS) is currently underway at the project

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• Vanadium Resources (VR8) spikes in early action after the company locks in a $4.6 million investment at an impressive premium to its last closing price
• The company is set to place over 44 million shares to Johannesburg Stock Exchange (JSE)-listed Raubex Group at 10.4 cents each
• This represents a premium of 64 per cent premium to the company’s 30-day volume-weighted average price of 6.3 cents
• In return for the $4.6 million investment, Vanadium Resource signs a mining services deal with a Raubex subsidiary over the Steelpoortdrift Vanadium Project in South Africa

Shares in Vanadium Resources (VR8) have spiked in early action after the company locked in a $4.6 million investment at an impressive premium to its last closing price.

The company told investors this morning it is set to place some 44.2 million shares to Johannesburg Stock Exchange (JSE)-listed mining services company Raubex Group at 10.4 cents each.

This price represents a premium of 55 per cent to VR8’s 15-day volume-weighted average share price of 6.7 cents and a 64 per cent premium to the company’s 30-day volume-weighted average price of 6.3 cents.

Vanadium shares last traded at 7 cents each before today’s investment was announced.

In return for the $4.6 million investment, Vanadium Resource has signed a mining services deal with a Raubex subsidiary, SPH Kundalila, over the VR8 Steelpoortdrift Vanadium Project in South Africa.

Under the deal, SPH will provide drilling, blasting, haulage, equipment supply, and other services to the Steelpoortdrift project.

Importantly, Vanadium Resources said following the investment, it is now fully funded through to a definitive feasibility study (DFS) for Steelpoortdrift and up to final investment decision.

Vanadium Resources Chair Jurie Wessels said the company was “very pleased” to have received an investment from a company of Raubex’s calibre.

“Combined with the attractive financial metrics from the project pre-feasibility study, the untouched large high-grade resource at Steelpoortdrift has attracted significant attention from industry participants,” Mr Wessels said.

“This created strong support for the company to close its first strategic investment with a business that understands mining in South Africa and provided VR8 with both the capital it requires to complete the feasibility study and the confidence to embark on a process to prepare itself for the eventuality of a final investment decision.”

Raubex Group Commercial Executive Robert Shedlock spoke highly of VR8, saying the Steelpoortdrift project was a “world-class” asset.

“We are always on the lookout for opportunities where we can add value and receive a significant return from our investment,” Mr Shedlock said.

“We have the balance sheet and capacity to be a valued part of the team to possibly build Steelpoortdrift into a notable resource enterprise.”

He said the company was happy to pay the premium investment price in return for the mining services contract.

Along with the Steelpoortdrift project, Vanadium also owns the Quartz Bore Project in Western Australia’s Pilbara region.

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• Many renewable energy hubs across the globe are working to further develop large scale energy facilities to store energy generated by the wind, solar or hydropower
• Giant vanadium redox flow batteries could be a missing link for converting plans for wind and solar power into tangible operations
• Vanadium's non-flammable nature is a major safety consideration, particularly in large scale storage
• A report titled State of Play Australia's Battery Industries anticipates vanadium demand will grow "4-fold" by 2023
• ASX-listed Vanadium Resources (VR8) believes it has one of the largest untapped vanadium deposits in the world : the Steelpoortdrift Vanadium project in South Africa

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• Vanadium Resources (VR8) has completed a maiden ore reserve for its 50 per cent owned Steelpoortdrift Project in South Africa
• The vanadium project has a total ore reserve of 73.85 million tonnes at 0.75 per cent vanadium pentoxide for 560,000 tonnes
• Of this, 31.17 million tonnes are in the proven category, with the remaining balance sitting in the probable category
• The ore reserve is based on the recently completed pre-feasibility study and the company will now proceed to completing a definitive feasibility study

Vanadium Resources (VR8) has completed a maiden ore reserve for its 50 per cent owned Steelpoortdrift Project in South Africa.

The Steelpoortdrift Project has a total ore reserve of 73.85 million tonnes at an average grade of 0.75 per cent vanadium pentoxide for 560,000 tonnes. Of this, 31.17 million tonnes are in the proven category.

The high-grade portion of the ore reserve totals 40.25 million tonnes at an average grade of 0.96 per cent vanadium pentoxide.

CEO Eugene Nel said a mineral ore reserve may the most important asset for any mining company.

"The ore reserve elevates the project status to that of an economically extractable deposit which carries significant value for the company," Mr Nel said.

"Another pleasing aspect is that the total production over the 25-year life of mine (LOM) has been included in the ore reserve, which means the definitive feasibility study (DFS) can be based on the present proven and probable ore reserves without the need to upscale any resources into a reserve."

Vanadium Resources commissioned Sound Mining to complete the ore reserve statement which is based on the the recently completed pre-feasibility study (PFS).

The PFS outlined a LOM earnings before taxes, interest, amortisation and depreciation of US$5.8 billion (A$7.9 billion).

Capital expenditure (CAPEX) pre-production is expected to total US$200 million (A$272.4 million) while the project's expansion CAPEX is set at US$147 million (A$200.2 million).

Once construction is completed and production is underway, Vanadium Resources aims to become a key supplier of vanadium products to global markets.

The company will begin the DFS study in the second half of the year to improve the maiden ore reserve.

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• Vanadium Resources' (VR8) share price has rallied after it announced its Pre-Feasibility Study (PFS) for its Steelpoortdrift Vanadium Project
• The PFS estimates a Life of Mine (LOM) earnings before taxes, interest, amortization and depreciation (EBITDA) of US$5.8 billion (A$7.69 billion)
• The capital expenditure (CAPEX) pre-production should total US$200 million (A$265.1m) while expansion CAPEX is set at US$147m (A$194.86m)
• VR8 says this PFS confirms Steelpoortdrift’s potential to be a world class, large scale, low cost vanadium producer

Vanadium Resources' (VR8) share price has rallied after it announced the results from its Pre-Feasibility Study for its Steelpoortdrift Vanadium Project.

The company has a 50 per cent stake in the project in South Africa, which has a JORC compliant resource of 662 million tonnes at 0.77 per cent vanadium pentoxide.

Financially, the PFS has estimated a Life of Mine (LOM) earnings before taxes, interest, amortization and depreciation (EBITDA) of US$5.8 billion (A$7.69 billion).

The project's internal rate of return (IRR) has also been set at 45 per cent, post tax, with payback expected to be achieved within 25 months.

Steelpoortdrift's capital expenditure (CAPEX) pre-production is expected to total US$200 million (A$265.1 million) while the project's expansion CAPEX is set at US$147 million (A$194.86 million).

VR8 Chairman Jurie Wessels said the PFS confirmed Steelpoortdrift’s potential to be a world class, large scale, low cost vanadium producer.

"The PFS endorses the world class qualities of the Steelpoortdrift project and emphasises the substantial intrinsic value of a processing enterprise that is expected to be the beneficiary of superior grades arising from the favourable exploitation qualities of the orebody," Mr Wessels said.

"Through this result, VR8 is aiming to become a major supplier of vanadium products to global markets, which are increasingly expectant and reliant on vanadium in a dawning alternative energy era."

VR8 will now put the project through more detailed design studies before ultimately beginning construction and production.

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