PATERSON RESOURCES LTD — Capital/Financing Update 2018

Jul 2, 2018

HARDEY RESOURCES LIMITED

ASX ANNOUNCEMENT 03 July 2018

HARDEY TO ACQUIRE HIGH-QUALITY VANADIUM MINE IN ARGENTINA

HIGHLIGHTS

• Proposed acquisition of Nelly Vanadium Mine (NVM) in San Luis Province, Argentina, which has historically produced vanadium pentoxide (V2O5)1
• An application to re-open the mine will soon be lodged with the regulator in San Luis
• NVM comprises several vanadium-rich polymetallic sheeted vein systems, aligned North-East to South-West, that are 0.9-1.0km long, up to 5.5m wide
• Notably, when NVM was operating between 1949-57, only one vein was partiallyexploited, leaving most of the deposit intact
• Historical sampling and assay results throughout the historical workings produced grades from the partially mined vein that ranged up to 1.9% V2O5 with a length weighted sample average of 0.82% V2O5
• Utilising modern exploration techniques, focused on workings and surrounding areas, coupled with undertaking a desktop review, the geology team plans to implement a drilling program that will generate geological and assay information with the aim of modelling a JORC (2012) compliant resource
• NVM has access to reliable power / water and a skilled labour pool, while there is a transport infrastructure connecting the mine to key ports
• Supply shortages, due to China shutting polluting mines, coupled with accelerating demand from the renewable battery sector, has underpinned a substantial increase in the vanadium price over the past 2-3 years2
• In turn, the higher vanadium price has stimulated the search for new vanadium supply chains globally, and improved the financial case for re-opening NVM

Hardey Resources Executive Chairman, Terence Clee commented: "Upon finalising the acquisition, the Board's focus will be undertaking exploration activities with the aim of proving up a JORC compliant resource and moving to re-open the Nelly Vanadium Mine. Furthermore, the Board is optimistic demand for vanadium will remain robust over the next few years, as structural changes augur favourably for the continued expansion of the renewable battery sector."

***

Hardey Resources Limited (ASX: HDY) ("HDY" or "the Company") is pleased to announce that it has entered into a share sale agreement with the shareholders of Nelly Vanadium Pty Ltd (NVPL). Under the terms of this agreement, HDY has been granted a 40-day option to acquire 100% of the issued capital of NVPL which is a mineral explorer that owns the Nelly Vanadium Mine (NVM) in San Luis Province in Argentina ("NVPL acquisition"). NVPL will soon lodge an application with the San Luis mines department to re-open the NVM, with the aim of fast-tracking the recommencement of production.

The key terms of the NVPL acquisition are detailed in Appendix A to this announcement.

OVERVIEW

NVPL was established with the principal objective of acquiring the NVM and reactivating the mining license so operations can re-commence. Argentina's mining laws enable mining licences to be reactivated relatively quickly and an application to re-open the NVM will soon be lodged with the regulator.

Currently, NVPL has six shareholders holding 22,100 fully paid ordinary shares on issue. The Company has paid NVPL $75,000 in consideration for the grant of an option to acquire 100% of the issued capital in NVPL, exercisable at any time with 40 days following the date of the agreement, during which time the Company will undertake due diligence in relation to NVPL and the NVM. If the option is exercised, at settlement of the acquisition the Company will issue 737,500,000 fully paid ordinary shares in the capital of the Company and 737,500,000 listed options to acquire Shares (exercisable at $0.02 on or before 30 April 2020) (ASX: HDYOC).

The Shares to be issued to the NVPL shareholders as consideration for the NVPL acquisition will account for circa 35% of HDY's expanded issued capital at settlement of the NVPL acquisition.

In addition, HDY will pay a 3% net smelter return royalty to NPVL's founding shareholders for all minerals produced from the NVM.

The Board notes that none of the vendors are related parties.

Nelly Vanadium Mine

NVM is a 53-hectare tenement that is located 170km from the capital of San Luis Province in Argentina (Figure 1). The mine has ready access to mains power and water supplies, while nearby towns can provide supporting services and a skilled labour pool. Further, the transportation infrastructure from the mine to key ports is more than adequate with wellformed gravel tracks, sealed highway and rail network in place.

FIGURE 1: NELLY VANADIUM MINE – SAN LUIS PROVINCE

Source: NVPL geology team

According to legacy records1, the mine was active between 1949 to 1957, with gravimetric separation and a processing plant on-site that produced V2O5 and VO3NH4.

The on-site concentration processes, which were partly experimental advanced technology for the time, prevented the operation reaching a critical scale. The primary customers during the 1950s in Argentina were national alloy and acid manufacturers.

For the 1950s in Argentina, NVM was one of the few operating mines that had an on-site processing plant and accommodation for employees (refer Figure 2 and Figure 3 – satellite pictures), reflecting the significance of the deposit. The mine was initially developed as an open pit and subsequently underground galleries were progressed.

Source: NVPL geology team

Upside potential

Since the mine closed in 1957, there have been several studies undertaken by local geology teams (19591, 19735, 19745, & 19995) which have repeatedly argued that NVM and surrounding areas are significantly underexplored.

These same studies took samples and assayed them, resulting in confirmation of polymetallic mineralisation for V2O5, Pb, Zn, Cu, Au, Ag, Mo and Bi . The historical assay results for V2O5 ranged up to 1.9% V2O5, with a length weighted sample average of 0.82% V2O5 (refer to Table 1).

NVM is located in the Las Aguadas district (San Luis), where the regional geology is dominated by Precambrian to Cambrian metamorphic rocks, with granitic intrusions of variable dimensions. This is a lead-vanadium mining district with many historic mines that documented their Pb-V production. The regional target mineral is vanadinite, a lead chlorovanadate, that is by weight 73.1% Pb and 10.8% V. At NVM, vanadinite occurs within quartz mineralised veins.

Unexploited mineralised veins

When NVM was operating during the 1950s, only part of the known deposit was exploited, leaving most the untapped mineralisation intact. The extent of the deposit is a key feature the geology team will be working on in coming months, given NVM delivers considerable exploration upside.

To date, detailed work by the geology team has determined there are several mineralised veins at surface which are emplaced in a structural trend aligned North-East to South-West. More specifically, most of these comprise parallel veins creating a sheeted system. Some of these mineralised veins have been mapped outcropping within alteration halos at surface, but the ones trending underground are completely unexplored.

To provide context, the schematic model (Figure 4) shows potential underground extensions within a vanadium-rich polymetallic vein system. As the exploration program ramps up, this model will be tested systematically with modern exploration techniques and equipment.

Note: Further exploration techniques would be required to determine the extent and structure of the underground vein system

Source: NVPL geology team, not to scale, a stylistic representation of the local geology

Mineralised trend

In reviewing legacy reference reports5, the geology team were able to confirm a 0.9-1.0km mineralised trend running through the tenement, the original miners mapped up to four vein outcrops, significantly only one of these was partially mined (Figure 5).

Source: NVPL geology team

The maximum width of four mapped main mineralised veins ranged up to 5.5m wide, with historic workings verifying the mineralisation extends to a 40m depth. However, geophysical survey techniques and exploration drilling is anticipated to extend the mineralisation in the dip direction of the mineralised veins.

Typical for the period, only basic exploration methods were used. Hence, the geology team is optimistic there is significant upside potential to verify extensive mineralisation at NVM using modern exploration techniques. Once the necessary geological and assay data has been compiled, the team will progress modelling a mineral resource estimate in accordance with the JORC (2012) code.

Global demand drivers

Over the past 2-3 years, the twin effects of global supply bottlenecks and rising demand have underpinned a significant increase in the vanadium price.2

On the supply side, China, which supplies around 50% of global vanadium3, is using more of its output internally following new rules to double rebar requirements in concrete structures (post-recent earthquakes).4 Concurrently, it has shuttered polluting mines, reducing its output by circa 10% and propelling a search for new vanadium supply chains that includes Australia and Argentina.

Traditionally the steel industry consumes around 90% of global vanadium, but at the margin demand from the renewable battery sector is starting to take-off.4

Specifically, demand for scalable energy storage is accelerating, reflecting wider renewable energy adaption. Within this product group, Vanadium Redox Batteries (VRBs) are an emerging solution end-users are starting to accept.

Some key positive attributes for VRBs4 include:

• Scalability and suitable for grid connection;
• 20-yr lifespan and instant energy release;
• Excellent charge retention / discharge; and
• Using only one element in electrolyte form: V2O5

Arguably, if this transformation progresses then it will propel vanadium towards energy commodity status.

Extraordinary General Meeting

The Company will shortly commence preparation of a notice of meeting to convene a general meeting of shareholders to seek shareholder approvals required to give effect to the acquisition, including for the issue of the consideration shares and consideration options.

Pro-forma capital structure

A pro forma capital structure for the Company upon completion of the NVPL acquisition is set out below:

	Shares	Options
Current	1,361,815,830	861,810,9241
Consideration	737,500,000	737,500,0002
Total	2,099,315,830	1,599,310,924

Notes:

• 1. The terms of the current options on issue are as follows:
  • a. 812,884,346 listed options exercisable at $0.02 on or before 30 April 2020 (ASX: HDYOC);
  • b. 45,525,000 options exercisable at $0.06 on or before 19 August 2020; and
  • c. 3,401,578 options exercisable at $0.044 on or before 1 October 2020.

1. Consideration options are listed options exercisable at $0.02 on or before 30 April 2020 (ASX: HDYOC).

Indicative timetable*

An indicative timetable for the VPL acquisition is set out below:

Event	Date
Execution of acquisition agreement	03July 2018
Dispatch of notice of meeting seeking shareholderapprovals for the NVPL acquisition	16 July 2018
General meeting to approve the NVPL acquisition	20 August 2018
Settlement of the acquisition	27 August 2018

* The above dates are indicative only and may change without notice.

For and on behalf of the Board

Terence Clee Executive Chairman

COMPETENT PERSON'S STATEMENT:

The information in this report that relates to Geological Interpretation, Historical Exploration Results, or Historical Mineral Resources is based on information compiled by Nicholas Ryan, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Ryan has been a Member of the Australian Institute of Mining and Metallurgy for 12 years and is a Chartered Professional (Geology). Mr Ryan is employed by Xplore Resources Pty Ltd. Mr Ryan has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Ryan consents to the inclusion in the report of the matters based on his information and the form and context in which it appears.

References

• 1. Geological study of the Nelly Mine, Alessi 1959
• 1. Burton, M. "Best-Performing Battery Metal of the Past Year Isn't Cobalt" 26 January 2018 Bloomberg Business Week <www.bloomberg.com>
• 1. Vanadium Statistics and Information, USGS <https://minerals.usgs.gov/minerals/pubs/commodity/vanadium/ >
• 1. AVL ASX Release 5 April 2018 and http://www.australianvanadium.com.au/vanadiumbatteries/
• 1. Table 1 Information, refer to Appendix B

APPENDIX A: SUMMARISED KEY TERMS OF PROPOSED ACQUISITION

HDY and NVPL have entered into a binding Heads of Agreement (HOA), with the key terms as follows:

Grant of option

• HDY has an exclusive 40-day option to acquire 100% of the fully paid ordinary shares in the capital of NVPL which comes into effect from the date the HOA is executed;
• In consideration for the Option, HDY will pay NVPL an option fee of $75,000; and
• The option can be exercised any time up to expiry.

Due Diligence and exclusivity

During the option period, HDY will undertake thorough due diligence across all key legal, financial, technical and geological issues relating to NVPL and the NVM.

Conditions precedent

Completion of the acquisition is conditional upon the satisfaction (or waiver by HDY) of the following:

• Finalising due diligence by HDY on NVPL's business, assets and operations;
• Securing all necessary regulatory approvals to complete the acquisition; and
• Obtaining shareholder approval for all key aspects of the transaction.

The parties will use their best efforts to ensure the conditions precedent are satisfied.

Consideration

Upon the exercise of the option and the satisfaction (or waiver) of the conditions precedent, HDY will, as consideration for the acquisition:

• issue 737,500,000 fully paid ordinary shares in the capital of the HDY at a deemed issue price of $0.004;
• issue 737,500,000 listed options to acquire shares in HDY, exercisable at $0.02 on or before 30 April 2020; and
• pay an aggregate 3% net smelter royalty for all minerals produced from the NVM,

to NVPL's founding shareholders.

Settlement

Settlement of the acquisition will occur five business days after the option is exercised and all conditions precedent have been satisfied.

Warranties

The parties have both provided warranties that are customary to a transaction of this nature.

Exclusivity

During the term of the HOA, NVPL will be prohibited from entering into negotiations or taking any action to enter into any transactions with alternative potential purchasers.

Maintaining the status quo

During the exclusivity period, NVPL agrees not to enter into any material contract or incur any material liability; declare any dividends; or vary its capital structure without the prior written consent of the Company.

Otherwise, the Heads of Agreement contains clauses typical for binding agreements of this nature.

Appendix B: JORC Code, 2012 Edition – Table 1 report template

Formally the historical vanadium mine is referred to in Spanish as the 'La Nelly', the Table 1 will substitute 'Nelly Vanadium Mine' for 'La Nelly'

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

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Criteiar	JORCCodelantioexpan	Cotammenry
Orieniotatnfdaintaolaiottorenloicalgeogtrutuscre	Wheheheienionf slinghievbiasd slingftttatroroampacesuneampoibledhehichhisisknideingtruturttenttotpossscesanexown,consrwhedeitttypospe.Ifhelaionhipbehedrillingieniondheieniontttwttatttatreseenoranorfkeinelised sisidedhaindud atruturtotroomracesconsreveceylingbiashisholdbed ad rdif mial.ttetersampsuassessenepora,	lkhal slesbblefheHisicaCiasdiionRototottrcnneampareeaccesspors o•hl wkfhellydheledbuisicaingNeVaiumMineisiiontotttrtrors onasamp,,linelisaiondlinionts,ttytrututetatassayresumrape,anscrarprearef efoindicaivelevd vdiuminlyllic singhelesTttetattoaanaa pomeerere,sampbulonhekefheldisididineizedinsdtrtettrtareagsoexposemravean/flogical sled sb‐pdicularheidhhickntrututotttgeocressampuerpenwess o,heinelized vin.tmraehelisicalkChal slesindicaivefheTHRotstottassayresurcnneampareo•,facial gdedinelised vinhicknlorionExtetttponras annearsuremraeess.padrillingihhelorionhodsillbeiredblishtttttotaworexpamewreques,/()loriondinel redeheOC202CodeJR1ttatstexpargeanormrasources unrhelowlevl ofhehisical wkingfhellyineTNeMtttotteserors owereno•HistoicalRokChal sledduhekinghaingbetotrcnneampeworsvenflooded.
Salempitysecur	Thekeleitatoty.measuresnensuresampsecur	hehl sledekedhaTisicaitotytatorampsecurmeasuresnrn areassumeve•ubeffhallecdlkhal salesicienHisicaRoCttott ctetoensuensureorcnnemparefhelogl sd whhehlllyiveicaingiaiisicaNetatttttetttorepresenogeoeassocrdVaiumMinena
Auditsorierevws	Thelf adiiewf slinghniqddatststecta.resuonyauorrevs oampues an	fol adfhelelhabedekeNoitsttsta•rmauosampresuveenunrn.hehl sld aldlTisicainginsiiatotstatetute•rampprogramanssayresurge‐mardhhel wkfhellydiaiHisicaingNeVaiumMinetetttotassocwrorsona,dfdehef elevd vdhheiingiiniumiinsittetttuprovconnceoccurrence oaanawlogfhellydNeVaiumMinetgeoyona

•Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criiater	JORCCodelaniotexpan	Cotammenry
Minleratetnemendlandantetatunuress	Tyfer/nbelociond ohipincludingtpe,reencenameumr,aanwnersialissihhird piesh ajintsterttttagreemenormaues warsucsohipidingliesiveileinturtnettttterts,venesparrss,overrroanaesy,,hisical siildeionl pk ad eiroltortesttawrness or naaarnnvnmen,ingttses.Theifheheld aheimf ringlonih atyttentttttsecurouree oeporagwny	hellydiumineisihaholdshisical wkingdTNeVaMtetttonaasrors ana•ingf rinsladheinekingttetetotsmarouremwors.heiningideifierliedfoivaionis93‐2003.T5L‐tetttmnurenappr reac•ial aishall cdiionill relinAtet ets,tt ott,tmargreemenxnce aons aremewsu•hefe%fheholdingfoheiningdy100Hattrtttetoansrocompanyrmnurer().imidheholdinghaigh%fheReLASX:HDYT95tetstotsourcescompanys ro

Criteiar	OCCoJRdelantioexpan	Cotammenry
	knimdimbiningliceinhetstotatotetownpeenoanceoperaarea.	llydhhaholdeholdfheNeVaiumMineiin‐ing5%ttrytnawancounsrero,hlhhofoiginineiigiiesinArinats,ttttetrwwmanyren enoperagen
Exloiotprandobyneiesthetor par	Acknledgd aisal of elorionbyheiest atttowmennppraxpaor par	lorledbyhefedheExioniesinttetttott•pacomporparrerrecurrenludeinctannouncemens:lesícd chafduAiVD.R.,1956.Hisisicsiontotortertt•sryanracoprocfhe"Nlly"dVaiuminetoenamlesícfdufdAiVD.R.,1957.HisionVaiuminetotort•sryoprocoanamlledlaLaSainSaLuisPrincArinatcanove,genlesícdeleddefhedAiVD.R.,1959.AiipionVaiumtotatt•srscronadelly.iNetposlelflandAniVicio.1942.AiewBiumto•gerrevocerrocovana,deit.posloglfbaOrizSuA.1988.GeicadeipionE.,tttarezoscrosemen•indalexLaAgtpresensuas compOrizSuA.1996.Gelogical ad phicdeipionE.,ttrotarezonegrapscr•fheflexiniveLaAgdattruossromsuas compffflac999.isduionioudeib‐UJ.H.,1HPtorttscoyoprocovarsposo•()(foCuinSaisincinaixmZn‐ALuProArFttgnve,gensourcerane,)l.,9llimi el.,93174;Ma17t aaaccflac200logical eluaionSaladiedrUJ.H.,5.ALaPtcogeovaoanas•()ineb,dBaMPZnVyassan(),he2Oldlelyfrolesi99froTV5A15tsteassayresureporaresomsm•isicalkhal slesindicaivefheial gdedHRoCtotttetrcnneampareoponras an,facinelisedinhicknloriondrillingihheExttttnearsuremraveess.pawor,/lorionhodsillbeiredblish eloriondtttotattatsexpamewrequesxpargeanor()inel redehedeJORC2012Cotmrasourcesunr
Geloogy	f mDeilogical singd sleinelisaionttytttytpospe,geoeanora	hehlllydlocdhefTisicaNeVaiumMineisinSaLuisinctotetrnaanprove o•hedadheArinainLaAgisicinSaLuisincArinatttrt,ttgensuasnprove,gen,hehlllydlocd alykmfroTisicaNeVaiumMineisim170toteternaapproxam' cl chehahehedeSaLuisiiiinciitaty,ttyttt rnapcsressamenameasproveessin.hellogdodbybrbrhhlowTReionGeisinaianianigtetogaomprecam‐cam•ydehksh pd piciic giiciniontatt‐ottruramemorprocre,syn anosrogenranssgw

Criteiar	OCCoJRdelantioexpan	Cotammenry
Drillhole	Af allinforionialhededingfhettertottantsummaromamaunrso	f vblediaimionoarenss.hehlllydlocdlasdab ‐TisicaNeVaiumMineisinAgPViningtote•rnaauasmdf mhl mhb adhl pduisicIsisicaineiPVisicaiontrt.t otottotparanyrs wnrrochelldleadhlordaTionineisVainitatte,te,•regargemranaacovanab()l,habyhb adhehlP5VO43Cisig73.15%P10.79%V.AisicattttttowenrllyddllowheNeVaiumMineVainiiningQutetattznanaoccursasyesonar,ld vMineiseinsraehellydholdsfold vTNeVaiumMineivaionineizeinsttte•nareacnureurmraehabedhly.hkedhfheiisTicinginningtt cttetttanmappewconsnnanold vdohhel vineizeinsiining5.5mintttratomraeesoccur,wceneranguphknimictmaxumess.hel mldhadbedfrohTineizeinine19491957,itratot•cenraveenmmwhal saldhahed afhedheinginicainginineitttttt atcnnempmreas oopenpnded wkheld vdfroingineizein0.83.4mttounrgrounorsmraerangemheddelshabedefd,hadeOiumiineiiietttto•r vanaoxmraveennveyeunrgodefol elhellydiioniaicineizaionNeVaiumttettttconsrar ponconommraanaMineillingldinhis aNoDrtstett.resuarerepornnouncemen•
Infoiotrman	ylorionlincludingbulaionfhefollowinginforionttstatttexparesuaomaforllMaialdrillholestera:ingd nhingfhedrillholellarttteasanorocoolevionRL(RedudLel –levionbolevlintteaorceveeaaveseaeo)fhedrillholellartretmesocodipd aimhfheholettanzuoodoholelenh adiniondehtterttwngnceppoholelenh.tgoIfhelusionfhisinforionisjified ohebaishahettttttttexcomausnsinforionisMaial adhislusiondodefrotttertttratmanonexcesnocmhededingfheheCoPehold clealyttantt,ttentunrsorepormperson surlainhyhisishettexpwcase
Dataiotaggreganhodstme	IningExlorionRelighinginghniqttts,ttecreporpasuweaveragues,imd/oinimdeion(ingfhightrutttmaumanr mumgrancasegcoxude)d cff gdellyMaial ad sholdbed.t-otertategrasanuras areusuanusWheinincholenhsfhigh gdetetertstettreaggregaceporporasrgoraldlonlenhsflowdelhedudtstts,tresuangergograresuprocereuse	llldhNoDriinginis atstett.•resuarerepornnouncemen

Criteiar	JORCCodelantioexpan	Cotammenry
	forh aionholdbed ad sical elesfttatetysucggregasusnomepxampoh aionholdbehoindeil.ttasucggregas suswnTheiondforingf ml eivalenluetttat vassumps useanyreporoequasholdbelealyd.tatesucrs
Relaiohiptnsbetweeninlisaiotmeraidhsdtnwanintetrceplenhstg	Thelaionhipicularlyiminheingftttantttseress areparporreporoExlorionReltts.pasuIfhefheinelisaionih rhedrillholettrytttttotgeomeomraespecwleiskniholdbed.tsturteangown,nae sureporIfiisknd olyhedoholelenhsd,hetttttetnoown annwngarereporreholdbeleahisffec('doholelenh,tatemttottttrusuacr seneegwnge').idh nknttwoown	lkHisicaRoto•rchl wkisicatororlts,assayresumdf elevinicaivetodbudisitrtearelogl sicatrugeoc/hknfheicttess ohelT•assayresul gdeiatetponradrllhiingittwo,lorionttaexparghelowlevTt•eselkHisicaCRotorc	hal slesCnneamparefhellyingNeVats olineisaionttyrape,d vdiuminteaanaa plonhekeittragsoheletuttresyesamp,ld vineizein.mraelkHisicaRoCtstorcdfacs annearsuremheloriontrexpamed/l reinetseanormral ofhehl wisicattorhal saleddunnempe	bdbiasitoeaccessdheiumMinetnasa,dlintrutuanscralyllic singTtattomeefhedinetexposemd wb‐pdere suerpenhal slesnneampare,ldhineiseinictravehodsllbeitwrequdeheJOtsources unrkfhelingNetors ohekhaingtotworsv	lefheionttpors oledbuisiiontrtmp,iontetatrprearehefolesrere,samplddizeinsraveanlarhedhicuitottwdfheinicaivettoknlorExiontess.padblhireistotaes()deRC2012ColyMinetwerenobeflooingded.en
Diagrams	Apiad sion(ih sles)dbulaionftetttatproprmaps anecswcaans oforfinholdbeincludedigiicadiscbeingtertstcepsuanysnnoverydTheholdincludebubelimidlaniewftet nttetoreporsesuoa pvo,drillholellarlociond aiaionl viewttetcoas anpproprsecas.	()lesi99d2isicalkChal slesfroA151HRotratetosexcrcnneampm•fisical wkinghellydiumineinbohheiHNeVaMtotttt arors onaopenp,dheded wkingtanunrgrounors.isicalkChal saleidh:0.803.0m3mHRo41.7tottorcnnempwaverage•,isicalkhal alue%lenh wigHRoC0.201.90V2O5tototrcnnessayvas:ge•,f0.82%O5V2average o()ledeifierhalle%SaICSaV2O5tmpnnnemph()Letngm		hetreashdte
		M1	1.05	1.10
		M2	1.45	0.70
		3MM4	31.52.4	01.11.00
		M5	51.50	1.00
		M6	0.85	0.70
		M7	1.25	1.40
		M8	0.90	0.50

Cotammenry
SaledeifierItmpn
M9
M10
M11
M12
M13
14M
M15
M16
M17
M18
M19
M20
M21
lueMinimumva
lueMaimumvax
hmAriicttelueAverage va
hhdLeWigV2ttenge
isicalkhaHRoCtorc•hetsame as anycdeityornswasnolessamp

Criiater	JORCCodelaniotexpan	Cotammenry
Balandceintreporg	Wheheiveingf allExlorionRelistttstrecomprensreporopasunoficable,iveingbohlowdhigh gdettatttpracrepresenreporoanrasd/oidhsholdbeicedid misleadingingftttotanr wsupracavoreporoExlorionReltts.pasu	lkhal slesbblefheHisicaCiasdiionRototottrcnneampareeaccesspors o•hl wkfhellydheledbuisicaingNeVaiumineisiionMtotttrtrors onasamp,,linelisaiondlinionts,ttytrututetatassayresumrape,anscrarprearef efoindicaivelevd vdiuminlyllic singhelesTttetattoaanaa pomeerere,sampbulonhekefheldisididineizedinsdtrtettrtareagsoexposemraveanlogical sheled wb‐pdicularheidhtrututttottgeocresyesampere suerpenw,/fhicknheinelized vin.ttess omraehelisicalkChal slesindicaivefheTHRotstottassayresurcnneampareo•,facial gdedinelisedinhicknlorionExtetttponras annearsuremraveess.padrillingihhelorionhodsillbeiredblishtttttotaworexpamewreques,/()loriondinel redeheOC202CodeJR1ttatstexpargeanormrasources unrhelowlevl ofhehisical wkingfhellyineTNeMtttotteserors owereno•isicalkhal saledduhekinghaingbeflooded.HRoCtototrcnnempeworsven
Ohetrivebstatsunloiotexprandata	Oheloriondaif mingful ad mial,holdbedttta,terter expaeannasreporuincluding(bulimid)logical obsionhyicalt nttetoto: geoervas;geopslheical slbulk slesizedts;ts;surveresugeocmurveresuampsanyy–hod oflluricallbulkdeittretmt;tatest rts;ty,meaenmegesunsdwhnical ad rk chaisicsialtertecterttentgrounageonocracpo;,deleiouinaingbstertamttans or consuces.	il aheimf wiinghis ais aicipdhahefuNItttttt.tttettttue ornnouncemennare•landkdy(feb‐s'Fuhek',fheDeSionSeion2 ototutottttpnesprersuecrr‐worcble)hahelddlfoheTa1iaiioniniontttettotttcurrensponuncoveraarmaasdskebyhedef eh shadininginArinatttmtstatetrecorpmparenoacgenarerdots.copcumeny
Fuhektrr wor	Thed slef plandfurhek(forlalturtteststernae ancaoner worega).iondehionlarledrillingtenttenteptexss orpexss orge-scas-ouf pDiaglealyhighlighingheibleiontttenramscrareasoossexss,includingheinlogicaliniondfudrillingttertatturmageopres aneareas,foridedhisinionisiallyiivettt ctpromanoommercsensv	fhehlhnlfo/lSoingisicaicainionduiondttotetttyurcorcrmaprocanorroya•,fofoheloglhludeinionisioriNVMGeicaTeisincttyttrmaa prroams paper,fofrofinionhnicalhadhivedlaionttetratsourcermamcrcopyarcs annso(frohlh).doSpisisEntstocumenmangfhelorionSisheiningheTExttrategtotet ottetpayexecuupongranmnure•followingtagses:kSdyDetotusp;ieldissFReconnaance;lemiabelecdhyicalImGeSut atetotepenn approprseopsrvey;landimlemddrillingdPt ataganpenseprograman;

Criiater	JORCCodelaniotexpan	Cotammenry
		/logical mdellingdimionGeReEsttooanorsourceahekdyill coileheisinginfoionfohejTDeStotuttttt aspwmpexrmarproecreas•frof sindakadhatotettatttmarange oourcesanemenpacge anareporizehedattast.summarse