This Research Report has been commissioned and paid for by Vanadium Resources Limited (the Company). The views expressed in the Research Report are those of the third party analyst writing the Research Report and no part of the compensation received by the analyst is directly related to the inclusion of specific recommendations or opinions. Please note that any opinions, estimates or forecasts made by analyst in the Research Report regarding the Company’s performance do not represent the opinions, forecasts or predictions of the Company or its management. By providing access to the Research Report the Company does not imply any endorsement or concurrence with their views.