VANADIUM RESOURCES LIMITED
VR8: Annual Report to shareholders
Vanadium Resources Limited's annual report highlights a strategic pivot to a V-Iron co-production strategy for its Steelpoortdrift Project in South Africa, aiming to supply Western critical mineral markets. Key achievements include a non-binding offtake term sheet for vanadium-bearing slag, securing a financial advisor, and identifying a brownfield site for the V-Iron Plant. However, the reported Mineral Resource Estimate is from April 2022 and the Ore Reserve from September 2022 is deemed unreliable for the new strategy, indicating a need for updated technical studies and significant future financing.