Existing processing operation

In parallel with developing the Balasausqandiq vanadium deposit, the Company is operating a processing plant treating bought-in concentrates.  The plant was based on the former pilot plant which was suitably adapted to treat concentrates and has been adapted and expanded to recover vanadium, molybdenum and nickel from catalysts used in in refineries to remove metals from crude oil.

The plant is now in full operation, with the vanadium sold as either Ammonium Metavanadate (AMV) or vanadium pentoxide, molybdenum in the form of ferro-molybdenum or calcium molybdate, and the residue as a nickel concentrate.

All the components of the input raw materials are recovered as products, leaving no residues on site.

The cash flows from this processing operation will be used for the remainder of the feasibility study and the front-end engineering (“FEED”) prior to the start of construction and will reduce the amount of finance required for the construction of the mine.

Very importantly, this operation provides our staff with the experience that is invaluable in the completion of the feasibility study, and to assist with the construction and future operation of the main Balasausqandiq project.