Name and Location
Mokopane vanadium project, Limpopo, South Africa.

Client
The project is 64 %-owned by Bushveld Minerals Limited (BML) through its wholly owned subsidiary, Bushveld Resources Limited, which, in turn, holds 64 % of Pamish Investments No 39.

Project Description
Mokopane has an ore reserve of 28.56-million tonnes delineated from a resource of 298-million tonnes.

The prefeasibility study (PFS) indicates a mine life of 30 years based on less than 10% of the total project resource.

The study has confirmed the emergence of the project as a market-leading vanadium project.

The PFS envisages a one-million-tonne-a-year run-of-mine operation producing on average 9 525 t/y of vanadium pentoxide
(V₂O₅) flakes at 99.5 weighted per cent purity.

BML proposes to develop the project using openpit mining to supply the concentrator and salt roast plant.

The ore will be crushed and milled on site, concentrated using magnetic separation and beneficiated in a salt roast plant to
produce V₂O₅ in flakes.

The salt roast plant will be a separate entity held in the name of SaltCo, a new company to be registered.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 9% discount rate, of $418.04-million and an internal rate of return of 24.8%, with a payback of four years.

Value
Not stated.

Duration
Not stated.

Latest Developments
Bushveld hopes to progress the project to the next phase to prove up further value and to reduce residual project risk.

The company also hopes to secure a strategic partner with which to advance the project.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
BML, tel +27 11 268 6555, fax +27 11 268 5170 or email info@bushveldminerals.com.