VANADIUM RESOURCES LIMITED — Investor Presentation 2022

Nov 16, 2022

November 2022

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Disclaimer
----- End of picture text -----

This presentation does not constitute investment advice. This presentation has been prepared by Vanadium Resources Limited (“the Company” or ASX:VR8) to provide summary information about the Company and its activities as at the date of this presentation (November 2022). Neither this presentation nor the information contained in it constitutes a disclosure document or an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. The presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. This presentation does not purport to contain all of the information that a prospective investor may require to make an evaluation of the Company or its business activities. Nothing in this document is, or is intended to be, a recommendation to invest in the Company.

The Company confirms that it is not aware of any information or data that materially affects the information included in this presentation, and that all material assumptions and technical parameters underpinning the announcements on which this presentation relies continue to apply. The information contained in this presentation is a professional opinion only and is given in good faith.

Certain information in this presentation has been derived from third parties and though Vanadium Resources has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Vanadium Resources.

Any forward-looking statements included in this presentation involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Vanadium Resources. In particular, these statements speak only to the date of this presentation, they assume the success of Vanadium Resources' strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which these assumptions are based. Recipients of this presentation are cautioned not to place undue reliance on such forwardlooking statements.

Vanadium Resources makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any errors or omissions which may become apparent after this presentation is released.

To the extent permitted by law, Vanadium Resources and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Vanadium Resources and/or any of its agents) for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in A$ unless stated otherwise. All financial outcomes as reported in this announcement are done so on a 100% project basis. VR8 currently holds 73.95%[2] ownership in the Steelpoortdrift project.

Competent Person Statement, Previously Reported Information & Cautionary Statement

The information in the referenced in this presentation that relates to Exploration Results, including the Mineral Resources contained within the Production Target (and forecast financial information derived from the production targets) at the Steelpoortdrift project has previously been released to the ASX. Refer to ASX announcements released on 21 May 2018 titled “Exploration on High Grade Pipes Commences At SPD Vanadium Project” , 23 September 2020 titled “Scoping Study Confirms Viability of V2O5 Production”, 4 October 2022 titled “DFS Delivers A$1.9BN NPV Confirming World Class Steelpoortdrift Vanadium Project” and 4 October 2022 titled VR8 updates Mineral Resources and Ore Reserve. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcement, and that all material assumptions and technical parameters underpinning the announcement continue to apply. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements referred to above.

Mineral Resources

The Company confirms it is not aware of any new information or data that materially affects the information included in the 4 October 2022 (VR8 updated mineral resource and ore reserve for the Steelpoortdrift Vanadium Project) Vanadium Resource estimate and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 04 October 2022. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Ore Reserves

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Ore Reserves Statement and that all material assumptions and technical parameters underpinning the estimates in the Ore Reserves Statement continue to apply and have not materially changed. The Information that has been presented in this report has been extracted from the announcement dated 04 October 2022 (VR8 updated mineral resource and ore reserve for the Steelpoortdrift Vanadium Project). The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Cautionary Statement LR 5.16.4

There is a low level of geological confidence associated with the inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that production target itself will be realised.

2

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Contents
----- End of picture text -----

	▪	Emerging Vanadium Producer	4
	▪	Corporate Overview	5
	▪	Why Vanadium	8
	▪	Global Demand Forecast and Price Dynamics	9
	▪	Location – in the Bushveld Complex	12
	▪	Global Primary Resources	13
	▪	DFS Delivers World Class Vanadium Project	14
	▪	ESG Initiatives	23
	▪	Peer Comparison	24
	▪	Offtake, Strategic Investment and Project Financing	25
	▪	Preliminary Project Timeline	26
Steelpoortdrift	▪	Investment Highlights	27
	▪	Appendix	28

3

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Emerging Vanadium Producer
----- End of picture text -----

One of the world’s largest and DFS indicates strong financial highest-grade vanadium outcomes with post-tax NPV7.5% of deposits A$1.9Bn (A$1.4Bn att.), 42% IRR & potential to increase ownership

Ore body easy to mine, low strip ratio & low operating cost

Using conventional / proven concentrate & Salt Roast Leach (“ SRL ”) processes to produce 12kt to 18.5kt V O 2 5 flake per annum

Mining license granted

Established major mining & smelting jurisdiction

Located in a major industrial region with established infrastructure – existing operating plants, power and water, proven road & rail options to port

Experienced management team

4

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Corporate Overview
----- End of picture text -----

as at 14 November 2022 Corporate Structure (ASX: VR8) –

474.8m A$0.066 A$31.3m Shares on issue Share Price Market Cap (@ (undiluted) $0.066c)

A$1.9m

A$1.9m 11.9m Cash Performance Rights (As at 30 Sept 2022) (7.9m Class A & 4m Class B)

==> picture [477 x 214] intentionally omitted <==

----- Start of picture text -----

0.20 100
Daily
0.18 90
Volume
0.16 DFS Results 80
0.14 V2O5 Price SRL Site 70
$12.40/lb Acquired
0.12 60
Pre-Feasibility
0.10 50
Results
0.08 40
0.06 30
0.04 20
0.02 10
- -
Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22
Million Shares
Closing Price (A$)
----- End of picture text -----

Top Shareholders %	Top Shareholders %	Top Shareholders %
1	Danterne Pty Ltd1	9.5%
2	Raubex Pty Ltd	9.3%
3	Romfal Sifat Pty Ltd	4.2%
4	Ndarama Investments (Private) Ltd	3.5%
5	Davy Corp Pty Ltd2	2.9%
	Top 20 Shareholders	48.4%

• 1 Mr Jurie Hendrik Wessels (Executive Chairman) is a director and shareholder of Danterne Pty Ltd

• 2 Mr Michael Davy (Non-Executive Director) is the sole director and shareholder of Davy Corp Pty Ltd

5

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Board & Management
----- End of picture text -----

JURIE WESSELS Executive Chairman

Jurie Wessels has 26 years’ experience in the exploration industry and co-founded a number of exploration and mining companies, including Bauba Resources Ltd (BAU.J), which owns three operating chrome mines, GoldStone Resources Ltd (GRL.L), which company is mining the Homase-Akrokerri Gold Mine in Ghana acquired and developed by GoldStone when Jurie was CEO, Arcadia Minerals Ltd (AM7.ASX), which company owns an advanced Tantalum project, the Bitterwasser Lithium Clay and Brine Projects and tier 1 exploration assets, and Vanadium Resources Ltd. Jurie has significant experience in the sourcing and assessment of exploration and exploitation projects and in the governance, funding and management of resource companies. He explored for various minerals in Africa, South America, the Indian sub-continent and Europe, and explored and developed several mining projects to successful conclusion.

EUGENE NEL Chief Executive Officer

Eugene Nel has 25 years’ experience as a metallurgical and process engineer in the operations, management, design and optimisation of mineral beneficiation in Africa, South America, Europe and the Middle East. He has been involved in a number of successful mining and processing operations and has assisted client teams throughout project lifecycles and disciplines. As a registered Pr. Tech. Eng. with the Engineering Council of South Africa, as well as member of the Southern African Institute of Mining and Metallurgy and Mine Metallurgical Managers Association of South Africa, he qualifies as a competent person under JORC.

MICHAEL DAVY Non-Executive Director

Michael Davy is an Australian executive and Accountant with over 18 years’ experience across a range of industries. Michael previously held a senior management role in Australia for Songa Offshore (listed Norwegian Oil and Gas drilling company), where he assisted with the start-up of the Australian operations and managed the finance team for a two rig operation with multi-hundred million dollar revenues. Prior to that he worked in Australia and London for other large organisations overseeing various finance functions. Michael is currently a director and owner of a number of successful private businesses all under his personal management. During the past five years Michael has held directorships in several ASX listed companies and is currently the Non-Executive Chairman of Raiden Resources Limited (ASX: RDN) and Haranga Resources Ltd (ASX:HAR) and is a non-executive director of Arcadia Minerals Ltd (ASX:AM7).

JOHN CIGANEK Non-Executive Director

John Ciganek has worked in the mining sector for more than 30 years. His experience spans working in mining operations, project finance, M&A and the equity capital markets. John is a Mining Engineer and holds an MBA. He has experience in a range of roles covering mining engineering, operations, business development, research and corporate finance. John is currently an executive director and founder of Euclase, which is a corporate finance advisory and investment firm included providing financing and structuring advice, as well as arranging debt and equity financings for capital intensive projects. John is a NonExecutive Director of Calidus Resources Limited (CAI.ASX) and Ookami Limited (OOK.ASX).

6

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Milestones Delivered
----- End of picture text -----

In the last 12 months VR8 has delivered important de-risking milestones for Steelpoortdrift

DFS completed on-time and on budget – providing validation for the development of the Steelpoortdrift Project

Revised Mineral Resource and Ore Reserve estimate with enhanced block model and 183year life of resource

Acquired SRL Site located 15km from Steelpoortdrift Mine Site

Government approval and increased interest in VanRes to 74% (up from 50%)

Raised funding at a premium from the Raubex Group Ltd, a global infrastructure development, materials supply and mining services group

Continued discussions with range of potential off-takers and strategic investors

Appointed HCF International Advisers as debt finance advisors

Joint Development Agreement with DRA Global to develop a renewable energy supply solution

7

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Why Vanadium
----- End of picture text -----

Listed as a Critical Mineral in Australia and the US, Vanadium demand is expected to grow significantly from its energy storage capabilities

Vanadium Redox Flow Batteries (VRFB’s)

Steel & Alloys

• ➢ VRFBs forecast to represent between 15 – 25% of total battery capacity

• ➢ Significant advantages available over counterparts, particularly in the storage and grid-relief capacities with further development upside

Easily scalable – additional capacity easy to build in by adding more storage tanks

Sustainable – vanadium can be fully reused or recycled at end of battery lifespan

• 20+ year lifespan – zero degradation over time with battery life twice that of lithium

Reliable – no performance loss in harsh conditions and 100% depth of discharge available

• ➢ Over 90% of the current demand for vanadium arises from its use to strengthen steel and alloys

• ➢ The performance benefit in strengthening steel has seen demand grow and imminent construction regulation changes in China to mandate higher quality Rebar is expected to drive further growth

• ➢ Development of strong, lightweight alloys has seen vanadium incorporated to a large range of products including jet engines, 3D printing and tools

• ➢ Boeing’s fleet of 787’s and A350’s include up to 100tons of light weight vanadium alloys

– Safety non-flammable, nontoxic, water based battery that is safer than alternatives

Efficient – lower emissions and lower associated energy costs than alternative technologies

Dalian Flow Battery Energy Storage Peak-shaving Power Station A world-leading Vanadium Redox Flow Battery facility was recently switched on in China, with Stage 1 providing a capacity of 100MW / 400MWh. Stage 2 will double this capacity.

8

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Global Demand Forecast
----- End of picture text -----

==> picture [812 x 213] intentionally omitted <==

----- Start of picture text -----

Steel: 90%
VRFB’s: 3-5%
Future demand
Forecasters Aerospace: 3%
VRFBs forecast to
expect over
represent between
1,200GW
of battery capacity to be 15-25 %
Current
added between today and
demand of battery capacity
2050, with approximately
600GW before 2025. [1] by 2025.
VR8 Vanadium Consumption Forecast [3] VR8 Vanadium Consumption Forecast [3]
----- End of picture text -----

==> picture [484 x 204] intentionally omitted <==

----- Start of picture text -----

Could add up to Source: TTP Squared Inc.
10,000mtV
of demand into an
already
undersupplied
market. [2]
----- End of picture text -----

Source: TTP Squared Inc.

• 1 BloombergNEF, New Energy Outlook 2018; International Energy Agency, World Energy Outlook 2018

• 2 Noack et. al, 2016. Techno-economic modelling of RFB Systems (Energies 2016, 9, 627) Vanadium Flow Batteries: An In Depth Analysis. EPRI, Palo Alto, CA: 2007.1014836 3 Source: TTP Squared, Inc.

9

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Global Supply and Demand Dynamics
----- End of picture text -----

New Capacity Potential

China as a net importer of Vanadium?

Production Expansion between 2020-2025

China Monthly Net Vanadium Exports

==> picture [828 x 302] intentionally omitted <==

----- Start of picture text -----

50000 1,200 $20
45000
$15
800
40000
$10
35000
400
$5
30000
25000 0 $0
20000 ($5)
(400)
15000
($10)
10000 (800)
($15)
5000
(1,200) ($20)
0
From Existing Capacity From New Capacity
China Slag Based China Stone Coal Brazil Primary U.S. Secondary
South Africa Primary Primary Production Secondary Net Exports In Warehouse Rotterdam Price Linear (Net Exports)
Source: TTP Squared Inc. Source: China Iron & Steel Research Institute, Metal Bulletin publication
MtV (US$/lb)
5
O
2
V
Metric Ions Vanadium
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22
----- End of picture text -----

10

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

V O
2 5 Price Dynamics
----- End of picture text -----

Projection of potential MtV demand change 2020-2025

==> picture [407 x 233] intentionally omitted <==

----- Start of picture text -----

70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2021e 2022e 2023e 2024e 2025e
Change in Steel Production Change in Specific V Consumption in Steel Energy Storage
Source: TTP Squared Inc.
Metric Ions Vanadium
----- End of picture text -----

Vanadium Pentoxide 98% min Europe US$/lb

==> picture [401 x 233] intentionally omitted <==

----- Start of picture text -----

35
30
25
20
15
10
5
0
Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22
Price
Source: Investing.com
(US$/lb)
5
O
2
V
----- End of picture text -----

Vanadium Pentoxide Flake[1]

Vanadium Metal Lumps[1]

Vanadium Crystals[1]

1 These images are not visual results from the Company – they are provided only to provide visual examples of Vanadium in various forms.

11

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Location – in the Bushveld Complex
----- End of picture text -----

This world-renowned mining location is host to several mining operations, multiple major mining companies are active in the area, and is in close proximity to existing infrastructure.

==> picture [425 x 27] intentionally omitted <==

----- Start of picture text -----

Other Mines in the Bushveld Complex
----- End of picture text -----

==> picture [413 x 84] intentionally omitted <==

----- Start of picture text -----

Vametco – Vanadium Mine Rhovan – Vanadium Mine Tweefontein – Ferrochrome
Mokopane – Vanadium Project Lion Smelter - Ferrochrome Mine
Twickenham – PGE Mine Modikwa – PGE Mine Marikana – PGE Mine
----- End of picture text -----

==> picture [425 x 27] intentionally omitted <==

----- Start of picture text -----

Regional Infrastructure in the Bushveld Complex
----- End of picture text -----

==> picture [351 x 24] intentionally omitted <==

----- Start of picture text -----

Eskom Substation De Hoop Dam Rail Siding
12km away 15km away 30km away
----- End of picture text -----

12

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Global Primary Resources
----- End of picture text -----

==> picture [781 x 400] intentionally omitted <==

----- Start of picture text -----

3.0% 2100
Tonnes In Situ Grade Concentrate Grade
1800
2.5%
1500
2.0%
1200
1.5%
900
1.0%
600
0.5%
300
0.0% 0
Largo Glencore Bushveld Bushveld Bushveld Vanadium Australian Richmond Technology
Maracás Rhovan Vametco Brits Mokopane Resources Vanadium Vanadium Metals
Steelpoortdrift
Contained V2O5 0.62mt 0.87mt 1.42mt 0.37mt 1.94mt 4.75mt 1.74mt 6.70mt 1.31mt
C3 Opex US$/lb $3.37 n.a. n.a n.a $3.28 $3.24 $6.11 $6.32 $5.75
5
O
2
%V
Resource Tonnage (Millions)
----- End of picture text -----

The above chart compares Resources reported under different codes and companies at different stages of development as detailed in ASX Announcement titled “Scoping Study Confirms Viability of V2O5 Production”, 23 September 2020 (pages 13-14). Only Resources with a quoted in situ grade > 0.40% V2O5 are shown in the figure. Please refer to the annexure “Peer Comparison Table” attached to this presentation.

13

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

DFS Delivers World Class Vanadium Project
----- End of picture text -----

A$1.9bn A$1.4bn A$237m 42% (US$1.21bn) (US$896m) (US$152m) NPV7.5% (post-tax) Attributable NPV Yearly Free Cashflows IRR (post-tax)

27 months US$211m US$3.24 US$9.50 (A$329m) (Deloitte forward mid-range) Incl. Contingency Payback Start up Capex C3 Opex V2O5/lb2O5/lbO5/lb5/lb/lb Price per V2O5/lb2O5/lbO5/lb5/lb/lb

C3 Opex V2O5/lb2O5/lbO5/lb5/lb/lb

Price per V2O5/lb2O5/lbO5/lb5/lb/lb

1 Refer ASX Announcement dated 4 October 2022 “DFS Delivers A$1.9BN NPV Confirming World Class Steelpoortdrift Vanadium Project”

14

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

DFS Key Attributes & Opportunities
----- End of picture text -----

• Cash Flows attributable only to V2O5 flake sales

• ▪ Opportunity to incorporate titanium dioxide concentrate production and other potential ore credits ▪ Additional life of up to 67 years available in the designed open pits within a low environmental and social impact inclusion zone ▪ Life of Mineral Resource is +180 years at current throughput rates ▪ 96% of 25-year LOM classified as Proven and Probable Ore Reserves ▪ Pilot plant test work yielded an average global recovery (concentrator plus SRL plant recovery to final flake) of 82.4% ▪ Final flake product grades of +98.0% V2O5 with the potential to produce a >99.0% V2O5 product using conventional SRL process ▪ Renewable energy solar power plant expected to reduce carbon emissions and carbon tax by 34%

• A number of initiatives have been identified during the DFS to further increase the Resource, improve costs and processing efficiencies, including:

• target drilling areas for further expanding the Mineral Resource

• ropeway conveyor system to transport concentrate from mine to SRL plant

• removal of community and water course constraints on Mineral Resource and associated LOM

• residual vanadium recovery

• titanium in SRL tailings recovery

15

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

DFS Study Team and Contributors
----- End of picture text -----

• –

• Sound Mining geological modelling, Resource estimate, pit optimisation, Ore Reserve estimate and economic assessment

• SPH Kundalila – mining equipment and costing

• –

• Nurizon Consulting near surface geotechnical studies and TSF design

• Red Kite – environmental and hydrology

• UMS METS – concentrator plant

• Consulmet Metals – SRL plant

• DRA Projects – PV solar plant

• Minopex – operational readiness

• Deloitte – market assessment

16

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Resources & Ore Reserves
----- End of picture text -----

• ➢ Global Mineral Resource of 680Mt at 0.70% V O 2 5

• ➢ Total Ore Reserve of 77Mt at 0.72% V O 2 5

• ➢ Mineralisation outcrops at surface and dips shallowly (~10º) – less waste to mine, low strip ratios (0.88x waste : ore) and cheaper mining cost

• ➢ Orebody able to achieve a high-grade concentrate of greater than 2% V O 2 5

Mineral Resource[1&2]

Mineral Resource Category	Tonnage (Mt)	V2O5 (%)	Fe2O (%)	Contained V2O5 (Mt)
Measured	145.5	0.72	22.47	1.05
Indicated	327.3	0.70	22.80	2.29
Inferred	207.4	0.68	22.90	1.40
Total / Average	680.1	0.70	22.76	4.74

Ore Reserve[1]

Ore Reserve Category	Tonnage (Mt)	V2O5 (%)	Contained V2O5 (Mt)	Tonnage by Category (%)
Proved	30.2	0.70	213.09	39.3%
Probable	46.6	0.72	337.32	60.7%
Total / Average	76.8	0.72	550.41	100.0%

1. Refer ASX Announcement dated 4 October 2022 “DFS Delivers A$1.9BN NPV Confirming World Class Steelpoortdrift Vanadium Project”

2. Source: Sound Mining CPR (2022). Notes: V2O5 cut off >= 0.45%, tonnage rounded down to nearest 10,000t and metal content to nearest 1,000t

17

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Location of Mineral Resources & Ore Reserves
----- End of picture text -----

• ➢ The final pit design and Ore Reserves based on LOM of 25 years (designed to match Mining Right term)

• ➢ Final pit design was based on Pit 17, which highlights potential for a larger ultimate pit design

• ➢ Ore Reserves represents 12% of Mineral Resources and highlights the substantial scale of the project

• ➢ Based on a ROM ore production rate of 3.5Mtpa, the project would have a mine of over 180 years

• ➢ Potential opportunity to increase Resources and Reserves with infill drilling within “Not Classified” zones

18

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Open Pit Design and Schedule
----- End of picture text -----

• ➢ Detailed pit designs have been developed across three open pits and scheduled over the 25-year life of the project

• ➢ The mining schedule was able to achieve high ROM grades of greater than 0.80% V O O 2 5 for the first 8 years, with a LOM average grade of 0.71% V2 5

19

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Mine, Concentrator & SRL
----- End of picture text -----

Mine Site – View of the North of Mining Area

The mine site, concentrator and SRL sites are located within a substantial mining and smelting district, with well established infrastructure (including water, power, sealed roads, rail, etc)

VR8 Offices and Warehouses in Steelport Industrial Park

VR8 administration offices, core shed, main laboratory and SRL site is located within the Steelpoort Industrial Park

20

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Concentrator Plant
----- End of picture text -----

==> picture [750 x 392] intentionally omitted <==

----- Start of picture text -----

Concentrator flow sheet
based on proven
technology Two-stage
Crushing
Circuit
Wet Magnetic
Separation
Dewatering
Ball Milling
Regrind Magnetic Concentrate Product @
Separation Areas 2.08-2.16% V2O5
Dewatering
----- End of picture text -----

21

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Concentrator Plant
----- End of picture text -----

==> picture [610 x 396] intentionally omitted <==

----- Start of picture text -----

SO2
Scrubber
Kiln
Roasting
Crystalliser
Flash Drying
AMV
Precipitation
V2O5 Flake
----- End of picture text -----

SRL flow sheet based on proven technology SRL Plant comprises kiln roasting, desilification, ammonium metavanadate (“AMV”) precipitation, flash drying and V205 flake production Concentrate feed rate of 790ktpa with a grade of >2.00% V2O5 to produce ~13.2ktpa of vanadium flake of >98% V2O5

Evaporation and crystalisation to recover Na2SO4 crystals for recirculation to the kiln has also been included

22

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

ESG Initiatives
----- End of picture text -----

==> picture [144 x 33] intentionally omitted <==

----- Start of picture text -----

Renewable electricity
supply
----- End of picture text -----

Inclusion of PV solar plant reduces carbon footprint and reliance on grid-based electricity

Electrification of mining fleet further reduces carbon footprint Prove value in use for VRFB generated supply

Dry deposition of tailings Dewatering of tailings material means reduced risk exposure from conventional tailings deposition methodologies

==> picture [83 x 14] intentionally omitted <==

----- Start of picture text -----

Co-products
----- End of picture text -----

Studies underway to unlock value from other metals contained in the ore body most notably Titanium and Iron which would also reduce tailings footprint

==> picture [76 x 14] intentionally omitted <==

----- Start of picture text -----

Community
----- End of picture text -----

Initiatives to maximize community involvement and benefits including implementation of Social Labour Plans, upgrading of area infrastructure and communitybased procurement systems

23

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Peer Comparison
----- End of picture text -----

	Largo Maracas1 In Production (Results as at 30 Dec 2021)	Steelpoortdrift (VR8) 2 DFS Stage	Bushveld Mokopane3 PFS Stage	TMT Project4 DFS Stage	AVL Project5 BFS stage	Richmond Vanadium6 PFS Stage
V2O5Price	US$7.89/lb	US$9.50/lb	US$7.50/lb	US$10.50/lb	US$10.50/lb	US$9.60/lb
Market Cap (undiluted) (As at 14 Nov 2022)	A$479M(C$425M)	A$31M (Undiluted) % Att. NPV – 2.2%	n.a. (Vametco in production)	A$73M (Undiluted) % NPV – 13%	A$124M (Undiluted) % NPV – 24%	n.a. (Pre-IPO process)
NPV (Post Tax)	NPV7 A$2.9B	NPV7.5 A$1.9B (Att. A$1.4B)	NPV9 A$344M	NPV8 A$560M	NPV7.5A$507M	NPV10A$613M
IRR (Post Tax)	47.8%	42%	20.3%	18.5%	20.6%	38%
LOM	20 years	25 years	30 years	25 years	25 years	25 years
Plant Feed	1.5-5.0mtpa	1.6-3.5mtpa	1.5-1.8mtpa	1.7-2.3mtpa	1,5-1.9mtpa	4.1mtpa
Production (V2O5)	11,000-12,000tpa	12,0000-21,000tpa	9,525tpa	12, 500tpa	11,200tpa	12,700tpa
Capex	US$241M (at startup 2014/5)	US$211M (11ktpa) US$183M (from cash flow)	US$298M	US$423M	US$435M	US$176.8
C3 Opex US$/lb	$3.37 (excl. royalties)	$3.24	$3.28	$5.75	$6.11	$6.32

• 1 Largo Inc Technical report for PFS: https://www.largoinc.com/Our-business/marac-s-menchen-mine/default.aspx

• 2 ASX 4 October 2022 “DFS Delivers A$1.9BN NPV Confirming World Class Steelpoortdrift Vanadium Project”

• 3 Bushveld Minerals http://www.bushveldminerals.com/wp-content/uploads/2017/08/201602040458050.pdf

• 4 TMT Integration Study & DFS Announcement: https://www.tmtlimited.com.au/sites/default/files/asx-announcements/6941650.pdf

• 5 Australian Vanadium Bankable Feasibility Study https://www.australianvanadium.com.au/wp-content/uploads/2022/04/AVL-Bankable-Feasibility-Study-final.pdf

• 6 Richmond Vanadium Prospectus / Horizon Metals PFS : https://horizonminerals.com.au/wp-content/uploads/2022/03/2022-03-22-Lilyvale-PFS_DFS-Update_FINAL.pdf

24

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Offtake, Strategic Investment and Project Financing
----- End of picture text -----

Commenced process toward securing binding offtake, strategic investment and project financing

Offtake Agreement & Strategic Investment

• ➢ A process is underway with a range of international traders and downstream users of vanadium

• ➢ In parallel, a process is underway with a range of potential strategic investors with respect to potential equity investment and/or financing for construction funding

• ➢ Targeting a combination of both steel and VRFB offtake agreements with a view to taking advantage of the projected increasing demand for VRFB’s

• ➢ The rationale for the process is to optimise value to VR8 by securing offtake and strategic investment terms that will support project financing of Steelpoortdrift

Project Financing

• ➢ Indicative debt sizing analysis received from several potential debt financiers / advisors

• ➢ Steelpoortdrift has the potential to support ~60% debt gearing of the total funding requirement

• ➢ Discussions with potential debt financiers have commenced with a view to securing indicative terms sheets in the lead up to the completion of the Steelpoortdrift BFS

Hand specimen of vanadiferous titanomagnetite from the SPD Vanadium Project[1]

1 Refer ASX Announcement dated 21 May 2018 “Exploration On High Grade Pipes Commences At SPD Vanadium Project”

25

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Preliminary Project Timeline
----- End of picture text -----

==> picture [812 x 387] intentionally omitted <==

----- Start of picture text -----

Year CY22 CY23 CY24 CY25
Quarter Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
DFS
Environmental & Water Permits
Build Project Development &
Operations Team
FEED
Offtake & Strategic Investment
Debt Financing
FID
Engineering & Procurement
Construction
Production (incl. Ramp up)
----- End of picture text -----

26

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Investment Highlights
----- End of picture text -----

Strong financials with attributable NPV of A$1.4bn, IRR of 42% and payback period of 27 months

Competitive Capex (US$211m) and lowest quartile Opex (C3 cost US$3.24/lb)

Long life project with excellent production profile – 25 years at an average of 19.4ktpa

Unlocking Steelpoortdrift as one of the world’s largest and highest-grade Vanadium projects for a new era

Established mining jurisdiction with significant infrastructure and expertise nearby

Debt advisors appointed, positive engagement and discussions advancing with banks and other financial institutions

Significant upside potential with a range of opportunities and initiatives identified to increase value

Building a strong project development and execution team

Securing offtake and strategic equity

Securing debt financing

Targeting first concentrate and flake production in mid 2025

27

WWW.VR8.GLOBAL

November 2022

WWW.VR8.GLOBAL

==> picture [960 x 72] intentionally omitted <==

----- Start of picture text -----

Peer Comparison Table
----- End of picture text -----

Company	Code	Project	Stage	Resource Category	Resource Tonnes	Resource Grade	Concentrate Grade	Information Source
Largo	LGO.TSX	Maracas	Production	Measured, Indicated & Inferred (43-101)	79.2	0.99	2.45	43-101 Technical Report dated 10/10//2021 largoresources .com/operations/maracas-menchen-mine https://www.largoinc.com/news/news-details/2022/Largo-Reports-2021
Bushveld	BMN.LSE	Vametco	Production	Indicated & Inferred	183	0.78	1.98	Competent Persons’ Report on the Vametco Vanadium Mine Jan 2020 https://www.bushveldminerals.com/technical-reports/
		Mokopane	Development	Indicated & Inferred	298	0.68	1.75	Mokopane PFS Study Report Jan 2016 bushveldminerals .com/technical-reports/
		Britts	Exploration	Indicated & Inferred	67	0.56	1.58	Competent Persons’ Report on the Brits Vanadium Project Jan 2020 https ://www.bushveldminerals.com/technical-reports/
Vanadium Resources	VR8.ASX	Steelpoortdrift	Development	Measured, Indicated & Inferred	680.1	0.70	2.10	ASX Announcement 04/10/2022
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	PUR.ASX	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	Australian Vanadium Project	Development	Measured, Indicated & Inferred	208.2	0.74	1.39	ASX Announcement 04/03/2020,17/03/2020
Technology Metals	TMT.ASX	Murchison Technology Metals	Development	Indicated & Inferred	153.7	0.84	1.4	ASX Announcement 07/11/2022 Integration Study – ASX Announcement 05/08/2022
Richmond Vanadium	RVT.ASX (Proposed)	Richmond-Julia Creek	Development	Measured, Indicated & Inferred	1,838	0.36	1.82	HRZ – ASX Announcement 27/10/2020

29

WWW.VR8.GLOBAL

Lorem ipsum paragraph text goes here Lorem ipsum paragraph text goes here Lorem ipsum paragraph text goes here Lorem ipsum paragraph text goes here Lorem ipsum paragraph text goes here Lorem ipsum paragraph text goes here Lorem ipsum paragraph text goes here.

• Dot point goes here • Dot point goes here • Dot point goes here

==> picture [91 x 23] intentionally omitted <==

----- Start of picture text -----

WWW.VR8.GLOBAL
----- End of picture text -----

30