Feasibility Study

A National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Feasibility Study for the BlackRock Project (the “FS”) is being prepared by BBA Inc. with an effective date of November 18, 2022 and will be filed on the Company’s and BlackRock’s respective SEDAR profiles at within 45 days of this date.

A summary of the key results and the mineral reserve and mineral resource estimate can be found below:

FS Economic Results and Production Summary:    

Economic Assumptions    
Exchange Rate CAD:USD 0.76
Average high purity pig iron price US$/t $786
Average ferrovanadium price US$/kg $38.17
Average titanium slag price US$/t $300
Mining Summary    
Mine Life years 39
Average annual mill feed Mtpa 3.3
Average annual pig iron production kt 526
Average ferrovanadium production kt 4.4
Average annual titanium slag production kt 118
Economic Results    
Initial capital (mine site and metallurgical plant) C$M $1,471
Pig iron cash costs US$/t $277
Pig iron all-in-sustaining cash costs US$/t $306
Ferrovanadium cash costs US$/kg $13.61
Ferrovanadium all-in-sustaining cash costs US$/kg $15.02
After-tax NPV (8%) C$M $1,932
After-tax IRR % 18.2%
Payback period years 5.4

Qualified Persons

The FS was prepared by the following Qualified Persons under NI 43-101, each of whom is independent of BlackRock and the Company under NI 43-101, who have reviewed, verified, and approved the scientific and technical data for which they have responsibility contained in this news release pertaining to the FS.

Qualified Person Company Scope of Responsibility
Claude Bisaillon, P Geo. SGSmGeostat Geology and Mineral Resource Estimation
Isabelle Leblanc, P.Eng. BBA Inc Mineral reserve estimation, mine planning, mining infrastructure
Andre Alliare, P.Eng. BBA Inc Processing, Surface infrastructure, estimate integration, financial model, overal NI 43-101
Nathalie Fortin, P.Eng. WSP Environemtal
NJicolas Skiadas, P.Eng. Journeaux Associates Tailings and Water management

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