Vanadium Resources : Investor presentation - Mines and Money

Unlocking Steelpoortdrift as one of the world's largest

and highest-grade

Vanadium projects for a

new era

Mines & Money Investor Presentation

April 2022

ASX:VR8

WWW.VR8.GLOBAL

Disclaimer

This presentation does not constitute investment advice. This presentation has been prepared by Vanadium Resources Limited ("the Company" or ASX:VR8) to provide summary information about the Company and its activities as at the date of this presentation (04 April 2022), Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. The presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

The Company confirms that it is not aware of any information or data that materially affects the information included in this presentation, and that all material assumptions and technical parameters underpinning the announcements on which this presentation relies continue to apply. The information contained in this presentation is a professional opinion only and is given in good faith.

Certain information in this presentation has been derived from third parties and though Vanadium Resources has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Vanadium Resources.

Any forward-looking statements included in this presentation involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Vanadium Resources. In particular, these statements speak only to the date of this presentation, they assume the success of Vanadium Resources' strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which these assumptions are based. Recipients of this presentation are cautioned not to place undue reliance on such forward-looking statements.

Vanadium Resources makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any errors or omissions which may become apparent after this presentation is released.

To the extent permitted by law, Vanadium Resources and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Vanadium Resources and/or any of its agents) for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in A$ unless stated otherwise.

Compliance Statement

The Company confirms that the information in this presentation that relates to Exploration Results, including the Mineral Resources contained within the Production Target (and forecast financial information derived from the production targets) at the Steelpoortdrift project has previously been released to the ASX on 29 April 2020, 23 September 2020 and 22 June 2021 continue to apply and have not materially changed, and that it is not aware of any new information or data that materially affects the information that has been included in this announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements. The Company confirms it is not aware of any new information or data that materially affects the information included in the 31 July 2020 Vanadium Resource estimate and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 29 April 2020 (Mineral Resource Update Confirms Steelpoortdrift's Global Vanadium Standing). The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Ore Reserves Statement and that all material assumptions and technical parameters underpinning the estimates in the Ore Reserves Statement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the Maiden Ore Reserves Statement. The Information that has been presented in this report has been extracted from the announcements made being the Pre-Feasibility Report dated 22 June 2021 (Steelpoortdrift PFS delivers superior results) and Ore Reserve Statement dated 22 July 2021 (VR8 declares maiden ore reserve additional information). The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements. All financial outcomes as reported in this announcement are done so on a 100% project basis. VR8 currently holds 73.95%2 ownership in the Steelpoortdrift project.

• • Refer to Asx Announcements dated 23 September 2020 "Scoping Study Confirms Viability of V2O5 Production", 20 July 2021 "VR8 declares maiden ore reserve for SPD Project", 11 October 2021 "VR8 secures strategic placement at significant premium", 07 March 2022 "DFS update - Trial mining and bulk sampling progress" and 24 March 2022 "Completed bulk sampling and pilot test work commencement".

• 1. Refer to Asx Announcement dated 22 June 2021 "PFS Delivers Superior Results".

• 2. Refer to Asx Announcement dated 19 January 2022 "VR8 interest in Tier 1 Vanadium Project increases to 73.95%"

An emerging Vanadium producer

Fully funded to FIDOne of the world's largest and highest-grade vanadium deposits

PFS indicates strong financial outcomes with post-tax NPV8% of US$1.2B,Ore body easy to mine & upgrade to concentrate

45% IRR post-taxUsing conventional Salt Roast Leach ("SRL") process to produce 12,000t to 18,500t V2O5 flake per annumMining license grantedInfrastructure - close to existing operating processing plants, power and water nearby, with proven road & rail options to portExpert and experienced management team

Corporate Overview

Corporate structure (ASX: VR8)

as at 4 April 2022

61.6% Top 20 Shareholders Top Shareholders 9.5% - Kumane Investments | 9.5% - Danterne Pty Ltd | 9.4% - Raubex Ltd | Other

Jurie Wessels | Exec. Chairman Eugene Nel | CEO

Michael Davy | Non-Executive Director John Ciganek | Non-Executive Director

Nico Van Der Hoven | Non-Executive Director

Board

Board & Management

JURIE WESSELS

Executive Chairman

Jurie Wessels has 26 years' experience in the exploration industry and co- founded a number of exploration and mining companies, including Bauba Resources Ltd (BAU.J), which owns two operating chrome mines and recently refunded by JSE-listed Raubex Group Ltd, GoldStone Resources Ltd (GRL.L), which company is mining the Homase-Akrokerri Gold Mine in Ghana acquired and developed by GoldStone when Jurie was CEO, Arcadia Minerals Ltd (AM7.Asx), which company owns an advanced Tantalum project and tier 1 exploration assets, and Vanadium Resources Ltd.

Jurie has significant experience in the sourcing and assessment of exploration and exploitation projects and in the governance, funding and management of resource companies. He explored for various minerals in Africa, South America, the Indian sub-continent and Europe, and explored and developed several mining projects to successful conclusion.

EUGENE NEL

Chief Executive Officer

Eugene Nel has 25 years' experience as a metallurgical and process engineer in the operations, management, design and optimisation of mineral beneficiation in Africa, South America, Europe and the Middle East. He has been involved in a number of successful mining and processing operations and has assisted client teams throughout project lifecycles and disciplines. As a registered Pr. Tech.

Eng. with the Engineering Council of South Africa, as well as member of the Southern African Institute of Mining and Metallurgy and Mine Metallurgical Managers Association of South Africa, he qualifies as a competent person under JORC.

MICHAEL DAVY

Non-Executive Director

Michael Davy is an Australian executive and Accountant withover 18 years' experience across a range of industries. Michael previously held a senior management role in Australia for Songa Offshore (listed Norwegian Oil and Gas drilling company), where he assisted with the start-up of the Australian operations and managed the finance team for a two rig operation with multi-hundred million dollar revenues. Prior to that Michael had worked in Australia and London for other large organisations overseeing various finance functions.

Michael is currently a director and owner of a number of successful private businesses all under his personal management. During the past five years Michael has held directorships in several ASX listed companies and is currently the Non-Executive Chairman of Raiden Resources Limited (ASX: RDN) and a non- executive director of Arcadia Minerals Ltd (AM7.Asx).

JOHN CIGANEK

Non-Executive Director

John Ciganek has worked in the mining sector for more than 30 years. His experience spans working in mining operations, project finance, M&A and the equity capital markets. John is a Mining Engineer and holds an MBA. He has experience ina range of roles covering mining engineering, operations, business development, research and corporate finance.

John is currently an executive director and founder of Euclase, which is a corporate finance advisoryand investment firm included providing financing and structuring advice, as well as arranging debt and equity financings for capital intensive projects.

John is a Non-Executive Director of Calidus Resources Limited (CAI.Asx) and Ookami Limited (OOK.Asx).

NICO VAN DER HOVEN

Non-Executive Director

Nico van der Hoven is a businessman and entrepreneur holding degrees in Commerce & Law and has over 30 years' experience in exploration and mining, having co-founded and operated 5 chrome mines over this period. Nico is also a co-founder of Hernic Chrome, Bauba Resources Ltd (BAU.J), Vanadium Resources (Pty) Ltd and GoldStone Resources Ltd (GRL.L).