Ann: Conceptual Development Plan for Vanadium Projects, page-14

“We know that both the Koitelainen and Airijoki Projects produce vanadium magnetite concentrates that are right in the upper echelon of projects globally, so via Scoping Studies we want to examine the economics of dig and deliver type projects where the vanadium enriched magnetite would be mined, concentrated via a simple magnetite concentration process and then sold as a premium quality vanadium magnetite concentrate to markets in China or Europe.

“The advantage of such operations is that the timelines to potential production are substantially reduced, Feasibility Study costs are minimised, capital expenditure costs are greatly reduced over operations that have to produce V2O5 flake as an end product, and government approval processes should be simplified.

“We are on track to define an Inferred Mineral Resource for Koitelainen before the end of the year and an Inferred Mineral Resource for Airijoki by January/February 2019 and then we will use these Mineral Resources to conduct our Scoping Studies” Mr Read said.