BlackRock - 100% owned

  • Construction ready BlackRock Vanadium-Titanium-Iron Project (“the Project”) located in Québec
    • Mine and concentrator portion of the Project - Chibougamau
    • Metallurgical facility portion of the Project - Port Saguenay, a Federal deep seaport with access to St. Lawrence
  • NI43-101 Study Effective date: Nov 2022

Southwest Deposit and Metallurgical Facility Feasibility Study

  • C$1,932M after-tax NPV (8%), 18.2% after-tax IRR
  • 39 Year Mine Life (just the Southwest deposit)
  • Proven & Probable Reserves: 127.8 Mt with 0.46% V2O5 (in situ grade), 40.2% Fe2O3 and 7.8% TiO2
  • Set to produce an average annual rate of 562kt of high purity nodular pig iron, 4.4kt of Fev80 and 118kt of titanium slag

Southwest and Armitage Deposit Mineral Resource Estimates

  • Measured and Indicated Resources: 355.5 Mt with 0.44% V2O5 (in situ grade), 39.7% Fe2Oand 7.8% TiO2
  • Inferred Resources:  73.3 Mt with 0.44% V2O5 (in situ grade), 39.7% Fe2O3 and 7.9% TiO2


Mustavaara - 100% owned

  • 2021 PEA
    • €190M After-tax NPV (8%), 12.2% after-tax IRR 
    • 20 Year Mine Life
    • Annual production of 4.6 kt of FeV80  &329 kt of pig iron
  • Report recommends advancing to a pre-feasibility study
  • The PEA contemplated building a metallurgical facility in Finland; this is now a less likely scenario given the planned Québec based metallurgical facility that is part of the Feasibiilty stage BlackRock project the Company now owns

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