Vanadis IPO, page-96

Vanadium in the Tiris resources occurs with uranium in carnotite, potassium uranium vanadate (K2(UO2)2(VO4)2·3H2O), the host mineral for uranium in the Tiris Project. Vanadium is extracted from carnotite along with uranium in the alkaline leach. As part of the battery metal development, Aura is to initiate studies and test work investigating the economic viability of adding a vanadium ion exchange and purification circuit to the Tiris Project. Aura will investigate options to incorporate a vanadium recovery circuit within the uranium ion exchange circuit. Vanadium would then be recovered to vanadium pentoxide (V2O5) through a standard precipitation and purification process. Allowing for only recovery of vanadium hosted in carnotite Aura would target production of 250,000 lb/a V2O5. This provides the opportunity for near term production of vanadium pentoxide (V2O5), with entry to the vanadium market while Aura’s world class Häggån Battery Metals Project is under development.