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, which will then be upgraded to Vanadium Pentoxide Flake (98% V2O5) and Vanadium Pentoxide Powder (99.5% V2O5) at the Company’s Salt Roast Leach (“SRL”) plant. 

At the proposed throughput rates, the Steelpoortdrift Project has capacity to produce a significant quantity of high-quality vanadium over a lifespan of 180 years (based off the size of the JORC resource). 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 to produce up to an average of 18,000t of Vanadium Pentoxide (V₂O₅) per annum. 

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 pre-production 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 focused on securing funding for Final Investment Decision (“FID”), and securing binding offtake, strategic equity and construction debt for the Project.