Working visit to Kurumsak field

On June 1, the director of Kurumsak minerals LLP visited the Kurumsak field during a working trip together with a representative of SRK Consulting (Kazakhstan) ltd. — Grigory Granovsky and the director of the contracting entity GeoContract LLP, where he got acquainted with the progress of exploration work.

The visit to the drilling site did not reveal any serious violations and deviations from the recommendations of SRK. In accordance with the program developed by Peter Gleason (SRK), confirmatory and prospecting drilling at the current stage includes: 6 confirmatory borehole (745 lm) and 17 explonatory wells (2060 lm). Two rigs are working at the site, using a HQ dia tool string. The average drilling speed is about 30 m/day. At the moment, about 40% of the planned program has been drilled.

Currently, laboratory studies of the core borings are being conducted to determine the content of vanadium in the ore. These results will be needed to calculate the vanadium reserves at the Kurumsak deposit and prepare a JORC report.

The number of explored reserves of vanadium ores at the Kurumsak deposit is 133.5 million tons with an average content of vanadium pentoxide V2O5 in the ore of 0.96%. It is expected that after resource drilling, which is scheduled to start in March 2023, the amount of explored reserves will increase to 300 million tons.

Upon completion of drilling operations on 22 August, Peter Glissan, an authorized representative of SRK Consulting, visited the field as part of the confirmatory and prospect — evaluation drilling phase aimed at obtaining reliable data for the assessment of Mineral Resources, in accordance with the JORC Public Reporting Code. During the visit, the geological exploration methodology was monitored in accordance with the QA / QC requirements and the JORC standard, and mapping was completed for subsequent planning of resource drilling. Based on the results of the work of the GeoContract LLP team, a geological map of the priority area will be drawn up