Record Production Achieved

Shareholders and friends,

We are pleased to inform you that late last week we achieved record production of vanadium at the Maracás Menchen Mine.

Production over a 24 hour period totaled 19 tonnes of vanadium pentoxide which represents approximately 71% of the plant’s Phase 1 design capacity.

This is a significant new benchmark in the ongoing ramp-up process, and we look forward to updating you periodically as we progress.