VANADIUM RESOURCES LIMITED — Regulatory Filings 2018

Oct 11, 2018

12 October 2018

High Grade Results From First Assays at SPD Vanadium Project

Key Points

• First assay results received from VRC001:

• 7m at 0.84%V2O5 from 3m

• 9m at 1.12% V2O5 from 73m incl. 2m at 1.61% V2O5

  • (within a wider interval of 35m at 0.66% V2O5 from 47m)

• Drilling continues on site with 3 rigs currently operating

• Phase 1 anticipated to be completed by next week

• Drilling at the surrounding shallow vanadium pipes, which have the potential to host a low-cost DSO operation, set to start next week

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Figure 1 . Vanadium mineralisation in VRC001 (81 – 82m).

Tando Resources (ASX: TNO, Tando or the Company ) is pleased to announce the first assay results received from its drilling at the SPD Vanadium Project, located in South Africa.

6559 1792

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Figure 2 . Cross Section showing results from VRC001 and adjacent holes.

Drillhole VRC001 returned the following results from the two mineralised units (Figure 2):

• 7m at 0.84% V2O5 & 5.60% TiO2 from 3m (Upper Layer)

• 35m at 0.66% V2O5 & 4.59% TiO2 from 47m (Lower Layer)

• including 9m at 1.11% V2O5 from 73m

• including 2m at 1.61% V2O5 from 80m

These results are whole-rock, or pre-concentrate grades. Historical drilling adjacent to VRC001 returned magnetic concentrate grades above 2.2% V2O5 (refer Figure 2 and ASX release 17 September 2018).

VRC001 is part of the Phase One drilling program which targets the well-established SPD deposit, where there is currently a resource of 513 million tonnes at a grade of 0.78% V2O5 defined under the SAMREC code. This resource is a “foreign resource” (as defined in the ASX Listing Rules) and is detailed in Appendix 1 below.

The aim of Phase 1 is to allow a maiden Mineral Resource compliant with the JORC Code to be calculated. Drilling of Phase 1 is well advanced (refer Figure 3 and Appendix1) and is anticipated to be completed early next week with the resource to be published next month following receipt of assays from all drillholes.

Drilling will then move to provide the first test of the potential of the surrounding high-grade vanadium pipes at SPD to support a Direct Shipping Ore (DSO) operation.

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As part of drilling activities, the drilling contractor has recruited employees from the local communities, assisted by Tando, which is expected to be the first of many opportunities for the project to provide benefits such as employment and training for these communities.

Tando is also preparing for the Phase Two drilling program at SPD, which will be aimed at upgrading the maiden JORC Resource to an Indicated category (provided results are as anticipated). To achieve this goal, Phase Two is currently designed to comprise 58 holes for 5,550m.

The cost to complete the entire Phase 1 and Phase 2 drilling programme and the resultant resource estimations is estimated at A$1.4 million. The Company is fully funded for the drilling programme as well as the metallurgical and mining studies which will follow completion of the drilling programme.

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Figure 3 . Plan showing location VRC001 as well as historical, planned and completed drilling.

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Background on the SPD Vanadium Project

Global vanadium projects are summarised in Figure 4. Currently approximately 85% of the world’s vanadium is produced in China, Russia and South Africa. The SPD Vanadium Project is located in one of these producing regions and has the potential to be globally significant based on its tonnage and grade in concentrate (Figure 4).

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Figure 4 . 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, due to different host exchanges these are reported under differing reporting regimes (JORC, 43-101 or SAMREC). Source: Company websites, ASX / TSX / LSE announcements.

The SPD Vanadium Project is located in a similar geological setting to the mining operations of Rhovan (Glencore), Vametco (Bushveld Minerals) and Mapochs (International Resources Ltd) in the Gauteng and Limpopo provinces of South Africa (Figure 5). 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. The SPD Vanadium Project is located only 30km from the currently dormant Mapochs mine which has a processing plant and railway infrastructure.

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The region around the SPD Vanadium Project contains critical infrastructure such as:

• High voltage power lines and sub stations operated by the state provider ESKOM,

• • Water resources including the De Hoop Dam 15km south of the project,

• Rail links,

• Sealed roads around the project area,

• Mining service companies and support business in the immediate area,

• Available skilled workforce within the local community and the region.

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Figure 5 . Location of the SPD Vanadium Project and other vanadium deposits in the Bushveld Igneous Complex.

Background on Vanadium

The Company has targeted vanadium as a commodity of interest due to its usage in energy storage, specifically vanadium redox flow batteries ( VRFB ). It is anticipated that forecast increase in battery usage for large scale energy storage will lead to a significant increase in the demand for vanadium. VRFB technology was developed in Australia and has the following advantages:

• a substantially longer lifespan than most current batteries (up to 20 years),

• being able to hold charge for a substantial time (up to 12 months),

• the ability to discharge 100% of its charge without damage,

• scalability to enable larger scale storage facilities to be constructed, and

• greater chemical stability as only a single element is present in the electrolyte.

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These features make VRFBs attractive for household or small town sized energy storage requirements. According to research conducted by Lazard (NYSE.LAZ) VRFB’s already have a levelised cost of storage that exceeds Li-ion battery storage by 26% to 32% on a comparative basis (full report available at https://www.lazard.com/perspective/). Current VRFB facilities in usage or in development are located in China and Japan with development of further facilities constrained by an absence of supply of “battery grade” V2O5.

The price for >98% Vanadium Pentoxide (V2O5), a more commonly traded intermediate product, has increased from US$3.50/lb at the start of 2017 to current prices between US$22 and US$25/lb (Figure 6, source: Metal Bulletin).

Current day demand for vanadium arises from its use in steel making. Vanadium is principally used to add strength via various alloys as well as other speciality uses. This usage accounts for over 90% of current vanadium demand in today’s market (with the balance supplying chemical usages). Demand from steel makers is forecast to increase with stricter standards on the strength of steel to be used in construction (specifically rebar).

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Figure 6 . Price chart for Vanadium Pentoxide (US$/lb, source Metal Bulletin).

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

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Competent Persons Statement

The information in this announcement that relates to Exploration Results and other technical information 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 Bill Oliver, the Managing Director of Tando Resources Ltd. Mr Oliver is a Member of the Australasian Institute of Mining and Metallurgy and the Australasian Institute of Geoscientists. He 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 Oliver 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 Appendix 3.

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.

The resource for the SPD Vanadium Project as shown in Table 1 was estimated by GEMECS Pty Ltd based on all available drilling data in accordance with the SAMREC Code (2007) and is therefore a “qualifying foreign resource estimate” as defined in the ASX Listing Rules (further detail below and in the ASX Announcement of 22 March 2018). The resource was classed as inferred under the SAMREC Code. Bill Oliver, Managing Director of Tando, is acting as the Competent Person and has reviewed reports and data compiled and used in the resource estimation. The authors of the report on the 2010 exploration activities and resource estimate have confirmed that there are no material changes to the resource or underlying data since the date of the report (June 2010), and that the information presented here is consistent with the data it reported.

Table 1 . SPD Vanadium Project resource (classed as inferred under the SAMREC Code).

Reef	Avge Thickness (m)	Tonnes (Mt)	Whole Rock **V2O5% **	Mt%	Magnetite Tonnes	V2O5% in Magnetite
Upper Layer	24	184.2	0.73	42.4	78.1	1.99
Lower Layer	22	329.1	0.81	41.6	136.0	2.20
Averages & Totals	23	513.3	0.78	41.9	215.0	2.09

Table 1 Notes : While this foreign resource is not reported in compliance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code ), it is the Company’s opinion (and the opinion of the Competent Person for this document), that the data quality and validation criteria, as well as the resource methodology and check procedures, are reliable and consistent with criteria as defined by the JORC Code. All tabulated data has been rounded to one decimal place for tonnage and two decimal places for grades. %V2O5 is derived from XRF analysis by multiplying %V by 1.785.

The resource for the SPD Vanadium Project is based on two phases of drilling detailed in the ASX Announcement of 22 March 2018 (also refer Figure 1). Initial exploration by Vantech in 1997 comprised 16 diamond core drill holes for 1051.6m as well as detailed geological mapping. Exploration by VanRes comprised 23 RC drillholes for 1,073m and 2 diamond core drillholes for 278m drilled in 2010. Best whole-rock drilling results from the SPD Vanadium Project include:

• 9m at 1.34% V2O5 + 10.5% TiO2 from 9m (SFR019)

• 13m at 1.13% V2O5 + 7.43% TiO2 from 10m (SFR017)

• 14m at 1.08% V2O5 + 7.07% TiO2 from 9m (SFR013)

• 20m at 0.96% V2O5 + 8.35% TiO2 from 11m (SFR011)

• 15m at 0.92% V2O5 + 6.44% TiO2 from 8m (SFR018)

• 12.2m at 0.90% V2O5 from 127.2m & 26.9m at 0.80% V2O5 from 43.1m (SFDD001)

Drill samples were passed through a Davis Tube to obtain a magnetic concentrate. Vanadium and titanium content analyses in the concentrate are very consistent, averaging 2% V2O5 and 13% TiO2 (ASX Announcement 22 March 2018).

The Competent Person has not yet completed sufficient review on the qualifying foreign resource estimate to classify it in accordance with the JORC Code at this time and consequently it is uncertain that, following evaluation and/or further exploration work that the qualifying foreign resource estimate will be able to be reported as a Mineral Resource in accordance with the JORC Code. As detailed in this announcement the Company plans to implement a drilling programme to establish a Mineral Resource and, provided results are consistent with previous drilling, carry out further drilling aimed at increasing the confidence in the Mineral Resource.

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APPENDIX 2: Significant Drillhole Intercepts from TNO drilling at the SPD Vanadium Project

HOLE ID	Drill Type	EAST	NORTH	EOH (m)	UNIT	INTERSECTION (whole rock)	INTERSECTION (whole rock)	INTERSECTION (whole rock)	INTERSECTION (whole rock)	INTERSECTION (whole rock)	INTERSECTION (whole rock)	INTERSECTION (whole rock)
						From (m)	Width (m)	V2O5 %	TiO2 %	Fe %*	Al2O3 %	SiO2 %
VRC001	RC	801520	7247155	90	UML	3	7	0.84	5.60	24.0	16.6	31.9
					LML	47	35	0.66	4.59	20.9	15.7	36.2
					incl.	73	9	1.12	7.49	30.5	14.8	25.3
					incl.	80	2	1.62	10.2	42.2	9.6	14.3
VRC002	RC	802548	7245002	39		Assay results pending
VRC003	RC	802432	7245009	69		Assay results pending
VRC004	RC	802504	7245603	46		Assay results pending
VRC005	RC	802357	7245274	62		Assay results pending
VRC006	RC	802728	7245305	36		Assay results pending
VRC007	RC	802467	7245470	38		Assay results pending
VRC008	RC	802183	7245486	76		Assay results pending
VDD001	DD	801358	7246865	135		Assay results pending
VDD002	DD	802477	7245218	57		Assay results pending
VDD003	DD	802040	7245103	132		Assay results pending
VDD004	DD	802634	7245063	25		Assay results pending
VDD005	DD	802400	7245603	29		Assay results pending

Notes:

• All coordinates are in UTM Zone 35S (WGS 84).

• All holes are vertical (-90 dip).

• Fe will be apportioned between Fe3O4 and Fe2O3 following magnetic separation testwork

• Results should be read in conjunction with the data provided in Appendix 3.

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APPENDIX 3.

The following Tables are provided to ensure compliance with the JORC Code (2012 Edition) requirements for the reporting of Exploration Results at the SPD Vanadium Project.

Section 1: Sampling Techniques and Data (Criteria in this section applies to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Diamond core drilling using NQ sized core. RC drilling using 5 ¼” face sampling hammer.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	RC drilling and the core sampled at 1m intervals except where these are adjusted for geological features (core only). Core will be cut in half, with all core being photographed for reference. RC drilling will be split on site using a riffle splitter.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	All aspects of the determination of mineralisation are described in this table. Diamond core drilling and RC drilling using these methods are considered appropriate for sampling the vanadiferous titanomagnetite unit which hosts the mineralisation. All of the drill samples have been sent to a commercial laboratory for crushing, pulverising and chemical analysis by industry standard practises.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic etc) and details (e.g. core diameter, triple of standard tube, depth of diamond tails, face-sampling bit or other type, whether core is orientated and if so, by what method, etc).	Diamond drilling uses HQ and NQ2 core sizes. Coring was from surface using HQ. Core was changed to NQ2 when ground conditions were competent. All diamond core is stored in industry standard core trays labelled with the drill hole ID and core interval. RC drilling uses face sampling hammer and 5 ¼” bit sizes.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Diamond drill core recovery is being recorded as a percentage of measured recovered cores versus drilled distance. Recoveries have been high to date. RC drill samples are weighed to give a quantitative basis to estimation of recovery.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Diamond drilling - coring only changed to NQ2 when ground conditions were competent. RC – consistent drilling technique, cleaning of cyclone.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship observed between recovery and grade. There is no known or reported relationship in historical drilling between sample recovery and grade.
Logging	Whether core and chipsamples have beengeologically	Diamond drill core and RC drill chips are being

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Criteria	JORC Code explanation	Commentary
	and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	geologically logged for the total length of the hole. Logging is recording lithology, mineralogy, alteration, veining, structure, mineralisation and weathering. Logs are coded using the company geological coding legend and entered into Excel worksheets prior to being loaded into the company database. All core is being photographed with images to be stored on the company server. Logging is appropriate and sufficiently detailed to support Mineral Resource estimates.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging of chips and diamond core is both qualitative (eg. colour) and quantitative (eg. minerals percentages).
	The total length and percentage of the relevant intersections logged.	100% of all drilling to date by the Company has been logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Sampling for all diamond core samples will be undertaken on split core, halved via a core saw.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	RC drilling will be sampled dry and split through a riffle splitter.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	The sampling techniques for both diamond drilling and RC drilling are of consistent quality and appropriate.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	To ensure representivity core was taken from the same side of the hole each time, with field duplicates taken and inserted. Certified Reference Materials (CRMs) were selected to be similar in chemistry to the mineralisation beingtargeted.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second- half sampling.	One field duplicate is collected per 20 samples in addition to laboratory duplicates which were also reported.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The material and sample sizes are considered appropriate given the magnetite unit being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	The samples were sent to ALS Johannesburg, an ISO accredited commercial laboratory, for preparation and analysis. All samples were analysed by XRF fusion for Al2O3, As, Ba, CaO, Cl, Co, Cr2O3, Cu, Fe, K2O, MgO, Mn, Na2O, Ni, P, Pb, S, SiO2, Sn, Sr, TiO2, V, Zn and Zr as well as loss on ignition.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Hand held assay devices have not been reported.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	QA/QC protocols are in place and will be reported along with assay data.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Assay results and intersections have been reviewed by independent geologist consultants.
	The use of twinned holes.	Twinned holes are being drilled as part of the drilling programme.

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Criteria	JORC Code explanation	Commentary
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary data is collected in the field and entered into Excel worksheets prior to being loaded into a database managed by an independent consultant. All core is being photographed with images to be stored on the company server.
	Discuss any adjustment to assay data.	Analytical result for V converted to V2O5by multiplying by 1.785.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Location data has been recorded by handheld GPS (±5m accuracy on easting and northing). Drillhole deviation for drilling will be measured via in- rod surveys during drilling.
	Specification of the grid system used.	The grid system for the SPD Vanadium Project is UTM Zone 35 S (WGS 84 Datum).
	Quality and adequacy of topographic control.	Adequate.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drilling to date over the SPD Vanadium Prospect is on approximately 150m - 300m centres east-west and 300m -450m centres north-south over the mineralised body.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Data spacing is deemed sufficient to establish geological and grade continuity to establish a mineral resource estimate, this was estimated under the SAMREC Code which is not JORC compliant but is a “foreign resource” as defined in the ASX Listing Rules..
	Whether sample compositing has been applied.	No sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The majority of the drilling at the SPD Vanadium Project is inclined to the north-east which is considered appropriate given the regional and local geological stratigraphy.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	To date, orientation of the mineralised domain has been favourable for perpendicular drilling and sample widths are not considered to have added a significant sampling bias.
Sample security	The measures taken to ensure sample security.	Samples are stored at a secure yard. Samples are then delivered to the assay laboratory in Johannesburg by representatives of the Company.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No independent audits have been undertaken.

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Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The SPD Project comprises a Mining Right covering the farm Steelpoortdrift 365 KT.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenure is in good standing.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The Project has previously been explored for magnetite-hosted Fe-V-Ti deposits.
Geology	Deposit type, geological setting and style of mineralisation.	Vanadium mineralisation at the SPD Project is located close to the contact between the Upper Zone and Main Zone of the Bushveld Igneous Complex and adjacent to the Steelpoort Fault. Mineralisation is hosted in two layers, the Upper Magnetite Layer (UML) and Lower Magnetite Layer (LML), which dip shallowly (10-12deg) to the west.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	Refer Appendix 2.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Not applicable, information has been included.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	All results > 0.5% V2O5have been averaged weighted by downhole length, and inclusive of a maximum of 2m internal waste.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	High grade intervals > 1% V2O5and 1.5% V2O5 have also been reported. No internal waste used for these.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are being used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	Downhole lengths reported, true widths not known at this time.
Diagrams	Appropriate maps and sections (with scales) and	Appropriate plans are shown in the text.

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Criteria	JORC Code explanation	Commentary
	tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results > 0.5% V2O5included.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Exploration data is contained in previous ASX Announcements.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	As detailed in the text drilling is ongoing to verify and infill historical drilling and provide a sub surface test of the extent of the pipes.

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