VANADIUM RESOURCES LIMITED — Interim / Quarterly Report 2019

Jul 25, 2019

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26 July 2019

QUARTERLY ACTIVITIES REPORT

JUNE 2019

• Scoping Study completed during Quarter confirming potential for a technically and financially robust operation based on mining, beneficiation and sale of a high quality +2% V2O5 concentrate

• Scoping Study was completed on the high grade resource at Steelpoortdrift of 169 Mt at an insitu grade of 1.07% V2O5, part of the updated Global Mineral Resource of 612Mt at an insitu grade of 0.78% V2O5 (classified in the Indicated and Inferred categories)

• Ownership milestones successfully renegotiated to deliver maximum 73.94% of the Steelpoortdrift Vanadium Project and ensuring TNO is transaction ready

• Restructure was approved by shareholders at EGM on 26[th] July

• As part of the restructure experienced South African mining identities Nico van der Hoven and Jurie Wessels are to join the Tando board to represent the project vendors

• Tando to be renamed Vanadium Resources Limited

• Mastermines appointed to assist the Company with marketing in Asia for both customers and partners

• Investigation and development of value-adding processes is in progress seeking to optimally extract the full suite of economic elements associated with vanadium mineralisation at Steelpoortdrift

• In parallel the Scoping Study is to be upgraded to a PFS at a relatively low cost due to the extensive work completed for the Scoping Study. Reserve drilling will commence shortly aiming to upgrade the Mineral Resource

• Capital raising to domestic investors and UK institutions completed with a contemporaneous Share Purchase Plan (SPP) in progress at quarters end

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Scoping Study

During the Quarter the Company released a Scoping Study into a near term low capex production opportunity at the Steelpoortdrift (SPD) Vanadium Project (Phase 1). This low-cost starter operation would seek to produce a high grade vanadium concentrate for sale from the high grade portions of the Mineral Resource via simple beneficiation (using magnetic separation). In the longer term the high quality concentrate generated by Phase 1 would be used for downstream processing to produce value added specialist products suitable for the steel, renewable energy and industrial minerals markets. The concentrate contains approximately 2.2% V2O5, 12% TiO2 and 55% Fe (refer ASX Announcement 18 March 2019), all commodities consumed by these markets. Studies are underway into various processing options with the purpose of determining the optimum method, or combination of methods of downstream processing, that delivers the highest value for the Company.

The Scoping Study demonstrated the potential for strong financial metrics for Phase 1 at the Steelpoortdrift Vanadium Project (Table 1). Strong margins of US$17 million per annum (on average) were forecast to be generated with a short payback period of less than 2 years due to the high grade nature of the mineralisation and the low CAPEX requirement of $18 million.

Table 1 . Base Case Key Metrics.

Study Outcomes
EBITDA LoM (US$, pre-tax)	US$ 234 – 431M
EBITDA per annum (US$, pre-tax)	US$ 9.4 – 17M
NPV (US$, pre-tax)	US$ 68 – 138M
Internal Rate of Return (pre-tax)	48 - 86%
Payback Period	1.9 – 2.8 years
Life of Mine (Phase 1)	25 years
Pre-production CAPEX (US$)	US$ 18.8 – 20.0M
Average Phase 1 cash operating costs (US$/t)1	US$11.7 /t processed
Annual Concentrate Production (average)	0.79Mt

1 Cash operating costs include all mining, processing, government royalties, site administration and overhead costs

Phase 1 is based on a proposed 2.2Mtpa standalone mining and beneficiation operation to generate a high grade +2% vanadium concentrate for sale at mine gate. The sale price of the concentrate has a significant effect on potential cash flow from the project and was modelled as a range of US$45 to US$55 per tonne of concentrate for the purposes of the Scoping Study. Negotiations around an offtake continue to advance, supported by the recent positive upswing in the vanadium pentoxide pricing environment and low global inventories for both ferrovanadium and 98% V2O5. The Company believes the vanadium market has returned to a sustainable upward trajectory and that a continued stable pricing environment makes Phase 1 more likely to be concluded successfully.

The Scoping Study was completed to an overall +/- 35% accuracy using the key parameters and assumptions set out in Table 2 and as further outlined in the ASX Announcement of 2 May 2019. The Scoping Study was been compiled by the Company with the assistance of a highly experienced and reputable group of independent consultants listed in the ASX Announcement of 2 May 2019. The Company is not aware of any new data that materially changes the information and assumptions contained in that ASX release.

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Table 2 . Key Parameters and Assumptions (refer ASX Announcement 2 May 2019).

Parameter
General / Economic
Discount Rate	10%
Concentrate Price(US$)	$45 - 55
Exchange Rate(US$:ZAR)	14
Mining / Production
Average LoM stripratio	0.38
ProcessingRate	2.2 Mtpa
LoM Production Target	53.6 Mt
Average V2O5grade mined(resource)	0.82%
Average V2O5grade mined(diluted)	0.74%
Recoveryinto concentrate(mass,average LoM after dilution))	37%
Recoveryinto concentrate(V2O5)	>90%
Concentrategrade(V2O5)	>1.8%
Cost Assumptions
LoM average openpit miningcosts($/t ore mined)	$3.31
LoM average beneficiation costs($/t oreprocessed)	$6.42
General and admin incl environmental and social($/t ore mined)	$1.94
Royalty	Max 7%
Tax rate	28%

Following the successful completion of the Scoping Study the Company plans to implement parallel development strategies, rapidly advancing both Phase 1 and Phase 2 of the world class Steelpoortdrift Vanadium Project. Studies are underway into the larger Phase 2 project, which would produce 98% V2O5 flake for the steel industry, along with ferrovanadium and higher purity vanadium pentoxide products suitable for use in vanadium redox flow batteries. The aim is to also produce, if possible, specialist iron and titanium products from the suite of economic elements contained within the Steelpoortdrift mineralisation which will, if so, substantially distinguish Tando from existing competitors.

These studies, and subsequent studies, will compare conventional downstream processing methods for the vanadiferous titanomagnetite at Steelpoortdrift such as the salt roasting method already used in South Africa at Bushveld’s Vametco Operations and Glencore’s Rhovan Operations with established pyro- and hydrometallurgical processes along with possibly other, more innovative, methods. Samples have already been dispatched for testing at various laboratories and process development facilities worldwide.

Accelerated Acquisition of Steelpoortdrift Vanadium Project

The updated strategy for the Steelpoortdrift Vanadium Project is being driven by the addition of the Company’s South African joint venture partners and original vendors of the project ( Original Vendors ) to the management team as consultants.

Negotiations with the Original Vendors during the Quarter resulted in a restructure ( Restructure ) of ownership arrangements and board composition, namely:

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• the acceleration of the maximum ownership permitted to the Company of the Steelpoortdrift Vanadium Project to 73.94%;

• Original Vendor share milestones shall be waived, and all outstanding shares and options shall be issued in favour of the Original Vendors (with the issue of shares that would have been issued pursuant to definitive feasibility study and bankable feasibility study to be voluntarily escrowed until 31 December 2019); and

• the Original Vendors shall nominate board members representing 50% to the board of the Company, with the Company to benefit directly from the extensive South African mining, corporate and legal experience of the Original Vendors.

The Board views the Restructure as highly beneficial in that it provides the Company the ability to deal with certainty in respect of developing the asset both in terms of off-take discussions but also in the context of project development and corporate finance.

The Original Vendors include respected industry professionals Nico van der Hoven (current Chairman of JSE listed chrome producer Bauba Platinum with substantial experience developing and marketing commodities worldwide) and Jurie Wessels (who has significant experience in project identification and managing AIM and JSE listed resources companies). Mr van der Hoven and Mr Wessels will be joining the Board of Tando in coming days.

The issue of shares and options under the Restructure was approved by shareholders at a meeting held on 26[th] July 2019 and the Company acquired 50% of the Steelpoortdrift Vanadium Project with the acquisition of the balance up to 73.95% being subject to approval under S11 of the South African Mineral and Petroleum Resources Development Act 2002.

At the same EGM the change of the company’s name to Vanadium Resources Limited was approved. The proposed new ASX Code is VR8.

Commanding JORC Mineral Resource

As announced on 16 April 2019 the JORC Mineral Resources for the Steelpoortdrift Vanadium Project was updated based on assay results from Tando’s Phase 1 and Phase 2 drilling. The Global JORC Mineral Resource at Steelpoortdrift is now 612Mt at an in situ grade of 0.78% V2O5.

The JORC Mineral Resource includes a high-grade component of 169Mt at a whole rock grade of 1.07 per cent V2O5 in the Indicated & Inferred categories (detailed in Appendix 1 and ASX Announcement 16 April 2019).

The Company confirms that there is no new data that materially changes the information and assumptions contained in that ASX release but notes that as discussed below further drilling is about to commence which will be included in a resource update once all results are received and interpreted.

Reserve Drilling set to commence to enable conversion of Scoping Study to PFS

The next steps in the development of the Steelpoortdrift Vanadium Project are underway with the Pre-feasibility Study (PFS) and Reserve drilling program in progress. Due to the extensive work undertaken as part of the completed Scoping Study, the PFS is expected to be completed in a relatively short timeframe and cost just $250,000. In parallel with the PFS, Tando will complete initial Reserve drilling at Steelpoortdrift, providing further certainty around the orebody and the project’s economic outlook. This drilling program is estimated to cost $120,000.

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Site preparations are well advanced for the reserve drilling programme at Steelpoortdrift. The short drilling campaign is focussed on the near surface mineralisation within the conceptual pit shell used as the basis of the Company’s recent Scoping Study. The reserve drilling will improve the definition of mineralisation in this zone and should enable an upgrade in the confidence of the Mineral Resource in this area (provided results agree with Tando’s previous drilling results).

Appointment of Mastermines as Asia Marketing Consultants

Subsequent to the end of the Quarter Asia focussed commodity marketing advisors Mastermines was appointed to assist in the development of strategic commercial relationships with potential partners in the development of the Steelpoortdrift Vanadium Project.

The appointment of Mastermines is anticipated to both aid the development of the entire Steelpoortdrift project, and to specifically assist the Company in identifying suitable consumers of vanadium, titanium and iron products in each of these markets in Asia who could represent customers or potential partners in the development of the project.

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Figure 1 . Global vanadium projects categorised by resource grade and grade in concentrate. Label states concentrate grade based on reported testwork. Bubble size denotes tonnage. Tonnes and grade based on reported total resources

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Source: Company websites, ASX / TSX / LSE announcements, as detailed in Appendix 2.
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Background on the Steelpoortdrift Vanadium Project

Global vanadium projects are summarised in Figure 1 (also refer Appendix 2), demonstrating that the Steelpoortdrift Vanadium Project has the potential to be globally significant based on its tonnage and grade in concentrate. Currently approximately 85% of the world’s vanadium is produced in China, Russia and South Africa, and with the Steelpoortdrift Project located in one of these producing regions there is potential for the Project to be fast tracked into production. As previously detailed the Steelpoortdrift Vanadium Project is located in a region with substantial infrastructure including high voltage grid power, water, rail and road along with support services for the mining industry. This is anticipated to reduce the amount of preproduction capital expenditure.

The Steelpoortdrift Vanadium Project is located in a similar geological setting to the mining operations of Rhovan (Glencore), Vametco (Bushveld Minerals) and Mapochs (on care and maintenance) in the Gauteng and Limpopo provinces of South Africa (Figure 2). Both the Rhovan and Vametco processing plants include refining to generate products used in the global steel making industry and aim to develop downstream processing to produce materials used in the battery market.

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Figure 2 Location of the Steelpoortdrift Vanadium Project and other vanadium deposits in the Bushveld Igneous Complex.

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Quartz Bore – High Grade Zinc Mineralisation in the Pilbara

The Quartz Bore Project is located in the Pilbara region of Western Australia, adjacent to Venturex Resources’ Whim Creek Project. The Project contains the Balla Balla Prospects which were discovered via heliborne EM with some 11,193 metres of RC and DD drilling by previous explorers successfully delineating high grade zinc mineralisation (refer ASX Announcement 3 November 2017). Review by the Company indicates a spacing of 80m by 20m is the optimum drill spacing to delineate a Mineral Resource (assuming results are consistent with historical intersections). The current drill spacing at the Balla Balla Prospect is 80m by 80m (approximately).

The Company completed a successful diamond drilling programmes at the Quartz Bore Project in Dec 2017 with intersections including a high grade copper zone (17m at 2.95 % Cu + 1.48% Zn incl. 7m at 6.44% Cu + 3.21% Zn incl. 2m at 14.3% Cu + 6.33% Zn, refer ASX Announcement 21 February 2018). Downhole surveying detected strong, coincident, DHEM and DHMMR anomalies interpreted to represent the extension of high grade mineralisation intersected in historical drilling (refer ASX Release 21 February 2018). Surface MMR surveying also identified potential targets. The Company is considering the best methodology to advance the project.

Mt Sydney –Shallow EM anomalies along strike from known mineralisation

The Mt Sydney Project is 100% owned by the Company and is located adjacent to, and along strike from, Rumble Resources (ASX.RTR, “ Rumble ”) Braeside Project (Figure 7). In January Rumble announced zinclead mineralisation had been intersected in its maiden drilling programme including a high grade zinc discovery at the Braeside Project (refer ASX.RTR Announcement 16 January 2018). The reconnaissance nature of this drilling makes the presence of mineralisation very encouraging for regional base metal prospectivity and enhances the potential of the base metal targets within Tando’s Mt Sydney Project.

Tando flew a VTEMmax survey over the Mt Sydney Project in December 2017 (refer ASX Announcement 18 January 2018). Careful examination of the electromagnetic data has delineated numerous conductors that correlate with important target structures interpreted to be part of the Braeside Fault Zone, as well as stratigraphic contacts of prospective volcanic lithologies. EM anomalies are also evident over strike limited portions of these significant structures which extend directly from Rumble Resources’ Braeside Project further north. These conductors are considered high priority targets and warrant follow-up.

Mt Vernon – Zn-Pb targets in same region as Abra Deposit

The Mt Vernon Project overlies sediments of the Edmund and Collier Groups adjacent to the regional scale Mt Vernon Fault in the Pilbara region of Western Australia. The Company has completed a detailed review of historical exploration at the project and identified geophysical and geochemical targets worthy of further inspection (refer ASX Announcement 15 March 2018).

E52/3560 lies wholly within the Nharnuwangga Wadjarri Ngarlawangga ( NWN ) Indigenous Land Use Agreement area and therefore access to the area of E52/3560 is not permitted until an agreement has been entered into with the NWN. The Company has received a draft heritage agreement from the legal representatives of the Jidi Jidi Aboriginal Corporation (JJAC), which is the registered native title body corporate for the NWN determination area and is reviewing this.

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For and on behalf of the board:

Mauro Piccini Company Secretary

Media

For further information, please contact:

Paul Armstrong Read Corporate +61 8 9388 1474

Tenement Table: ASX Listing Rule 5.3.3

Mining tenement interests held at the end of the quarter and their location

PERMIT NAME	PERMIT NUMBER	REGISTERED HOLDER / APPLICANT	AREA IN km2	PERMIT STATUS	PERMIT EXPIRY	INTEREST / CONTRACTUAL RIGHT
Pilbara Region, Western Australia
Quartz Bore	E47/3352	VMS Resources Pty Ltd	15	Granted	21/12/2021	100%
Mt Sydney	E45/4939	Tando Resources Ltd	508	Granted	13/11/2023	100%
Mt Vernon	E52/3560	Tando Resources Ltd	463	Granted	23/08/2022	100%
Limpopo Region, South Africa
Steelpoortdrift KT365	10095MR	Vanadium Resources (Pty) Ltd	24.6	Granted	04/09/2048	Right to own 73.95%

The mining tenement interests relinquished during the quarter and their location

Nil.

The mining tenement interests acquired during the quarter and their location

Nil.

Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter

Not applicable.

Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter

Nil.

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Competent Persons Statement

The information in this announcement that relates to Exploration Results and other technical information relating to geology, drilling, analytical results and sampling at the SPD Vanadium Project complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code ) and has been compiled and assessed under the supervision of Mr Nico Denner, the principal of GEMECS (Pty) Ltd, consultants to the Company. Mr NJ Denner is a Fellow of the Geological Society of South Africa (GSSA) and a member of good standing of the South African Council for Natural Scientific Professions (SACNASP), both Recognised Professional Organisations under the JORC Code.. Mr NJ Denner is a geologist with 24 years’ experience in the South African Mining Industry and 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 JORC Code. Mr Denner consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The Exploration Results are based on standard industry practises for drilling, logging, sampling, assay methods including quality assurance and quality control measures as detailed in the ASX Announcements in the text.

The information in this announcement that relates to Mineral Resources complies with the 2012 Edition of the JORC Code and that has been compiled, assessed and created by Mr Kerry Griffin BSc.(Geology), Dip Eng Geol., a Member of the Australian Institute of Geoscientists and a Principal Consultant at Mining Plus Pty Ltd, consultants to the Company. Mr Griffin 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 Persons as defined in the 2012 Edition of the JORC Code. Mr Griffin is the competent person for the resource estimation and has relied on provided information and data from the Company, including but not limited to the geological model and database. Mr Griffin consents to the inclusion in this announcement of matters based on his information in the form and context in which it appears. The Mineral Resource is based on standard industry practises for drilling, logging, sampling, assay methods including quality assurance and quality control measures as detailed in the ASX Announcement of 16 April 2019.

Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Tando operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement. No forward looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Tando’s control.

Tando does not undertake any obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Tando, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this announcement reflect views held only as at the date of this announcement.

This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by Tando. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.

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APPENDIX 1: Mineral Resource Statement for the SPD Vanadium Project

Table 1 . SPD Vanadium Project Global Mineral Resource by Resource Category.

Category	V2O5 Cutoff	SG	Tonnes (Mt)	Whole Rock **V2O5% **
Indicated	0.45%	3.39	231	0.78
Inferred	0.45%	3.40	380	0.77
Total			612	0.78

Table 2 . SPD Vanadium Project Mineral Resource by Zone (Indicated & Inferred).

Layer	V2O5 Cutoff	SG	Tonnes (Mt)	Whole Rock **V2O5% **
Upper Zone	0.45%	3.39	289	0.75
Intermediate Zone	0.45%	3.40	123	0.56
Lower Zone	0.45%	200	200	0.94
Total			612	0.78

Table 3 . SPD Vanadium Project Mineral Resource by Grade

V2O5 Range	Category	SG	Tonnes (Mt)	Whole Rock **V2O5% **
> 0.90%	Indicated	3.55	68	1.05
> 0.90%	Inferred	3.56	102	1.09
Sub Total	> 0.90%		169	1.07
0.45% - 0.90%	Indicated	3.33	164	0.68
0.45% - 0.90%	Inferred	3.35	279	0.65
Sub Total	0.45% - 0.90%		442	0.66
Total			612	0.78

Table 4 . SPD Vanadium Project Mineral Resource within 100m of surface by Grade

V2O5 Range	Category	SG	Tonnes (Mt)	Whole Rock **V2O5% **
> 0.90%	Indicated	3.55	53	1.05
> 0.90%	Inferred	3.57	43	1.09
Sub Total	> 0.90%		97	1.05
0.45% - 0.90%	Indicated	3.33	146	0.68
0.45% - 0.90%	Inferred	3.35	176	0.66
Sub Total	0.45% - 0.90%		322	0.67
Total			419	0.78

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Notes to Tables 1 - 4:

The Mineral Resource Estimate was completed using the following parameters:

• The SPD Vanadium Resource extends over a strike length of 4000m and has been drilled up to 150m vertically below surface (1100m down-dip);

• Mineralisation is hosted in a series of magnetite bearing layers near the contact between the Upper and Main Zone of the Bushveld Igneous Complex. These layers have been denoted the Upper, Intermediate and Lower Zones with average thicknesses of 19, 14 and 12m respectively. At the base of the Lower Layer there is a marker horizon of massive magnetite which is 1 – 2m thick.

• 97 drillholes (56 RC and 41 diamond core holes) were used in the resource estimate representing a total of 7608.1m of drilling. Drillhole information is listed in the ASX Announcement of 16 April 2019.

• 36 RC holes and 27 diamond core holes drilled by Tando were included along with 20 RC holes and 1 diamond core hole drilled previously by Vanadium Resources (Pty) Ltd ( Vanres ) and 13 DD holes drilled by Vanadium Technology (Pty) Ltd, a subsidiary of Xstrata ( Vantech ). Drilling was carried out on sections spaced between 150m – 200m apart, with mineralisation intersected at approximately 150m intervals on section.

• RC drilling by Tando and Vanres was sampled via face sampling hammer, collected by a rig mounted cyclone and split using a riffle. Diamond core drilling by Tando sampled NQ core by splitting the core in half. Historical drilling also sampled diamond core, predominantly BQ size, by sawing in half.

• Samples were analysed at commercial laboratories (SGS, ALS) using pressed disc XRF.

• Quality control protocols for all drilling included the use of certified reference materials (CRMs), blanks and duplicates. For Tando drilling control samples were inserted every 20 samples for RC drilling and every 10 samples for DD drilling.

• All drillholes were surveyed in both South Africa LO29 grid (WGS84 projection) and UTM Zone 35S.

• All except 2 holes were vertical. Downhole surveys have been carried out on selected holes to confirm no excessive deviation.

• Geological domains were constructed using a 0.20% cut-off grade.

• 3 wireframe surfacess were constructed based on the geological interpretation. Samples within the wireframe were composited to 1m intervals.

• Block grades were estimated using interpolation of the 1m composite data by the Ordinary Kriging method. Search ellipses were set based on geostatistics with search distances ranging from 180 to 1,000m along strike. The following table details the estimate search data:

Estimate Pass	Zones	Search Distance	Minimum Samples	Maximum Samples
1	UMZ	180	8	32
2	UMZ	400	8	32
3	UMZ	800	6	32
4	UMZ	1000	4	32
1	IMZ and LMZ	180	8	32
2	IMZ and LMZ	250	8	32
3	IMZ and LMZ	500	6	32
4	IMZ and LMZ	750	4	32

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• A Surpac block model was used for the estimate with a block size of 40m X by 40m Y by 5m Z, with sub-blocking to 10mX by 10m Y by 1.25m Z.

• Bulk density values used for mineralisation are detailed in the tables above. These were sourced from SG data measurements on core.

• The numbers tabulated in Appendix 1 may not sum correctly as a result of rounding

• The deposit has been classified as Indicated and Inferred Mineral Resource based on data quality, sample spacing, geological understanding and geostatistical analysis as discussed in Appendix 3.

• Modelling of Fe and Ti has also been completed within this MRE

• Modelling of other elements (including Si, Al, P amongst others) is recommend so that their impact on the economics of the project can be determined.

• Further infill drilling will increase geological and grade data quality and possibly upgrade resource categories and supply data required for higher level mining studies.

These notes should be read in conjunction with the information detailed in the ASX Announcement of 16 April 2019. The Company is not aware of any new information which materially changes this Mineral Resource.

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APPENDIX 2: Data and sources for Peer Comparison (Figure 1)

Company	Project	Stage	Resource Category	Resource Tonnes	Resource Grade	Concentrate Grade	Information Source
Largo LGO.TSX	Maracas (Campbell & Satellite Deposits)	Production	Measured, Indicated & Inferred (43-101)	49.25	0.99	3.10	43-101 Technical Report dated 26/10/2017 http://www.largoresources.com/ope rations/maracas-menchen-mine
Bushveld BMN.LSE1	Vametco	Production	Indicated & Inferred	187	0.78	1.98	AIM Announcement 22 May 2019 http://www.bushveldminerals.com/r egulatory-news-rns/ ; https://www.bushveldminerals.com/ bushveld-vametco/
	Mokopane	Development	Indicated & Inferred	298	0.68	1.75	Mokopane PFS Study Report Jan 2016 https://www.bushveldminerals.com/ technical-reports/
TNG TNG.ASX	Mt Peake	Development	Measured, Indicated & Inferred	160	0.28	1.20	ASX Announcement 26/03/2013
King River KRR.ASX	Speewah	Development	Measured, Indicated &Inferred	4,712	0.30	2.11	ASX Announcement 02/11/2018 21/03/2018
Pursuit Minerals PUR.ASX2	Koitelainen Vosa	Development	Inferred	116.4	0.28	2.25	ASX Announcement 06/02/2019
	Airijoki	Development	Inferred	44.3	0.40	1.70	ASX Announcement 08/03/2019
Australian Vanadium AVL.ASX	Gabanintha	Development	Measured, Indicated & Inferred	176	0.77	1.40	ASX Announcement 26/09/2018, 19/12/2018
Technology Metals TMT.ASX	Gabaninth	Development	Indicated & Inferred	120	0.8	1.39 – 1.49	ASX Announcement 21/06/2018

Updates to Peer Comparison Table since March Quarterly:

1. Bushveld - Vametco Mineral Resource Update announced May 22, 2019

2. Pursuit Minerals - Mineral Resources updated with provided information

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