Ann: Premium Strategic Placement and Offtake MOU, page-39

I remember seeing these graphs with China being a net exporter of Vanadium and the projections were that it would become a net importer due to the increase in need for Vanadium. While I agree with the political concerns you have, I also see this as a validation of these projections and see that as a good sign that Vanadium is bound to move in the right direction, and hopefully increase in price significantly in the near future.

1. China

Mine production: 70,000 MT

China was the world’s top vanadium-producing country in 2022 with output of 70,000 MT. That’s nearly on par with levels the previous year. The Asian nation far outpaces all other countries in terms of vanadium-mining output, and leads the world in vanadium consumption as well due to its high steel production.

2. Russia

Mine production: 17,000 MT

3. South Africa

Mine production: 9,100 MT

Just ask yourself : why is the biggest producer (by a huuuuuge margin) in the world trying to import Vanadium?