Ann: Trading Halt, page-4

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Pilot Plant Access to Fast Track Daejon Vanadium Project

• Agreement formalises access to KIGAM’s Pilot Plant and intellectual property (IP) for processing Daejon vanadium and uranium bearing black shales
• Access to KIGAM’s multi-million dollar, 1.2tpd capacity Pilot Plant is a fundamental step in developing the Daejon Vanadium Project for South Korean domestic market
• Pilot plant has been purpose built to process Daejon vanadium mineralization due to
  strategic nature of the commodity
• The Pilot Plant is located just 20kms from the Daejon Project Area and comprises
  crushing, leaching and solvent extraction circuits to create V2O5 and yellow cake
  (U3O8) products from black shale mineralisation
• Pilot Plant access enables significant enhancements to development timetable and
  cost of developing the Daejon Vanadium Project
• The project agreement highlights the Company’s strong relationship with KIGAM, the
  national significance of the Daejon Project and its importance to the local supply of
  vanadium for South Korea