VANADIUM RESOURCES LIMITED — Investor Presentation 2023

Feb 5, 2023

06 February 2023

ASX: VR8

Retraction and Update of Investor Presentation February 2023

Vanadium Resources Limited (ASX: VR8) (Company) refers to its announcement titled 1-2-1 & Mining Indaba Presentation, released on 1 February 2023. The Company retracts the 1 February 2023 announcement and replaces it with the updated presentation annexed to this announcement.

The annexed presentation contains an updated Peer Comparison table at slide 17, which has been updated to refer to publicly reported NPVs of the Company’s peers on both a pre-tax and post-tax basis (where available) and to include additional clarifications by way of notes to the table.

The announcement has been approved for release by the Managing Director.

Your Sincerely,

Ms Kyla Garic Company Secretary Vanadium Resources Limited Email: contact@vr8.global

Vanadium Resources Limited (ASX.VR8) Suite 7, 63 Shepperton Road, Victoria Park, WA 6100 Australia +61 8 6158 9990 • contact@VR8.global • www.VR8.global

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February 2023

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Disclaimer
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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 (February 2023). 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% 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 4 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.

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Emerging Vanadium Producer
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One of the world’s largest and highest-grade vanadium deposits

DFS indicates strong financial outcomes with post-tax NPV7.5% of US$1.2Bn (US$0.9Bn 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 & commenced recruitment process for key technical & commercial roles

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Corporate Overview
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Corporate Structure (ASX: VR8) – as at 1 February 2023 Top Shareholders Board of Directors
1 Danterne Pty Ltd [1] 9.4% Jurie Wessels
484.4m A$0.084 A$40.7m 2 Raubex Pty Ltd 9.1% Executive Chairman
Shares on issue Share Price Market Cap
(undiluted) (@ $0.084c) 3 Romfal Sifat Pty Ltd 4.1% John Ciganek
4 Ndarama Investments (Private) Ltd 3.5% Managing Director & CEO
A$1.2m 2.3m
5 Davy Corp Pty Ltd [2] 3.5%
Cash Performance Rights Michael Davy
(As at 31 Dec 2022) (1.3m Class A & 1m Class B) Top 20 Shareholders 49.5% Non-Executive Director
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DFS Results
V2O5 Price SRL Site
$12.40/lb Acquired
Pre-Feasibility
Results
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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

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Milestones Delivered
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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 183-year 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

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Why Vanadium
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Listed as a Critical Mineral in Australia, the US, UK and European Union, 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

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Global Demand & Pricing Dynamics
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Forecasters expect over 1,200GW of battery capacity to be added between today and 2050, with approximately 600GW before 2025.[1]

Could add up to 10,000mtV of demand into an already undersupplied market.[2]

Projection of MtV demand change 2020-2025

Vanadium Pentoxide 98% min Europe US$/lb

• 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

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

27 months US$211m US$3.24 (A$329m) Incl. Contingency Payback Start up Capex Cash Costs V2O52O5O55/lb

Cash Costs V2O52O5O55/lb

US$9.50 (Deloitte forward mid-range) Price per V2O5/lb

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

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Location – in the Bushveld Complex
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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 in close proximity to existing infrastructure.

Other Mines in the Bushveld Complex

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

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Twickenham – PGE Mine
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Regional Infrastructure in the Bushveld Complex
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Eskom Substation De Hoop Dam Rail Siding
12km away 15km away 30km away
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Mine, Concentrator & SRL
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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 Steelpoort Industrial Park

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

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Resources & Ore Reserves
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• ➢ 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	0.21	39.3%
Probable	46.6	0.72	0.34	60.7%
Total / Average	76.8	0.72	0.55	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

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Global Primary Resources
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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
Cash Costs
$4.10-$4.50 n.a. n.a n.a $3.28 $3.24 $4.43 $6.32 $4.04
(US$/lb V2O5)
5
O
2
%V
Resource Tonnage (Millions)
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The above chart compares Resources reported under different codes and companies at different stages of development as detailed in the Peer Comparison Tables contained in Slide 16 and the Appendix of this document. 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.

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Location of Mineral Resources & Ore Reserves
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• ➢ 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

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Open Pit Design and Schedule
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• ➢ 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

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Concentrator Plant
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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
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SRL Plant
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SO2
Scrubber
Kiln
Roasting
Crystalliser
Flash
Drying
AMV
Precipitatio
n
V2O5 Flake
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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

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Peer Comparison
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	Largo Maracas1,2&3 In Production (Results as at 30 Dec 2021)	Steelpoortdrift (VR8) 4&5 DFS Stage	Bushveld Mokopane6 PFS Stage	TMT Project7,8 DFS Stage	AVL Project9 BFS stage	Richmond Vanadium10 PFS Stage
V2O5Price	US$7.80/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 31 Jan 2022)	A$534M(C$507M)	A$37M (Undiluted)	n.a. (Vametco in production)	A$67M (Undiluted)	A$122M (Undiluted)	A$84M (Undiluted)
NPV (Pre Tax)	NPV7 A$3.9B†	NPV7.5 A$2.6B (Att. A$1.9B)	NPV9A$595M	NPV8A$942M	NPV7.5A$833M	NPV10A$613M
IRR (Pre Tax)	48%	47%	25%	23%	21%	38%
NPV (Post Tax)	NPV7 A$2.9B†	NPV7.5 A$1.9B (Att. A$1.4B)	NPV9 A$369M	-	NPV7.5A$507M	-
IRR (Post Tax)	-	42%	20%	-	-	-
LOM	20 years	25 years	30 years	25 years	25 years	25 years
Plant Feed	1.5 - 5.0mtpa	1.6 - 3.5mtpa	1.0mtpa	1.7-2.3mtpa*	1.6mtpa	4.1mtpa
Production (V2O5)	11,000-12,000tpa	10,700-21,000tpa	9,525tpa	12, 500tpa	11,200tpa	12,700tpa
Capex	US$241M (at startup 2014/5)†	US$211M (11ktpa) US$188M (Stage 2 from free cashflows)	US$298M	US$423M	US$435M	US$177M
Cash Costs (US$/lbV2O5)	$4.85 - $5.25	$3.24	$3.28	$4.04*	$4.43	$6.32

• The NPV’s relate to the 2021 NI43-101 which includes production of ilmenite and titanium which requires additional capital expenditure. The Capex reported in this table is for the pre-production expenditure of the vanadium plant only3

• Metrics presented from 2019 DFS[8] , all other metrics for ASX:TMT are from the August 2022 Integration Study[7]

• 1 Largo Inc NI43-101 16 December 2021

• 2 Largo Inc MD&A Q3 2022 & 2023 Guidance per Website

• 3 Largo Inc Announcement 9th July 2014

• 4 Vanadium Resources – Steelpoortdrift DFS – 4th October 2022

5 Vanadium Resources – Steelpoortdrift DFS Financial Model

• 6 Bushveld Minerals – Mokopane PFS 4th February 2016

7 Technology Metals – MTMP Integration Study 5th August 2022

8 Technology Metals – GabaninthaDFS 21st August 2019

• 9 Australian Vanadium – BFS 6th April 2022

• 10 Richmond Vanadium – Prospectus 9th December 2022

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Offtake, Strategic Investment and Project Financing
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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 ~65% 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 FID

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”

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ESG Initiatives
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Renewable electricity supply

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

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

Community

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

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Preliminary Project Timeline
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Year CY23 CY24 CY25
Quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Environmental & Water Permits
Build Project Development &
Operations Team
FEED
Offtake & Strategic Investment
Debt Financing
FID
Engineering & Procurement
Construction
Production (incl. Ramp up)
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Growth Catalysts to Increase Shareholder Value
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Key Catalysts to FID
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• ➢ Secure long-term offtake(s)

• ➢ Secure project funding from combination of:

• i. Debt ~65% PF debt

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ii. Equity ~35% from offtakers, strategic equity & ECM’s
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Build Phase 1
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• ➢ Flake Production of avg 10.7ktpa V2O5

• ➢ ROM Ore avg. of 1.5Mpta at 0.83% V2O5

• ➢ Concentrate avg. of 724ktpa at >2.0% V2O5

• ➢ Capex US$211M

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Build Phase 2 (4 years after Phase 1)
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• ➢ Flake Production of avg 21.0ktpa V2O5

• ➢ ROM Ore avg. of 3.5Mpta at 0.70% V2O5

• ➢ Concentrate avg. of 1,247 ktpa at >2.0% V2O5

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➢
Optimise ➢
Resource &
Production ➢
Valuation
Additional
Upside
Revenue
Options Streams
➢
Explore
VRFB
➢
Potential
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• ➢ Ropeway conveyor from Mine to SRL plant

• ➢ Delineation drilling and re-optimisation based on unconstrained Mineral Resource

• ➢ Increase production rate >3.5Mtpa ROM (given 180yr mine life)

  • ➢ Residual vanadium recovery plant and potential additional products (V2O3, FerroVanadium, TiO2, Ilmenite)

  • ➢ Titanium (TiO2) in SRL tailings recovery

• ➢ Investigate larger VFRB size (currently 1MW) to meet 100% of power requirements for site operations

• ➢ Vertical integration opportunities including vanadium electrolyte, battery manufacture and energy generation

• ➢ Capex US$188M

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Investment Highlights
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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 (Cash 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

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February 2023

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Board & Management
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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.

JOHN CIGANEK Managing Director & Chief Executive Officer

John Ciganek is a qualified Mining Engineer, holds a Master of Business Administration and has more than 30 years of mining and finance experience. His experience spans working in mining operations, project development, project finance, offtake agreements, M&A and the equity capital markets. Through his career to date, John has been involved with successfully raising debt and equity funding in excess of ~A$5 Bn for various clients. Mr Ciganek's previous roles are Principal / Director of Euclase Capital, Executive Director of BurnVoir Corporate Finance, General Manger Corporate Development at PMI Gold, Senior Banks Engineer and Risk Executive at Commonwealth Bank, and Senior Mining Engineering positions with Hargraves Resources, Reynolds Yilgarn Gold and Comalco / Rio Tinto (CRA). John is a Non-Executive Director of Calidus Resources Limited (CAI.ASX) and Ookami Limited (OOK.ASX).

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).

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Company	Code	Project	Stage	Resource Category	Resourc e Tonnes	Resource Grade	Concentrate Grade	Information Source
Largo	LGO.TSX	Maracas	Production	Measured, Indicated & Inferred (NI43-101)	79	0.79	2.46	Largo Maracas NI43-101 Technical Report - 16th December 2021
Glencore	GLEN:LSE	Rhovan	Production	Measured, Indicated & Inferred	176	0.49		Glencore 2021 Reserves & Resources report as at 31st December 2021
Bushveld	BMN.LSE	Vametco	Production	Indicated & Inferred	183	0.78	1.98	Vametco Inferred & Indicated Mineral Resource and Ore Reserve Update for Annual Reporting purposes, as at 30 March 2022. Released 4th April 2022
		Mokopane	Development	Indicated & Inferred	285	0.68	1.75	Mokopane PFS Study Report 4th February 2016
		Britts	Exploration	Indicated & Inferred	67	0.56	1.58	Competent Persons’ Report on the Brits Vanadium Project Jan 2020
Vanadium Resources	VR8.ASX	Steelpoortdrift	Development	Measured, Indicated & Inferred	680	0.70	2.10	ASX Announcement 4th October 2022 - Steepoortdrift DFS
Australian Vanadium	AVL.ASX	Australian Vanadium Project	Development	Measured, Indicated & Inferred	239	0.73	1.39	AVL BFS 6th April 2022
Technology Metals	TMT.ASX	Murchison Technology Metals	Development	Indicated & Inferred	154	0.85	1.40	MTMP Mineral Resource Upgrade - 7th November 2022 & RIU Resurgence Conference Presentation 23 November 2022
Richmond Vanadium	RVT.ASX	Richmond-Julia Creek	Development	Measured, Indicated & Inferred	1838	0.36	1.83	RVT Prospectus - 9th December 2022

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