The Company commenced acid leach and pressure oxidation test procedures from the deposit in April 2018. By June 2018, test work indicated 95.5% vanadium extraction into solution. Subsequently, the extraction process had been further refined with the Company progressing to the stage of variability test work, reporting in April 2019 consistently high vanadium extraction rates, between 92% and 98%, for both oxidized and unoxidized mineralized material of low, average and high vanadium grades.

Ongoing metallurgical test work on the two ore types – oxidized and un-oxidized – led to the development in early August 2019 of a preliminary process flowsheet.  The flowsheet is designed to extract and recover vanadium as high-quality vanadium pentoxide using conventional technology.  The process flow sheet follows four generalized steps:

1. Crushing and grinding;
2. Pre-concentration to reduce the volume of feed to the pressure oxidation circuit;
3. Acid leach and pressure oxidation to extract the vanadium into solution; and,
4. Solvent extraction to generate a commercially pure vanadium pentoxide (V₂O₅) flake product.

Technical disclosure has been reviewed and approved by Paul Cowley, PGeo., a Qualified Person as defined by National Instrument 43-101, and President and CEO of the Company.