VR8 is a junior vanadium developer who owns 74% of the world class, tier 1, Steelpoortdrift Vanadium licensed mining project in Limpopo Province, South Africa. The Steelpoortdrift titaniferous magnetite deposit is located in the prolific Bushveld Geological Complex within a known mineral and vanadium producing area within reach of proven processing plants, railway and road options and ports.
The Steelpoortdrift mining project is the world’s largest undeveloped vanadium deposit with a Measured, Indicated and Inferred JORC resource of 662 Mt @ 0.77% V2O5 (in situ grade), incl. 188 Mt @ 1.23% V2O5 with an in-magnetite grade of c. 2.2% V2O5.
The Company is in the process of completing a DFS over the project. The PFS completed in June 2021 showed a post-tax NPV8% of US$1.2B (based on 100%), average Free Cash Flow of US$139M/year, IRR of 45%, 25 months payback and >25-year mine life based on a Vanadium price of US$9.03/lb, Pre-Production Capex of US$200M (including 15% contingency) and average unit cash operating costs of US$3.08/lb.
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