Our Steelpoortdrift Project boasts a substantial vanadium deposit for generations to come with a Mineral Resource of 680 million tons at an average in-situ grade of 0.70% V₂O₅ (equivalent to 4.74 million tons of contained metal) and a Proved and Probable Ore Reserve of 77 million tons at an average in-situ grade of 0.72% V₂O₅ (equivalent to 0.55 million tons of contained metal). From Steelpoortdrift, VR8 intends to produce a vanadium rich concentrate that will then be transported to our nearby Tweefontein Project At the proposed throughput rates of concentrate for our Tweefontein SRL plant, the Steelpoortdrift Project has capacity to produce the required concentrate for a substantial lifespan of over 180 years. This aligns perfectly with our commitment to shaping a sustainable and innovative future.

The concentrate received from the Steelpoortdrift Project will be processed through the state of the art Salt Roast Leach Plant at our Tweefontein project to produce up to an average of 18,000t of Vanadium Pentoxide (V₂O₅) per annum. The Tweefontein processing site lies in the heart of the renowned Steelpoort Valley where multiple world class mining and processing operations are situated.

In October 2022, the Company completed a DFS over the combined Projects, confirming them as a world-class deposit with robust economics, providing an attributable post-tax NPV_7.5% of US$0.9B (based on 73.95% ownership), IRR of 42%, 27-month payback based on a preproduction capex of US$211M and over an initial 25-year mine life. Since the DFS the company has increased its ownership in the Steelpoortdrift Project to 86.49% which results in an improvement of the attributable NPV_7.5% to US$1.05B.

The Company is currently completing FEED activities, building the project development and execution team, securing debt financing and partnering with strategic groups to ensure the maximum value of the Projects are unlocked and preparing the Projects for Final Investment Decision.