GED (ASX) Vanadium Comparison

Originally posted by midcapmadness ↑

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7

1

2
Total Resource MT

3
V2O5

(in Rock) Grade

4
V2o5

Concentrate

5
Market Cap $M

6
Asociated

Metals

7 Country

8 KRC

9
4712

10
0.30%

11
3.00%

12
$99.60

13 Magnetite Titanium

14 Australia

15 AVL

16
180

17
0.75%

18
1.43%

19
$69

20 Magnetite Titanium

21 Australia

22 TNO

23
513

24
0.78%

25
2.09%

26
$27

27 Magnetite Titanium

28 South Africa

29 TMT

30
98.4

31
0.80%

32
1.30%

33
$14

34 Magnetite Titanium

35 Australia

36 GED

37
0.855

38
1.25%

39
21%

40
$7.60

41 Zinc Lead

42 Namibia

Column 1

1 ***NOTE***
Doesn’t take into account:

2 · Grade/value of associated metals eg Magnetite, Titanium or Zinc, lead etc

3 · Cost to concentrate and metallurgical complexity

4 · Depth of deposit

5 · Development CAPEX
· Other projects owned by these companies not considered
· There are the other vanadium projects not in this comparison that could also be significant.
· I have personal exposure to all of these names except KRC

6

7 Observations
-KRC has by far the largest Resource, by far the lowest (in rock) grade. Concentrate at 3% is high, Highest market cap in the space at about $100m.
-AVL appears to be the most advanced with a pre-feasibility study underway followed by KRC who are undergoing a concept study to move toward a scoping study.
-TMT, borders on AVL, similar minerology, a fraction of the price ($14m vs AVL $69m)
-TNO, project looks outstanding, ownership at 74% (slight negative), JORC needs to be proven up to new code but has significant tonnage and grade and still a fraction of the market cap of the two market leaders.
-GED appears to be easily the highest grade deposit but smallest resource however significant scope for expansion exists. Historical mining records indicate that between 1921 and 1938 the mine produced 1.8 Mt @ 1.05% V2O5 (plus zinc and lead) for 42 Mlbs (102,000 t) of concentrate grading 18% V2O5, 13% Zn and 42% Pb. Production was from open pit and underground operations that reached a depth of 215 m below surface of 11 levels, though the deposit is interpreted to extend to at least 425 m depth and exploration completed at both deposits shows substantial potential at depth and along strike so exploration drilling will be particularly key to this name. In terms of resource expansion, broad, high grade zones of mineralisation intersected in drilling, i.e. 32 m @ 1.8% V2O5; and 10.8 m @ 4% V2O should see significant uplift. Of note is the incredibly high-grade concentrate and the associated ZINC and Lead, also very high grades, making this concentrate particularly valuable. This is unique metallurgically and it will be interesting to see what concentrate is produced with modern science nearly 100 years after first production. Also noteworthy; Between 100,000 and 130,000 tonnes of mineralised stockpiles exist on surface grading between 0.8% and 1.5% V2O5 + Tailings deposits at the site estimated at between 80,000 to 100,000 tonnes grading 0.25%-0.35% V2O5, 1.3%-2.0% lead and 1.5%-2.5% zinc.

Expand

SBR and GED is the only real comparison as they are the two zinc-lead-vanadium deposits in Namibia

No.	Vol.	Price($)
1	128278	2.5¢

No.

Vol.

Price($)

128278

2.5¢

Price($)	Vol.	No.
2.6¢	122153	1

Price($)

Vol.

No.

2.6¢

122153

No.	Vol.	Price($)
1	100000	0.032
1	100000	0.031
1	500000	0.030
1	131506	0.026
1	1000000	0.025

No.

Vol.

Price($)

100000

0.032

100000

0.031

500000

0.030

131506

0.026

1000000

0.025

Price($)	Vol.	No.
0.036	165000	1
0.040	110000	2
0.042	214227	1
0.044	9029	1
0.053	217822	1

Price($)

Vol.

No.

0.036

165000

0.040

110000

0.042

214227

0.044

9029

0.053

217822

(20min delay)
Last 2.5¢		Change -0.002(7.41%)		Mkt cap ! $5.909M

Open	High	Low	Value	Volume
2.6¢	2.7¢	2.5¢	$19.21K	747.9K

Vanadium Comparison, page-2

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	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
1
2	Total Resource MT
3	V2O5 (in Rock) Grade
4	V2o5 Concentrate
5	Market Cap $M
6	Asociated Metals
7	Country
8	KRC
9	4712
10	0.30%
11	3.00%
12	$99.60
13	Magnetite Titanium
14	Australia
15	AVL
16	180
17	0.75%
18	1.43%
19	$69
20	Magnetite Titanium
21	Australia
22	TNO
23	513
24	0.78%
25	2.09%
26	$27
27	Magnetite Titanium
28	South Africa
29	TMT
30	98.4
31	0.80%
32	1.30%
33	$14
34	Magnetite Titanium
35	Australia
36	GED
37	0.855
38	1.25%
39	21%
40	$7.60
41	Zinc Lead
42	Namibia

	Column 1
1	*NOTE* Doesn’t take into account:
2	· Grade/value of associated metals eg Magnetite, Titanium or Zinc, lead etc
3	· Cost to concentrate and metallurgical complexity
4	· Depth of deposit
5	· Development CAPEX · Other projects owned by these companies not considered · There are the other vanadium projects not in this comparison that could also be significant. · I have personal exposure to all of these names except KRC
6
7	Observations -KRC has by far the largest Resource, by far the lowest (in rock) grade. Concentrate at 3% is high, Highest market cap in the space at about $100m. -AVL appears to be the most advanced with a pre-feasibility study underway followed by KRC who are undergoing a concept study to move toward a scoping study. -TMT, borders on AVL, similar minerology, a fraction of the price ($14m vs AVL $69m) -TNO, project looks outstanding, ownership at 74% (slight negative), JORC needs to be proven up to new code but has significant tonnage and grade and still a fraction of the market cap of the two market leaders. -GED appears to be easily the highest grade deposit but smallest resource however significant scope for expansion exists. Historical mining records indicate that between 1921 and 1938 the mine produced 1.8 Mt @ 1.05% V2O5 (plus zinc and lead) for 42 Mlbs (102,000 t) of concentrate grading 18% V2O5, 13% Zn and 42% Pb. Production was from open pit and underground operations that reached a depth of 215 m below surface of 11 levels, though the deposit is interpreted to extend to at least 425 m depth and exploration completed at both deposits shows substantial potential at depth and along strike so exploration drilling will be particularly key to this name. In terms of resource expansion, broad, high grade zones of mineralisation intersected in drilling, i.e. 32 m @ 1.8% V2O5; and 10.8 m @ 4% V2O should see significant uplift. Of note is the incredibly high-grade concentrate and the associated ZINC and Lead, also very high grades, making this concentrate particularly valuable. This is unique metallurgically and it will be interesting to see what concentrate is produced with modern science nearly 100 years after first production. Also noteworthy; Between 100,000 and 130,000 tonnes of mineralised stockpiles exist on surface grading between 0.8% and 1.5% V2O5 + Tailings deposits at the site estimated at between 80,000 to 100,000 tonnes grading 0.25%-0.35% V2O5, 1.3%-2.0% lead and 1.5%-2.5% zinc.

Vanadium Comparison, page-2

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