Vanadium Drill Program Commencement

New diamond drill program underway in southern ore blocks at the Australian Vanadium Project to support Mineral Resource classification upgrades and metallurgical confirmation of higher vanadium concentrate grades.

• 10 hole diamond program for 900m of drilling commenced to provide additional core for variability studies on concentrate vanadium grade and FeTi coproduct in southern ore blocks 50, 60 and 70 at the Australian Vanadium Project.
•  Recent studies identified1:
  • Vanadium concentrate grades of up to 1.51% V2O5, confirming near surface opportunities for improving vanadium concentrate grades and recoveries.
    Iron grades in fresh magnetic concentrate of up to 61.0% Fe identified in beneficiation of historical core samples in southern ore blocks, demonstrating potential to improve value of AVL’s FeTi coproduct grade.
  • Verification of vanadium concentrate grades greater than 1.39% V2O5 used in the Bankable Feasibility Study in the early years of production which could positively impact project economics
• Diamond program infills existing diamond drill lines to regular 300m spacing and will properly define geochemical gradient of V2O5, Fe and TiO2 in preparation for mining phase.
  Program follows up exceptional 2020 drilling results2 showing higher Fe, V2O5 grades and shallower weathering in southern ore blocks.
• Infill reverse circulation (RC) drilling will follow diamond program and include grade control level verification of initial mining blocks to further improve the Mineral Resources.