VANADIUM RESOURCES LIMITED — Capital/Financing Update 2017

Nov 15, 2017

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15 November 2017

Dear Shareholder

Tando Resources Limited – Pro-Rata Non-Renounceable Rights Issue

As announced on 14 November 2017 Tando Resources Limited (ACN 618 307 887) ( Tando ) is undertaking a 1:4 pro rata non-renounceable rights issue ( Rights Issue or Offer ) of approximately 7,625,001 options ( Options ) to raise approximately $76,250. The price of the Options under the Offer is $0.01 each ( Issue Price ). The Company lodged a prospectus for the Offer ( Prospectus ) with ASIC and ASX on 14 November 2017.

The purpose of the Offer is to reward seed and initial public offer investors for their loyalty, having committed their capital at or before the Company’s initial public offer. The Offer will also serve to help maintain Shareholder loyalty and Share ownership for any Shareholders who have purchased Shares since the Company’s Shares commenced quotation on ASX. In addition, the Offer will raise up to $76,250 (less costs of the Offer) and provide future exploration funds for the Company’s prospects.

The Offer is being made to all shareholders of the Company ( Shareholders ) named on its register of members at 4:00pm (WST) on 17 November 2017, whose registered address is in Australia or New Zealand.

Shares issued upon the exercise of the Options will rank equally with all fully paid ordinary shares in the capital of the Company ( Shares ) already on issue.

Following completion of the Offer, the Company will have issued approximately 7,625,001 Options resulting in total Options on issue of approximately 17,125,001.

Ineligible shareholders

A Shareholder who has a registered address outside Australia and New Zealand ( Ineligible Shareholder ) will not be eligible to participate in the Offer.

You are not eligible to participate in the Offer and you will not be sent a copy of the Prospectus. This decision has been made pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules after taking into consideration the costs of complying with legal and regulatory requirements in jurisdictions outside of Australia and New Zealand compared with the small number of Ineligible Shareholders and the number and value of Options to which they would otherwise be entitled.

If you have any queries concerning the Rights Issue, please contact Tando’s Share Registry on 1300 288 664 (within Australia) +61 (0)2 9698 5414 (outside Australia) or email hello@automic.com.au

6559 1792

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Yours sincerely

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Sarah Smith Company Secretary

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