Company Overview

Company Overview

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 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.

The Company is in the process of completing a DFS over the project, which is expected to be completed in September 2022. If successful, a Final Investment Decision will be taken following the raising of the required construction capital (which will include working capital).