Significant Improvement in Vanadium Grade in Phase 1 Sizing Metallurgical Testwork - Seite 2

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Figure 1: NQVP Cambridge Vanadium Deposit Cross Section

	TLBA : Represents correlative of the St Elmo Coquina; Limestone, shell tests typically exceed 50%, laminated with clay bands; Mineralogy dominated by coarse crystalline calcite; and Geochemically, typically moderate vanadium, high calcium, low silica content.
	TLBB : Represents correlative of the Willats Crossing Shale; Shale-Limestone, shell tests typically 10-50%, laminated with clay bands and micrite; Mineralogy increasingly dominated by clay and micrite; and Geochemically, typically high vanadium, moderate calcium, moderate silica content.
	TLBC : Represents correlative of the Manfred Coquina; Limestone, shell tests typically exceed 50%; Mineralogically dominated by coarse crystalline calcite, with apatite often abundant; and Geochemically, typically moderate vanadium, high calcium, low silica, often enriched P and TREO.
	TLBD : Represents correlative of the Arrolla Shale; Shale, shell tests typically less than 10%; Mineralogy dominated by clay, micrite, and often increase pyrite; and Geochemically, typically high vanadium, low calcite, high silica, increased sulphur.
	TLBE : Represents correlative of the Arrolla Shale Lower Transition to Wallumbilla Formation; Shale-Mudstone, shell tests generally absent; Mineralogy dominated by clay, limited micrite, minor pyrite; and Geochemically, typically low vanadium, low calcium, high silica.

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