HIGHLIGHTS  The Richmond Project covers 1,520km2 in central...

HIGHLIGHTS
 The Richmond Project covers 1,520km2 in central north Queensland and is close to existing infrastructure including a gas pipeline, major highway and railway linked to Townsville Port
 Project in Joint Venture with Chinese backed AXF Vanadium Pty Ltd (“AXF”) whereby AXF can earn up to 75% interest by spending A$6m by 2021 inclusive of a Feasibility Study1
 Updated Mineral Resource Estimate compiled to account for tenement boundary changes and to ensure compliance with JORC 2012 Reporting
 The global Inferred Mineral Resource for Richmond totals 2,579Mt grading 0.32% V2O5 at a 0.29% cut-off grade, making it one of the largest Vanadium deposits in the world2
 Richmond also contains valuable molybdenum, nickel and copper mineralisation
 The resource remains open in all directions and is amenable to low cost, open cut mining with the resource located within 15m of surface and hosted in a soft marine sediment
 Initial development focus on the shallow higher grade 671Mt Lilyvale Mineral Resource2
 More than 220,000m of drilling has been completed in the project area along with extensive metallurgical testwork on pre-concentration and metal extraction3
 Run of Mine oxidised ore (5-15m depth) upgradable by simple sizing separation with over 90% of contained metal in the -38μm fraction, yielding a ~1% V2O5 concentrate 3
 Additional metallurgical test work underway to confirm historic results with initial results expected in the June Quarter 2018
 Infill drilling planned to upgrade the resource to the Measured JORC category as part of the concept / scoping study