Vanadis IPO, page-70

While we wait, a few points to remember about the Vanadium resource.

▪ Aura is now targeting a modest size 2-3mtpa project to produce approximately 5% of current vanadium supply

▪ The High-Grade Vanadium zone is very shallow making this very achievable

Key activities;

▪ Beneficiation test work to increase feed grade – target 1% V2O5

▪ Capital and operating estimates for vanadium processing plant

▪ Update Häggån 2012 Scoping Study by Sept 2018

▪ Aura is very advanced on the Häggån deposit as vanadium was studied in the 2012 Scoping Study but not utilised

▪ Häggån deposit is well drilled with significant metallurgical test work

▪ Only supplementary metallurgical test work required to fill in particular gaps

▪ Targeting completion of above work pre Vanadis IPO in Q3/4 2018