VANADIUM RESOURCES LIMITED — Regulatory Filings 2021

Jan 18, 2021

19th January 2021

Ms Belinda Giles ASX Limited Level 40 Central Park 152-158 St Georges Terrace PERTH WA 6000

by email: belinda.giles@asx.com.au

Vanadium Resources Limited

Vanadium Resources Limited (ASX: VR8) (Company or VR8) refers to your price and volume query letter dated 19th January 2021 and provides the following responses.

1. The Company is not aware of any information concerning it that has not been announced to the market which, if known by some in the market could explain the recent trading in securities.

2. Not applicable.

3. The results of the Company Scoping Study confirming viability of Vanadium Pentoxide production was released on the 23 September 2020. Other than the aforementioned the Company is not aware of any other explanation for the recent trading in its securities.

4. The Company confirms that it is complying with the Listing Rules and, in particular, Listing Rule 3.1.

5. The Company confirms that its responses to the questions above have been authorised and approved under its published continuous disclosure policy (policy) . This response is approved for release by the Chairman.

Your Sincerely,

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

Vanadium Resources Limited (ASX.VR8) 108 Outram Street West Perth, WA 6005 Australia +61-8 6158 9990 • contact@VR8.global • www.VR8.global

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19 January 2021

Reference: 29653

Ms Kyla Garic Company Secretary Vanadium Resources Limited

By email

Dear Ms Garic

Vanadium Resources Limited (‘VR8’): Price and Volume Query

ASX refers to the following:

• A. The change in the price of VR8’s securities from a low of $0.036 yesterday to an intraday high of $0.053 today.

• B. The significant increase in the volume of VR8’s securities traded today.

Request for information

In light of this, ASX asks VR8 to respond separately to each of the following questions and requests for information:

1. Is VR8 aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?

2. If the answer to question 1 is “yes”.

3. (a) Is VR8 relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in VR8’s securities would suggest to ASX that such information may have ceased to be confidential and therefore VR8 may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is “yes”, you need to contact us immediately to discuss the situation.

4. (b) Can an announcement be made immediately? Please note, if the answer to this question is “no”, you need to contact us immediately to discuss requesting a trading halt (see below).

5. (c) If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?

6. If the answer to question 1 is “no”, is there any other explanation that VR8 may have for the recent trading in its securities?

7. Please confirm that VR8 is complying with the Listing Rules and, in particular, Listing Rule 3.1.

8. Please confirm that VR8’s responses to the questions above have been authorised and approved under its published continuous disclosure policy or otherwise by its board or an officer of VR8 with delegated authority from the board to respond to ASX on disclosure matters.

When and where to send your response

This request is made under Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by no later than 12.00 PM AWST Tuesday, 19 January 2021 . You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, VR8’s obligation is to disclose the information

ASX Customer Service Centre 131 279 | asx.com.au

ASX Limited [[Listings]]

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‘immediately’. This may require the information to be disclosed before the deadline set out in the previous paragraph and may require VR8 to request a trading halt immediately.

Your response should be sent to me by e-mail at ListingsCompliancePerth@asx.com.au . It should not be sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.

Trading halt

If you are unable to respond to this letter by the time specified above, or if the answer to question 1 is “yes” and an announcement cannot be made immediately, you should discuss with us whether it is appropriate to request a trading halt in VR8’s securities under Listing Rule 17.1. If you wish a trading halt, you must tell us:

• the reasons for the trading halt;

• how long you want the trading halt to last;

• the event you expect to happen that will end the trading halt;

• that you are not aware of any reason why the trading halt should not be granted; and

• any other information necessary to inform the market about the trading halt, or that we ask for.

We require the request for a trading halt to be in writing. The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted. You can find further information about trading halts in Guidance Note 16 Trading Halts & Voluntary Suspensions .

Suspension

If you are unable to respond to this letter by the time specified above, ASX will likely suspend trading in VR8’s securities under Listing Rule 17.3.

Listing Rules 3.1 and 3.1A

In responding to this letter, you should have regard to VR8’s obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous Disclosure : Listing Rules 3.1 – 3.1B. It should be noted that VR8’s obligation to disclose information under Listing Rule 3.1 is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.

Release of correspondence between ASX and entity

We reserve the right to release a copy of this letter, your reply and any other related correspondence between us to the market under Listing Rule 18.7A.

Questions

If you have any questions in relation to the above, please do not hesitate to contact me.

Yours faithfully

Belinda Giles

Adviser, Listings Compliance (Perth)

2/2 ASX Customer Service Centre 131 279 | asx.com.au