High Grade Results from Resource Definition Drilling

Positive results improve the resource interpretation to support an updated Mineral Resource Estimate at The Australian Vanadium Project

Key Points:

• New drilling results confirm the consistency and high-grade of the massive magnetite horizons at The Australian Vanadium Project south of Meekatharra, Western Australia
• 1,224 metres of Reverse Circulation (RC) drilling completed at the Australian Vanadium Project in October 2019
• Assay results from the thirteen holes have been received
• Best intersections include:
  • 20m at 1.04% V2O5 from 125m in Hole 19RRC012
    • Including 4m at 1.29% V2O5 from 136m
  • 17m at 1.23% V2O5 from 38m in Hole 19RRC002
    • Including 8m at 1.30% V2O5 from 62m
  • 12m at 1.21% V2O5 from 22m in Hole 19RRC003
    • Including 8m at 1.28% V2O5 from 24m
  • 17m at 1.14% V2O5 from 58m in Hole 19RRC004
    • Including 5m at 1.29% V2O5 from 62m
• Mineral Resource update underway to incorporate latest RC drill results and diamond drill results from 2019
• Further drill programmes in advanced planning stage. Targeting southern blocks to convert current Inferred Resources to Indicated Resources