Vanadium Drilling Results Support DFS

Positive results from the pilot collection drilling demonstrate further consistency of width, grade and depth extent of The Australian Vanadium Project.

Key Points:

• 30 large diameter diamond core holes were completed at The Australian Vanadium Project in April 2019 for use in ongoing pilot scale test work
• Material from 14 of the holes was used primarily for high-priority DFS pilot scale processing
• Assay results from 16 successful depth-extension holes targeting mineralisation below the base of the PFS life of mine pit have been received
• A high-grade vanadium-rich zone grading over 1.2% V2O5 is identified consistently at depths below previous drilling, supporting previous work
• Best intersections include;
  • • 18m at 1.17% V2O5 and 73.4% Fe2O3 from 109m in 19MTDT004
    • 11.67m at 1.20% V2O5 and 75.5% Fe2O3 from 129.65m in 19MTDT011
    • 15m at 1.23% V2O5 and 61.2% Fe2O3 from 101m in 19MTDT015
    • 17m at 1.17% V2O5 and 61.3% Fe2O3 from 20.2m in 19MTDT016
•  Results will be included in a resource upgrade planned for the 4th quarter
• Program focused on development area in northern 2km of total 11.5km of AVL held deposit strike
• Pilot scale metallurgical test program underway to confirm details of processing circuit for final DFS design
• Hydrology drilling, DFS engineering and environmental approval support work ongoing