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Reserves + Resources

Gabanintha Vanadium Deposit – Mineral Resource Estimate
Material JORC Resource Class Million tonnes In Situ Bulk Density V205% Fe% Ti02% SI02% AL203% L0I%
High Grade Measured 7.0 3.73 1.09 43 12 10 8 3.4
Indicated 4.3 329. 1.07 41 12 12 9 4.6
Inferred 45.5 3.67 0.97 42 11 12 8 2.8
Subtotal 56.8 3.65 1.00 42 11 12 8 3.0
Low Grade Indicated 13.4 2.39 0.55 24 7 27 19 8.7
Inferred 21.1 2.48 0.53 25 7 27 17 7.0
Sub-total 34.6 2.45 0.53 25 7 27 18 7.6
Subtotal Measured 7.0 3.73 1.09 43 12 10 8 3.4
Subtotal Indicated 17.8 2.61 0.68 28 8 23 16 7.7
Subtotal Inferred 66.7 3.29 0.83 37 10 17 11 4.1
Total 91.4 3.19 0.82 35 10 18 11 4.8

Note: Mineral Resource estimate using a 0.3% V2O5 cutoff for low grade and 0.7% V2O5 cutoff for high grade (total numbers may not add up due to rounding).

Competent Persons Statement – Mineral Resource Database

“The information in this statement that relates to Exploration Results and Mineral Resources database is based on information compiled by independent consulting geologist Brian Davis B.Sc (Hons), Dip.Ed. Mr Davis is a Member of The Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Brian Davis is employed by Geologica Pty Ltd and is the Non-Executive Chairman of Yellow Rock Resources Limited. Mr Davis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr. Davis consents to the inclusion in the report of the matters based on the information made available to him, in the form and context in which it appears”.

The information that refers to Exploration Results and Mineral Resources in this announcement was prepared and first disclosed under the JORC Code 2004 and then incorporated into a JORC 2012 Mineral Resource Estimation completed by AMC.

Competent Persons Statement – Mineral Resource Database

“The information relating to the Gabanintha Mineral Resource estimate was compiled by Mr John Tyrrell. Mr Tyrrell is a Member of the Australian Institute of Mining and Metallurgy (AusIMM) and a full time employee of AMC (Australian Mining Consultants Pty Ltd). Mr Tyrrell has more than 25 year’ experience in the field of Mineral Resource Estimation. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and in resources model development to qualify as a Competent Person as defined in the 2012 JORC Code.

Mr Tyrrell consents to the inclusion in the report of the matters based on the information made available to him, in the form and context in which it appears”.

In undertaking the assignments referred to in this document, AMC acted as an independent party, has no interest in the outcome of the Gabanintha Project and has no business relationship with Yellow Resources Ltd other than undertaking those individual technical consulting assignments as engaged, and being paid according to standard per diem rates with reimbursement for out-of-pocket expenses. Therefore AMC and the Competent Person believe there is no conflict of interest in undertaking the assignments which are the subject of the Mineral Resource estimate.