Vanadium Resources Limited (VR8) is developing the Steelpoortdrift Vanadium Project, a 74% owned, tier 1, licensed mining project located in the Limpopo Province of South Africa (86.49% interest subject to completion as announced in May 2023).

In October 2022, the Company completed a definitive feasibility study (DFS) confirming Steelpoortdrift as a world-class deposit with robust economics providing an attributable post-tax NPV_7.5% of US$0.9B, IRR of 42%, 27-month payback based on a pre-production capex of US$211M and an initial 25-year mine life.

Steelpoortdrift is host to one of the world’s largest undeveloped Vanadium deposits with a Mineral Resource of 680Mt at an average in situ grade of 0.70% V₂O₅ (4.74Mt contained metal). The project has a Proved and Probable Reserve of 77Mt at an average in situ grade of 0.72% V₂O₅ (0.55Mt contained metal). At current throughput rates, the Mineral Resource has a life of over 180 years.

Having completed the DFS, the Company is working towards Final Investment Decision (with a Q4 CY2023 target) with a focus on building the project development and execution team, commencing the FEED studies, securing debt financing and partnering with strategic groups to ensure the maximum value of the project is unlocked.

With growing demand for Vanadium in steel production and the developing need for Vanadium Redox Flow Batteries (VRFB’s) to assist in the transition to renewable energy, Vanadium is now listed in many countries as a critical mineral. VR8 is a leader amongst its development peers and is well placed to get Steelpoortdrift into production, providing much needed supply of Vanadium to the market

Once in production, the Company will explore the full range of Vanadium products that are possible including:

• Vanadium Trioxide, FerroVanadium, Titanium Dioxide and Ilmenite will also be explored to optimise the potential of the deposit; and
• Vertical integration opportunities into downstream markets through Vanadium Electrolyte, VRFB manufacturing and energy generation.