Ann: SPD Vanadium Acquisition Unconditional, page-3

• Drill rigs engaged with Phase One drilling to start in August;

SPD’s ‘foreign resource’ expected to be converted to JORC Mineral Resource by October.
Cost $1.4m drilling and metallutgical.
Plan to fly in rig rather than drive in.

• Drilling will also test high-grade vanadium pipes to support a Direct Shipping Ore DSO operation, potentially generating early cashflow at low cost.

• Phase Two drilling program to upgrade JORC Resource to Indicated status will start immediately after phase

In addition the Company is commissioning a marketing study into the potential market and pricing for the DSO product, specifically the product specifications desired by end users

The vanadium pipes surround the 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)