Major Vanadium Breakout, page-4

Hey mate,

just to answer this, it is used in steel production to make steel more resistant to corrosion, it is not produced as a steel by-product however I can see the confusion as ferro-vanadium is produced as a pig-iron by product when vanadium-bearing magnetite ore is used to make the pig-iron pellets (used to make steel later).

In fact, the deposit TMT owns is similar to all of the ferro vanadium production worldwide, it is a titanium and vanadium bearing magnetite structure. When this magnetite is used to make pig iron, the slag which is tapped contains around 20% vanadium pentoxide which can then be easily converted to Ferro-vanadium for use in alloy production.

So while it's not incorrect to say that co-production accounts for some vanadium production, the ore still comes from a similar deposit to TMT, which the vanadium content is paid for as part of the contract pricing (similar to smelter returns on silver on a copper concentrate etc).