Ann: Gabanintha Presents Robust Base Case for PFS, page-2

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Production Scenario Summary
• Planned vanadium pentoxide (V2O5) refinery at Gabanintha site with a production rate of approximately 22.5Mlb V2O5 (10,100t) per annum over an initial mine life of 17 years, with potential to extend operations along strike for an additional 8km which could extend the mine life.
• Open pit mining and beneficiation operation producing approximately 900,000 tonnes per annum at a planned grade of 1.39% V2O5 of magnetic concentrate.
• Average operating expenses estimated at US$4.13/lb V2O5 equivalent (±35%), competitive with the world’s lowest quartile producers.
• Capital costs of approximately US$360M (±35%). This includes owner’s costs, contingencies and gas pipeline investment.
• The Net Present Value (NPV) ranges between US$191 million and $2.37 billion dollars, depending on the pricing assumption. The NPV is estimated at US$1.1B using a Life of Mine V2O5 commodity price forecast of US$13/lb. At current V2O5 market prices of US$20/lb, project NPV is US$2.4B, highlighting the project’s upside potential. At a US$8/lb V2O5 price, the NPV is US$191M, indicating a robust project.