Vametco Mineral Resource and Ore Reserve Update

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Table 1: Vametco Mineral Resource at a cut-off grade of 20% magnetite, 29 March 2019 - Gross Basis
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
Class	Seam Name	(Millions)	%	%	%	(Thousands)	(Thousands)
Indicated	Upper	5.7	1.44	65.9	1.78	67.0	37.5
	Intermediate	28.7	0.68	32.7	1.91	179.2	100.4
	Lower	109.4	0.72	32.4	2.03	719.7	403.1
	Total	143.8	0.74	33.8	2.00	965.9	541.1
Inferred	Upper	10.5	1.46	63.5	1.75	116.3	65.1
	Intermediate	7.0	0.67	32.1	1.92	43.4	24.3
	Lower	25.4	0.74	31.3	2.00	158.5	88.8
	Total	42.9	0.90	39.3	1.92	318.2	178.2
Indicated and Inferred	Upper	16.2	1.45	64.3	1.76	183.3	102.7
	Intermediate	35.7	0.67	32.6	1.91	222.6	124.7
	Lower	134.8	0.72	32.1	2.03	878.2	491.9
	Total	186.7	0.78	35.0	1.98	1,284.1	719.3

Table 2: Vametco Mineral Resource at a cut-off grade of 20% magnetite, 29 March 2019 - Attributable Basis
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
Class	Seam Name	(Millions)	%	%	%	(Thousands)	(Thousands)
Indicated	Upper	4.2	1.44	65.9	1.78	49.6	27.8
	Intermediate	21.2	0.68	32.7	1.91	132.6	74.3
	Lower	81.0	0.72	32.4	2.03	532.6	298.3
	Total	106.4	0.74	33.8	2.00	714.8	400.4
Inferred	Upper	7.7	1.46	63.5	1.75	86.1	48.2
	Intermediate	5.2	0.67	32.1	1.92	32.1	18.0
	Lower	18.8	0.74	31.3	2.00	117.3	65.7
	Total	31.7	0.90	39.3	1.92	235.4	131.9
Indicated and Inferred	Upper	12.0	1.45	64.3	1.76	135.6	76.0
	Intermediate	26.4	0.67	32.6	1.91	164.7	92.3
	Lower	99.7	0.72	32.1	2.03	649.8	364.0
	Total	138.1	0.78	35.0	1.98	950.2	532.3

Table 3: Vametco Ore Reserves, 29 March 2019 - Gross Basis
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
Class	Seam Name	(Millions)	%	%	%	(Thousands)	(Thousands)
Probable	Upper	1.0	0.58	27.3	1.78	4.6	2.6
	Intermediate	7.2	0.53	23.7	1.89	32.3	18.1
	Lower	40.2	0.63	29.4	2.05	242.1	135.6
	Total	48.4	0.62	28.5	2.02	279.1	156.3

Table 4: Vametco Ore Reserves, 29 March 2019 - Attributable Basis
Class	Seam Name	Tonnes	V₂O₅ grade of whole rock	Magnetite grade of whole rock	V₂O₅ grade in magnetite	Tonnes V₂O₅ in magnetite	Tonnes V in magnetite
Class	Seam Name	(Millions)	%	%	%	(Thousands)	(Thousands)
Probable	Upper	0.7	0.58	27.3	1.78	3.4	1.9
	Intermediate	5.4	0.53	23.7	1.89	23.9	13.4
	Lower	29.8	0.63	29.4	2.05	179.2	100.3
	Total	35.8	0.62	28.5	2.02	206.5	115.6

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Cut-off grade	The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification.
Geological model	Geological modelling, or Geomodelling, is the applied science of creating computerized representations of portions of the Earth's crust based on geophysical and geological observations made on and below the Earth surface
Indicated Mineral Resources or Indicated Resources	Indicated Mineral Resource or Indicated Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed
Inferred Mineral Resources or Inferred Resources	An Inferred Mineral Resource or Inferred Resource is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
Magnetite	Naturally occurring form of iron ore with the formula Fe3O4.
Mt	Millions of tonnes
mt or mtV	Metric tonne or Metric tonne of Vanadium
Ore or Mineral Resource	Ore or Mineral Reserves are sub-divided into two categories. The "Proved" category - the highest level of Reserves or the level with the most confidence and the "Probable" category - the lower level of confidence of the Reserves. Reserves are distinguished from resources as all the technical and economic parameters have been applied and the estimated grade and tonnage of the resources should closely approximate the actual results of mining. The guidelines state: "Mineral Reserves are inclusive of the diluting material that will be mined in conjunction with the Mineral Reserve and delivered to the treatment plant or equivalent facility." The guidelines also state that: "The term 'Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all government approvals have been received. It does signify that there are reasonable expectations of such approvals."
Seam	a bed or a distinct layer of vein of rock in other layers of rock
Vanadium	Vanadium is a chemical element with the symbol V and atomic number 23.
Vanadium Oxide	Vanadium(V) oxide is the inorganic compound with the formula V₂O₅.
Pit optimisation	Pit optimisation is used to define the most profitable pit shell for a given set of economic parameters. The economic parameters generally include the metal prices, process recoveries, and operating costs.