VANADIUM RESOURCES LIMITED — Investor Presentation 2022

Apr 4, 2022

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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 (04 April 2022), Neither this presentation nor the information contained in it constitutes 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.

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 continueto apply. The information contained in this presentation is aprofessionalopinion onlyand 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 VanadiumResources.

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 unduereliance on such forward-looking 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.

Compliance Statement

The Company confirms that the information 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 on 29 April 2020, 23 September 2020 and 22 June 2021 continue to apply and have not materially changed, and that it is not aware of any new information or data that materially affects the information that has been included in this announcement. 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. The Company confirms it is not aware of any new information or data that materially affects the information included in the 31 July 2020 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 29 April 2020 ( Mineral Resource Update Confirms Steelpoortdrift’s Global Vanadium Standing) . 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. 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 Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Maiden Ore Reserves Statement. The Information that has been presented in this report has been extracted from the announcements made being the Pre-Feasibility Report dated 22 June 2021 (Steelpoortdrift PFS delivers superior results) and Ore Reserve Statement dated 22 July 2021 (VR8 declares maiden ore reserve additional information). TheCompany 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. All financial outcomes as reported in this announcement are done so on a 100%project basis.VR8 currently holds 73.95%[2] ownership in theSteelpoortdrift project.

• Refer to Asx Announcements dated 23 September 2020 “Scoping Study Confirms Viability of V2O5 Production”, 20 July 2021 “VR8 declares maiden ore reserve for SPD Project”, 11 October 2021 “VR8 secures strategic placement at significant premium”, 07 March 2022 “DFS update - Trial mining and bulk sampling progress” and 24 March 2022 “Completed bulk sampling and pilot test work commencement”.

• Refer to Asx Announcement dated 22 June 2021 “PFS Delivers Superior Results”.

• Refer to Asx Announcement dated 19 January 2022 “VR8 interest in Tier 1 Vanadium Project increases to 73.95%”

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One of the world’s largest and highestgrade vanadium deposits

Fully funded to FID

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Using conventional Salt Mining license Roast Leach (“SRL”) granted process to produce 12,000t to 18,500t V2O5 flake per annum

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PFS indicates strong financial outcomes with post-tax NPV8% of US$1.2B, 45% IRR post-tax

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Infrastructure – close to existing operating processing plants, power and water nearby, with proven road & rail options to port

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Ore body easy to mine & upgrade to concentrate

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Expert and experienced management team

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Corporate structure (ASX: VR8)

as at 4 April 2022

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~473m A$0.11
Shares on issue Share price
(undiluted)
~A$52m A$0.046 – A$0.12
Market cap 52-week range
(~4% of att. NPV)
~A$5M ~9.6M
Cash Perf. Rights
(as at 31 Dec 21) (Class A)
~4M 5M
Perf. Rights Broker Options
(Class B) (ex. @ 10c s.p reaching 15c @ 15day
vwap before 2 Nov. 2022)
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61.6% Top 20 Shareholders

Top Shareholders

• 9.5% - Kumane Investments | 9.5% - Danterne Pty Ltd | 9.4% - Raubex Ltd | Other

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Jurie Wessels | Exec. Chairman
Eugene Nel | CEO
Michael Davy | Non-Executive Director
John Ciganek | Non-Executive Director
Nico Van Der Hoven | Non-Executive Director
Board
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VR8 – Share Price & Volume

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JURIE

WESSELS

Executive Chairman

Jurie Wessels has 26 years’ experience in the exploration industry and cofounded a number of exploration and mining companies, including Bauba Resources Ltd (BAU.J), which owns two operating chrome mines and recently refunded by JSE-listed Raubex Group Ltd, GoldStone Resources Ltd (GRL.L), which company is mining the HomaseAkrokerri 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 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 Michael had 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 a nonexecutive director of Arcadia Minerals Ltd (AM7.Asx).

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 Non-Executive Directorof Calidus Resources Limited (CAI.Asx) and Ookami Limited (OOK.Asx).

NICO VAN DER HOVEN

Non-Executive Director

Nico van der Hoven is a businessman and entrepreneur holding degrees in Commerce & Law and has over 30 years' experience in exploration and mining, having co-founded and operated 5 chrome mines over this

period. Nico is also a co-founder of Hernic Chrome, Bauba Resources Ltd (BAU.J), Vanadium Resources (Pty) Ltd and GoldStone Resources Ltd (GRL.L).

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Current
demand
Steel: 90%
VRFB’s: 3-5%
Aerospace: 3%
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Future demand
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VRB Vanadium Consumption Forecast[3]

Source: TTP Squared Inc.

Forecasters expect over

Could add up to 10,000mtV

1,200GW

of battery capacity to be added between today and 2050, with approximately 600GW before 2025.[1]

of demand into an already undersupplied market.[2]

Global Vanadium Production from Existing Sources[3]

Source: TTP Squared Inc.

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VRFBs forecast to
represent between
15-25 %
of battery capacity
by 2025.
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New Capacity Potential

China as a net importer of Vanadium?

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Production Expansion between 2020-2025 China Monthly Net Vanadium Exports
1000 $20.00
50000
$18.00
45000
500 $16.00
40000
$14.00
35000
0 $12.00
30000
$10.00
25000
20000 -500 $8.00
15000 $6.00
10000 -1000 $4.00
5000 $2.00
0 -1500 $-
From Existing Capacity From New Capacity
Net Exports In Warehouse Rotterdam Price Linear (Net Exports)
China Slag Based China Stone Coal Brazil Primary U.S. Secondary
South Africa Primary Primary Production Secondary
Source: TTP Squared Inc. Source: China Iron & Steel Research Institute, Metal Bulletin publication
MTV Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22
Metric Ions Vanadium V2O5 Price (US$/lb. V2O5)
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Projection of potential MtV demand change 2020-2025

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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
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Vanadium Pentoxide 98% min Europe US$/lb

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12 months ending March 2022
Source: www.vanadiumprice.com
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This world-renowned mining location is host to several mining operations, multiple major mining companies are active in the area, and is located in close proximity to existing infrastructure.

Other Mines in the Bushveld Complex VametcoVanadiumMine, Mokopane Bushveld Minerals Vanadium Project Glencore Rhovan Vanadium Mine Anglo American Twickenham PGE Mine AfricanRainbow ModikwaPGE Mine SibanyeStillwater MarikanaPGE Mine ImpalaPlatinum Rustenburg PGE Mine

Regional Infrastructure in the Bushveld Complex

ESKOM Sub station 12km from project Xstrata Ferrochrome smelter in Steelpoort Rail Siding 30km from the project De Hoop Dam 15km from the project

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Sufficient
Resource to
supply
product
economically
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“Mineable”
resource to
reduce Opex
and Capex
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High grade
to reduce
Opex
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Mineralogy to
reduce Opex
and Capex
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• Global Mineral Resource of 662Mt at 0.77% V2O5 (0.45% V2O5 cut-off)

• High grade Mineral Resource of 188Mt at 1.23% V2O5 (0.9% V2O5 cut-off)

• Mineralisationoutcrops at surface, meaning amenable to open pit mining

• Mineralisationdips shallowly (~10º) – less waste to mine, low strip ratios and cheaper mining cost

		Mineral Resource by Grade1	Mineral Resource by Grade1	Mineral Resource by Grade1
	Total
	Measured,	V2O5Range	Quantity		V2O5	Fe2O3
	Indicated &	(%)	(Mt)		(%)	(%)
	Inferred
	Total (0.45 to 0.90)	0.45 to 0.90	474.1		0.59	20.51
	Total (>0.90)	>0.90	187.9		1.23	34.99
	Total		662.0		0.77	24.62

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				Ore Reserves as at 30 June 20212	Ore Reserves as at 30 June 20212	Ore Reserves as at 30 June 20212	Ore Reserves as at 30 June 20212
			Proven			Probable				Total
	Material Type	Quantity (Mt)	Grade (%)	Vanadium Content (Mt)	Quantity (Mt)	Grade (%)		Vanadium Content (Mt)	Quantity (Mt)	Grade (%)	Vanadium Content (Mt)
	HG RoM Material	15.57	1.01%	0.16	24.68	0.93%		0.23	40.25	0.96%	0.39
	MG RoM Material	15.60	0.51%	0.08	18.00	0.50%		0.09	33.60	0.50%	0.17
	Total Mineral Reserve	31.17	0.76%	0.24	42.68	0.75%		0.32	73.85	0.73%	0.56

1. Source: ASX Announcement titled “Steelpoortdrift PFS Delivers Superior Results”, 22 June 2021

2. Source: ASX Announcement titled “VR8 declares maiden ore reserve for SPD project”, 20 & 22nd July 2021

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TONNAGE CONCENTRATE GRADE

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IN SITU GRADE
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PRODUCTION STAGE DEVELOPMENT STAGE
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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 1314). Only Resources with a quoted in situ grade > 0.45% V2O5 are shown in the figure. Please refer to the annexure “Peer Comparison Table” attached to this presentation.

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	Steelpoortdrift (VR8) Pre-Feas. Stage	Bushveld- Mokopane1 Pre- Feas. Stage	TMT Gabanintha2 Definitive-Feas. Stage	AVL Project3 Pre-Feas. Stage
V2O5 Price	US$9.03/lb	US$7.50/lb	US$10.88/lb	US$8.67/lb
Market Capitalisation (undiluted)	Au$52M	n.a.	Au$123M	Au$351M
NPV (Post Tax)	NPV8 Au$1.597B	NPV9 Au$344M	NPV8 Au$870M	NPV8 Au$542M
IRR (Post Tax)	45%	20.36%	27.3%	17.5%
Plant Feed	1.6mtpa + 1.6mtpa	1.5-1.8mtpa	1.7-2.3mtpa	1.5-1.9mtpa
Production (V2O5)	18,500tpa (12,5ktpa + 6ktpa)	9,525tpa	12,655tpa	11,022tpa
Capex	US$200M (12,5ktpa) US$147M (from cash flow)	US$298M	US$389M	US$399M
C3 Opex US$/lb	$3.08	Unclear	$5.75	$5.04

1 Bushveld Minerals PFS study results: http://www.bushveldminerals.com/wp-content/uploads/2017/08/201602040458050.pdf

2 TMT DFS Announcement: https://www.tmtlimited.com.au/sites/default/files/asx-announcements/6941650.pdf

3 Australian Vanadium PFS Update announcement: https://www.australianvanadium.com.au/wp-content/uploads/2020/12/AVL-PFS-Update-final-22122020.pdf

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PFS Metrics

Concentrator 39 $200M 18 12,5 $147M 18,5 + Salt Roast Mlbs/a Capex Months Ktpa Expansion Ktpa Leach Plant to build of V2O5 for Capex in of V2O5 for of V225 O5 for first year 6 next years (over 6 years 19 years only 12% of resource)

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US$5.8 US$231 NPV US$139 25
45%
BILLION MILLION 8% MILLION months
EBITDA EBITDA (post tax) AV. Payback IRR
US$1.2B Free cash of initial (post tax)
LOM
p.a.
(attributable flow p.a. capex
US$884M) (27 years)
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TIMELINE H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024
- $5M
DFS
Offtake
Agreements
Debt Financing
Investment
Decision
- $200M
Commence
Construction
Concentrate
Production
Flake +$5.8B
Production
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Trial ESG mining Initiatives and bulk Progress sampling

Pilot plant campaigns

Preparation Technical DFS to raise Progress Completion construction Q3 2022 finance

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Commenced process toward securing binding offtake and project financing

Offtake Agreement

Project Financing

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

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

• Steelpoortdrift has the potential to easily support ~60% debt gearing of the total funding requirement – based on a 2x debt service cover ratio (DSCR) over a 5-year debt loan term

• The rationale for the process is to optimize value to VR8 and secure terms that will support project financing of Steelpoortdrift

• 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

• Target completion of due diligence and credit approvals in the lead up to a final investment decision by early 2023

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Dry deposition
of tailings
Dewatering of tailings
material means reduced
risk exposure from
conventional tailings
deposition
methodologies
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Renewable
electricity supply
Inclusion of photo
voltaic solar plant
reduces carbon
footprint and reliance on
grid-based electricity.
Electrification of mining
fleet further reduces
carbon footprint
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Co-products
Studies underway to
unlock value from
other metals
contained in the ore
body most notably
Titanium and Iron
which would also
reduce tailings
footprint
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Community
Initiatives to maximize
community involvement
and benefits including
implementation of
Social Labour Plans,
upgrading of area
infrastructure and
community-based
procurement systems
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PHENOMENAL FINANCIAL METRICS

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COMPETITIVE OPEX AND CAPEX (LOWEST QUARTILE)

ONLY 12% OF RESOURCE MINED IN 25Y

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EXPERIENCED MANAGEMENT TEAM

MINING JURISDICTION WITH INFRASTRUCTURE & EXPERTISE

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contact@VR8.global www.VR8.global

AUS: +61 8 6158 9990 RSA: +27 83 212 6669

Please contact:

Jurie Wessels: jurie@lexrox.co.za Eugene Nel: e nel@vr8.global

Company	Code	Project	Stage	Resource Category	Resource Tonnes	Resource Grade	Concentrate Grade	Information Source
Largo	LGO.TSX	Maracas	Production	Measured, Indicated & Inferred (43-101)	49.25	0.99	3.10	43-101 Technical Report dated 26/10/2017 largoresources .com/operations/maracas-menchen-mine
Bushveld	BMN.LSE	Vametco	Production	Indicated & Inferred	187	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 P ersons’ Report on the Brits Vanadium Project Jan 2020 https ://www.bushveldminerals.com/technical-reports/
Vanadium Resources	VR8.ASX	Steelpoortdrift	Development	Measured, Indicated & Inferred	662	0.77	2.18	ASX Announcement 16 April 2019
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
Aust Vanadium	AVL.ASX	Gabanintha	Development	Measured, Indicated & Inferred	208.2	0.74	1.39	ASX Announcement 04/03/2020, 17/03/2020
Technology Metals	TMT.ASX	Gabanintha	Development	Indicated & Inferred	131	0.90	1.36	ASX Announcement 29/03/2019
Atlantic	Private	Windimurra	Development	Measured, Indicated & Inferred	235	0.49	1.26	https ://atlanticptyltd.com.au/projects/windimurra/geolog y-reserves-resources

Source: ASX Announcement titled “Scoping Study Confirms Viability of V2O5 Production”, 23 September 2020 (page 213-14).

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