Ann: Snettisham Iron Ore Potential and Exploration Target, page-3

Alaska Mining News North - New battery tech revives vanadium interest
https://www.miningnewsnorth.com/story/2019/06/01/critical-minerals-alaska/new-battery-tech-revives-vanadium-interest/5765.html

LyyYd, not switching to iron ore. Vanadium is hosted within the magnetite iron. Let's see what the potential here is from the announcement and historical Davis Tube Recovery/Separation (DTR).

Take the low grade tonnage from the exploration target for 14-26% Fe.

For 20% Fe (historical grade of iron), I'll select 1.63 Bt specified in the calculation from the announcement. The Arrowstar NI 43-101 mentions a high grade product was achieved with a magnetic product with 37.8% recovery. I'll drop this to 30% for contingency.

So we have: 1.63 Bt * 30% DTR recovery = a high grade DTR product of 489 Mt @ 66% Fe, 2.85% TiO2, 0.66% V2O5 and < 0.01% P.

These figures already represents that Snettisham could very well be up in the world class vanadium (Fe-V-Ti) category.

The existing factors are:

1) N27 only used 20% of the predicted UBC inversion, so the potential above is very conservative.

2) Historical drilling never intercepted the predicted high grade magnetite zone indicating the iron and vanadium grades could be significantly higher than historical results.

3) Drilling these 3 holes and waiting for modern day DTR processes could completely re-value the Company.

Exciting months ahead.