Ann: Vanadium Processing Optimisation Agreement with KIGAM, page-11

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KIGAM has identified the emergence of black shale hosted deposits as a key new source of vanadium & is now focused on economic optimisation of the Daejon Project
• KIGAM has identified that the development of Protean’s Daejon vanadium asset will contribute to the sustainable growth of Korea’s steel and petrochemical industries
• 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.

DYOR
FH