Slide 1: Developing a Next Generation Industrial Raw Materials Supplier
VA N A D I U M RESOURCES rsonal use only INVESTOR PRESENTATION –5 OCTOBER 2026 Developing a Next Generation Industrial Raw Materials Supplier Building a tier-1, integrated critical raw materials enterprise supplying Western markets ASX: VR8 | www.vr8.global Page 1
Slide 2: Disclaimer, Forward-looking Statements & Cautionary Statement
IMPORTANT NOTICE Disclaimer, Forward-looking Statements & Cautionary Statement This presentation has been prepared by Vanadium Resources Limited (“the Company” or ASX: VR8) to provide summary information about the Company and its activities. It does not constitute investment, financial, legal or tax
Slide 3: Cautionary Statement (Continued)
IMPORTANT NOTICE Cautionary Statement (Continued) Cautionary Statement (Continued): The information in this announcement relating to the pit optimisation, pit design, mining inventory and mining schedule (Mining Information) was originally compiled by consultants engaged for the Company's Definitive
Slide 4: Building Blocks to Critical-Raw-Materials Production
STRATEGY 6 Building Blocks to Critical-Raw-Materials Production FORGING A TIER-1 PRODUCER OF VANADIUM-SLAG, PIG-IRON AND TITANIUM-SLAG 1 rsonal use only 1. VTM 2. VTM 3. Tier 1 Mineral Resource Magnetic Concentration Next-gen V-Iron plant Steelpoortdrift: A world-class, high grade and Concentration:
Slide 5: Experienced Team Driving V-Iron Plant Development
BOARD & MANAGEMENT Experienced Team Driving V-Iron Plant Development PROJECT-DEVELOPMENT, PROJECT-FINANCE AND BUSHVELD MINING AND PROCESSING EXPERTISE Board Management rsonal use only JURIE WESSELS | Executive Chairman 0 NICK DIACK | CEO Jurie Wessels is a qualified lawyer and founder of Vanadium Re
Slide 6: Scoping Study Financial Metrics - Base Case Scenario
V-IRON PLANT SCOPING STUDY Scoping Study Financial Metrics1 - Base Case Scenario All financials are presented on a 100% Project Basis. VR8 holds a 100% interest in the V-Iron plant and an 86.49% interest in the Steelpoortdrift Project. CAPEX & OPEX estimated accuracy of ±30%. The Scoping Study is pr
Slide 7: Scoping Study Sensitivity (Post-tax USD NPV) & Base Case Scenario
V-IRON PLANT SCOPING STUDY Scoping Study Sensitivity (Post-tax USD NPV) & Base Case Scenario1 All financials are presented on a 100% Project Basis. VR8 holds a 100% interest in the V-Iron plant and an 86.49% interest in the Steelpoortdrift Project. CAPEX & OPEX estimated accuracy of ±30%. The Scopin
Slide 8: Where the Project Sits in the Commodity Price Cycle
V-IRON PLANT SCOPING STUDY Where the Project Sits in the Commodity Price Cycle1 Both commodities are indexed to their Base Case price (= 100) using 20 years of real price history (2006 to 2025, 2026 US dollars): Base Case = 10-year (2016 to 2025) median; Low Case = 2015-16 trough; High Case = 2021 l
Slide 9: Where the Value Sits Across the Pricing Cases
V-IRON PLANT SCOPING STUDY Where the Value Sits Across the Pricing Cases1 Estimated post-tax Project NPV at each pricing case: the Project remains value-accretive at the 20-year price trough, delivers approx. US$665 million NPV (Post-tax) at current spot pricing and approx. US$842 million NPV (Post-
Slide 10: A Strategic Critical Metal with Irreplaceable Demand
THE CRITICAL VALUE OF VANADIUM A Strategic Critical Metal with Irreplaceable Demand DESIGNATED CRITICAL IN THE U.S. AND EU, WITH MINE SUPPLY DOMINATED BY CHINA AND RUSSIA 1,2 rsonal use only 90% 2 41% 3 250% 4 4 of global vanadium mine U.S. net import reliance, with no projected increase in annualiz
Slide 11: Structurally Deficient U.S. Supply
THE CRITICAL VALUE OF VANADIUM Structurally Deficient U.S. Supply VANADIUM: A CRITICAL MINERAL WITH NO U.S. MINE PRODUCTION AND HIGH IMPORT DEPENDENCE rsonal use only Global vanadium mine production by country, 2025 estimates U.S. Vanadium Consumption & Domestic Production, 2025 estimate (tonnes of
Slide 12: A Globally Significant Tier 1 Critical Mineral Asset
THE MINERAL RESOURCE AND ITS LOCATION A Globally Significant Tier 1 Critical Mineral Asset A WORLD-CLASS FULLY PERMITTED VTM RESOURCE SITUATED IN A MAJOR MINING HUB Steelpoortdrift Project: Asset Highlights rsonal use only Bushveld Complex, host to major vanadium, ferrochrome, and PGE Tier 1 Locatio
Slide 13: A High-Tech & Energy-Efficient Co-Production Plant
THE V-IRON PLANT A High-Tech & Energy-Efficient Co-Production Plant1 MODERN 3-STEP FLOWSHEET PRODUCING CRITICAL RAW MATERIALS AT LOW ENERGY INTENSITY rsonal use only 1 2 3 Submerged Open-ARC Devanadation (Vanadium-slag Calcination and Pre-reduction in Fluidised Beds Smelting production) 1.00Mtpa 603
Slide 14: The Co-Production Advantage
VANADIUM-SLAG & PIG IRON CO-PRODUCTION The Co-Production Advantage A PROVEN, LOW-COST, 1 RESILIENT ROUTE TO MARKET rsonal use only ~17%² ~73%² of global vanadium is produced in South Africa, of global vanadium is produced via Brazil, the US and Europe hydrometallurgically pyrometallurgical co-produc
Slide 15: Vanadium Slag Non-Binding Offtake by US-Vanadium
STRATEGIC OFFTAKE TO THE USA Vanadium Slag Non-Binding Offtake by US-Vanadium STRENGTHENING U.S. SUPPLY CHAINS: VR8 SLAG TO U.S. VANADIUM, ARKANSAS rsonal use only U.S. VANADIUM1 STEP-CHANGE IN FEEDSTOCK QUALITY The only US World's highest- USV FEEDSTOCK TODAY integrated refinery purity V oxide 8–12
Slide 16: Pig Iron for Southern African Steelmaking
POTENTIAL LOCAL OFFTAKES FOR STEEL Pig Iron for Southern African Steelmaking LOCAL PIG-IRON OFFTAKE PATHWAYS INTO SOUTHERN AFRICAN STEELMAKING rsonal use only OFFTAKE DYNAMICS DOMESTIC PULL FOR PIG IRON VR8 in discussions with several South African steel producers for its pig iron. ~4.0Mtpa projecte
Slide 17: Clear, Milestone-Driven Roadmap
THE PATH TO PRODUCTION Clear, Milestone-Driven Roadmap1 PROGRESSIVE DE-RISKING AND VALUE BUILD ON THE PATH TO FIRST PRODUCTION rsonal use only Expansion of Owner’s Scoping study Team Complete Feasibility Construction Preliminary assessment of Isabel Geldenhuys joins to DFS & detailed technical Build
Slide 18: Get in Touch
Get in Touch rsonal use only Email & Website contact@VR8.global www.VR8.global Phone: AUS: +61 8 6158 9990 RSA: +27 83 212 6669 Twitter/X https://x.com/VanadiumResVR8 LinkedIn https://www.linkedin.com/company /vanadium-resources-limited/ Page 18
Slide 19: JORC Mineral Resource Estimate
ADDITIONAL MATERIAL JORC Mineral Resource Estimate1 JORC COMPLIANT 680 Mt MINERAL RESOURCE, WITH ~70% MEASURED & INDICATED Global Mineral Resource of 680 Mt at 0.70% V₂O₅, containing 4.74Mt of V₂O₅ rsonal use only Mineralisation outcrops at surface and dips shallowly (~10°), supporting less waste, a
Slide 20: Company Structure
ADDITIONAL MATERIAL Company Structure Vanadium Resources Limited rsonal use only Holding Company · ASX: VR8, FSE: TR3 Steelpoortdrift Community Trust 13.51% 86.49% 100% Vanadium Resources (Pty) Ltd VR8 Highveld (Pty) Ltd Mineral Resource Owner V-Iron Plant Co Mine and Concentrator Co Subject to land