First Vanadium Announces Positive PEA For Vanadium Project In Nevada

BEIJING (Asian Metal) 13 May 20 – On May 11, Canadian-based First Vanadium Corp.¬†announced positive results on its Preliminary Economic Assessment (PEA) for the Company’s Carlin Vanadium Project located 6 miles south from the town of Carlin, Nevada in the United States.

Results of the PEA include:

(1) Life of mine (LOM) of 11 years of mining plus 5 years of stockpile feed, with 1.0 million tons annually of process plant feed at an average grade of 0.71% V2O5 and average process recovery rates of 78%, resulting in an annual average payable production of 11 million pounds of V2O5 flake;

(2) Project includes a 4 year extension post-mineral processing of stockpiles, selling sulfuric acid and energy exclusively from acid plant;

(3) Total payable production: 180 million pounds of V2O5 flake;

(4) Pre-Production capital requirements: US$535 million;

(5) Pre-tax NPV (6%): US$56 million, After-tax NPV (6%): US$29 million;

(6) Pre-tax IRR: 7.9%, After-tax IRR: 7.0%;

(7) Pre-tax Payback period: 7.5 years, After-tax Payback period: 7.7 years.