26 Nov

AGM Presentation and Video

Vimy Resources Limited Telephone: +61 8 9389 2700 First Floor, 1209 Hay Street Website: vimyresources.com.au West Perth Western Australia 6005 ASX Announcement 26 November 2021 AGM Presentation and Video Vimy Resources Limited (ASX:VMY, OTCQB:VMRSF) ( Vimy or Company ) advises that the Interim CEO, Steven Michael will be providing the attached presentation at today’s Annual General Meeting. A video relating to today’s ASX announcement “Notification of Substantial Commencement Mulga Rock Uranium Project” will also be presented at the meeting. The video can be viewed via the link https://vimyresources.com.au/index.php/projects/mulga-rock-uranium-project-overview/substantial- commencement . Steven Michael Interim CEO Tel: +61 8 9389 2700 Released for and on behalf of the Board of Vimy Resources Limited Annual General Meeting ¦ 26 November 2021 Australia’s Largest Uranium Developer Steven Michael, Interim CEO VIMY AT A GLANCE Mulga Rock Project (VMY 100%) ? Australia’s next uranium mine – production in 2025 ? On - site Early Works Program commenced ? LOM production 3.5Mlbs pa @ US$26/lb (C1 costs) ? Resource - 90.1Mlbs; Reserves - 42Mlbs @ 835ppm U 3 O 8 Mulga Rock Project ASX:VMY ? OTCQB:VMRSF 2 Alligator River Project Alligator River Project (VMY 100%) ? High - grade, unconformity uranium - gold deposits ? Potential for large, Tier 1 assets ? Inferred resource 26Mlbs @ 1.3% U 3 O 8 GVD Project Great Victoria Desert (VMY 100%) ? Over 2,000km 2 of granted ELs ? Highly prospective for base metals (SEDEX) ? Potential source of base metals at Mulga Rock Corporate ? Board & management – uranium, mine development & commercial experience ? Market cap ~$300m ? Cash at bank $22m (Sep 21) Uranium Market ? Spot price +80% in 2021 to US$45/lb ? SPUT (Sprott) & ANU Energy (Kazatomprom) ? COP26 – uranium is on the agenda ? UNESCO – lowest GHG emissions MULGA ROCK – WA’S FIRST URANIUM MINE ASX:VMY, OTCQB: VMRSF 3 ASX:VMY, OTCQB: VMRSF 3 290km MULGA ROCK PROJECT DEVELOPMENT TIMELINE ASX:VMY ? OTCQB:VMRSF 4 Mulga Rock Project 2018 Definitive Feasibility Study 2020 DFS Refresh 2021 Mining Proposal Approved 2022 2023 - 2024 2025 BFS & Project Financing Mine Development First Uranium Production Achievements 2021 Project Management Plan approved Mining Proposal and Mine Closure Plan approved Early Works Program commenced Positive results from Metallurgical Optimisation Testwork Base metal processing plant review Offtake discussions commenced ? ? ? ? ? ? SUBSTANTIAL COMMENCEMENT ASX:VMY ? OTCQB:VMRSF 5 Major milestones at Mulga Rock over the past five years include: ? Completion of the 2018 Definitive Feasibility Study and 2020 DFS Refresh ? Approval of eight Condition Environmental Management Plans, with the last approved in April 2021 ? Approval of the Mulga Rock East Project Management Plan - 26 August 2021 ? Approval of the Mulga Rock East Project Mining Proposal and Mine Closure Plan - 29 September 2021 ? Commencement the Early Works Program - now largely completed Since commencing the Early Works Program in late September 2021: ? Cleared approx. 143 hectares and stockpiled the corresponding soil and growth medium ? Majority of the clearing occurred at the Ambassador North pit, access roads, and borrow pits ? All clearing in compliance with approved MS 1046, Conditional Environmental Management Plans, Project Management Plan, Mining Proposal and Mine Closure Plan SUBSTANTIAL COMMENCEMENT ASX:VMY ? OTCQB:VMRSF 6 Mulga Rock East Disturbance (18 November 2021) Topsoil Stockpiles at Ambassador North looking east (18 November 2021) Ambassador North disturbance looking east (18 November 2021) Ambassador North and Ambassador East GIT looking north east (17 November 2021) SUBSTANTIAL COMMENCEMENT ASX:VMY ? OTCQB:VMRSF 7 Accommodation Village Disturbance (23 November 2021) Topsoil and Subsoil Removal at the Accommodation Village Location looking south (24 November 2021) Accommodation Village disturbance looking north ( 23 November 2021) Ambassador East GIT facing northeast (23 November 2021) MULGA ROCK – DFS OVERVIEW Figures from August 2020 DFS refresh. Project NPV Pre - Tax basis. Cash operating cost includes all mining, processing, maintenance, transport and administration costs, but excludes royalties and sustaining capital. Using AUD:USD exchange rate of 0.65 ASX:VMY ? OTCQB:VMRSF 8 Base metals: ? may provide US$4/lb to $4.50/lb U 3 O 8 by - product credit over LOM Metallurgical optimisation: ? preliminary ion exchange testwork indicated improved uranium recoveries ? reduced operating costs by ~US$1/lb U 3 O 8 Project Enhancements Key Attributes ? Simple geology, mining and metallurgy ? Low technical mining risk – free digging, low dilution ? Low technical met risk – pilot plant and off - the - shelf tech ? Pit voids to be used for tailings disposal 15 - year Life - of - Mine A$605M Project NPV 8% 3.5Mlb pa U 3 O 8 Production US$26.0/lb Cash Operating Cost A$393M Capex 2.4 year payback period ASX:VMY, OTCQB: VMRSF 9 0 200 400 600 800 1000 1200 0 5 10 15 20 25 30 35 Wind Solar Hydro Nuclear Lifecycle GHG emissions, in g CO 2 eq. per kWh Source: United Nations Economic Commission for Europe : Life Cycle Assessment of Electricity Generation Options Nuclear Hydro Wind Solar Gas Coal LIFECYCLE GREENHOUSE GAS EMISSIONS NUCLEAR POWER IS ON THE GLOBAL AGENDA ASX:VMY, OTCQB: VMRSF 10 Britain backs Rolls - Royce mini nuclear plants in net zero drive 10 November 2021 Net zero emissions by 2050 cannot be achieved without nuclear 2022 – CORPORATE AND OPERATIONAL ACTIVITIES ASX:VMY ? OTCQB:VMRSF 11 Bankable Feasibility Study Permits & Approvals Project Management & Contracting Flowsheet Optimisation Continue Early Works Program Offtake Discussions Base Metals Enhancement Recruitment Final Investment Decision Thank you For further Vimy Resources information: P: +61 8 9389 2700 E: info@vimyresources.com.au vimyresources.com.au ASX : VMY OTCQB : VMRSF MULGA ROCK – RESOURCE AND RESERVE Deposit Resource Estimate Classification Cut - off grade (ppm U 3 O 8 ) Tonnes (Mt) U 3 O 8 (ppm) Total metal U 3 O 8 ( Mlb ) Mulga Rock East Measured 150 5.2 1,100 12.6 Indicated 150 16.8 800 29.6 Inferred 150 15.5 420 14.3 Sub - total 37.4 680 56.4 Mulga Rock West Indicated 150 2.2 680 3.2 Inferred 150 31.7 440 30.4 Sub - total 33.8 450 33.6 Total Resource 71.2 570 90.1 o Mulga Rock Project now at 90.1Mlbs U 3 O 8 being 71.2Mt at 570ppm U 3 O 8 o High - grade at Mulga Rock East comprised of 25Mlbs at 1,500ppm U 3 O 8 Deposit / Resource Classification Cut - off grade (ppm U 3 O 8 ) Tonnes (Mt) U 3 O 8 (ppm) Total metal U 3 O 8 ( Mlb ) Mulga Rock East Ambassador Proved 150 5.3 1,055 12.3 Probable 150 14.1 775 24.0 Princess Probable 150 1.7 870 3.3 Sub - total 21.1 850 39.6 Mulga Rock West Shogun Probable 150 1.6 760 2.7 Sub - total 1.6 760 2.7 Total Reserve 22.7 845 42.3 o Ore Reserves 42.3Mlbs U 3 O 8 being 22.7Mt at 845ppm U 3 O 8 o Proved Ore Reserve of 12.3Mlbs being 5.3Mt at 1,055ppm U 3 O 8 Mineral Resource released to ASX on 11 July 2017 Ore Reserve released to ASX on 4 September 2017 ASX:VMY ? OTCQB:VMRSF 13 DISCLAIMER AND STATEMENT OF CONFIRMATION Disclaimer: The purpose of this presentation is to provide general information about Vimy Resources Limited (Vimy); it constitutes a prof ess ional opinion only and is given in good faith. It is not recommended that any person makes any investment decision in relation to Vimy based on th is presentation. To the extent that this presentation contains "forward - looking statements“ they are only subjective predictions and are subject to inherent ri sks and uncertainties which could cause outcomes to differ materially from those expressed, implied or projected in such forward - looking statements. No represent ation or warranty, express or implied, is made by Vimy that the material contained in this presentation is accurate, reliable, relevant or complete, or wil l b e achieved or prove to be correct. To the extent permitted by law, Vimy and its officers, employees, related bodies corporate, agents and advisers, disclaim any re sponsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) f or any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. Vimy accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made availab le to a person nor any obligation to furnish the person with any further information. All amounts expressed are in A$ unless stated otherwise. Competent person statement: The information in this announcement that relates to the Exploration Target are based on information compiled by Xavier Moreau, who is a Member of the Australian Institute of Geoscientists. Mr Moreau is a full - time employee of Vimy Resources. Mr Mo reau has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Re ser ves’. Mr Moreau consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Not an offer: This presentation is for information purposes only and does not constitute or form any part of any offer or invitation to sel l or issue, or any solicitation of any offer to purchase or subscribe for, any securities in Vimy in any jurisdiction including th e USA. This presentation and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the di stribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. The securities of Vimy have not been registered with the U.S. Securities and Exchange Commission or listed on any U.S. Stock Exchange. Cautionary statements: The information in this presentation that relates to the 2020 Mulga Rock Project Definitive Feasibility Study Refresh (DFS Re fre sh), including production targets and forward - looking financial information based on the production targets, was released to the ASX on 26 August 2020. Vimy confirms that all the material assumptions underpinning the production targets and forward - looking financial information in the DFS Refresh continue to apply and have not materially changed. Vimy does not warranty that the Project as built will conform exactly to the DFS Refresh. No new information: The Mulga Rock Project Uranium Mineral Resource Estimate referred to in this presentation was released to the ASX on 12 July 2017. The Mulga Rock Project Uranium Ore Reserve Estimate referred to in this presentation was released to the ASX on 4 September 2017. The Angularli Deposit Resource Estimate and Exploration Target referred to in this presentation was released to the ASX on 20 M arch 2018. Vimy is not aware of any new information, or data, that affects the information in these announcements and that all material ass umptions and technical parameters underpinning the estimates, targets and economics continue to apply and have not materially changed . The base metal information is extracted from the information presented in the ASX announcement entitled “Pre - Feasibility Study R eaffirms Mulga Rock Project as one of Australia’s Leading Undeveloped Uranium Projects” released on 17 November 2015 (“PFS Announcement”) (available to view on asx.com.au ASX:VMY). Other than in respect of ( i ) base metal prices, (ii) updated base metals recoveries derived from the MRP DFS base metal pilot plant and (iii) the potential for an increase in base metal grades and contained tonnes (arising from in - fill drilling discussed in the AS X announcement entitled “Significant Resource Upgrade – Mulga Rock cracks 90Mlbs” released on 12 July 2017, the Company confirms that the material assumptions underp inning the base metal estimates in the PFS Announcement continue to apply and have not materially changed. ASX:VMY ? OTCQB:VMRSF 14 Vimy has adopted Towards Sustainable Mining ® an award - winning accountability framework which helps minerals companies evaluate, manage and communicate their sustainability performance. Adopting the independently verified system will reinforce Vimy’s commitment to continuous improvement in safety, environmental and social governance (ESG). Committed to: The amount of natural uranium produced from Mulga Rock (3.5Mlbs pa U 3 O 8 ) if utilised in nuclear reactors which displaced coal - fired electricity would reduce carbon dioxide equivalent emissions by approximately 64 million tonnes That is equivalent to about 12% of Australia’s and 70% of Western Australia’s greenhouse gas emissions About Vimy Resources Vimy Resources Limited (ASX: VMY , OTCQB: VMRSF ) is a Perth - based resource development company. Vimy’s flagship project is the Mulga Rock Project (100%) , one of Australia’s largest undeveloped uranium resources, which is located 290km by road ENE of Kalgoorlie in the Great Victoria Desert of Western Australia. Vimy also wholly owns and operates the largest granted uranium exploration package in the world - class Alligator River uranium district, located in the Northern Territory. Vimy is exploring for large high - grade uranium unconformity deposits identical to those found in the Athabasca Basin in Canada. Vimy acknowledges the Traditional Custodians of the country on which we work and travel, throughout Australia, and respects t heir associated connections. Directors and Management The Hon. Cheryl Edwardes AM Non - Executive Chairman Wayne Bramwell Non - Executive Director Dr Tony Chamberlain Non - Executive Director Steven Michael Interim Chief Executive Officer Paula Arthur Manager Approvals and ESG Shannon Coates Company Secretary Scott Hyman Vice President Sales and Marketing Xavier Moreau General Manager, Geology and Exploration Matthew Owen Chief Financial Officer For a comprehensive view of information that has been lodged on the ASX online lodgement system and the Company website , please visit asx.com.au and vimyresources.com.au , respectively. Principal Place of Business First Floor 1209 Hay Street West Perth WA 6005 Postal Address: PO Box 23 West Perth WA 6872 T: +61 8 9389 2700 F: +61 8 9389 2722 E: info@vimyresources.com.au ABN: 56 120 178 949 Share Registry Automic Group T: 1300 288 664 (within Australia) +61 2 9698 5414 (outside Australia) W: investor.automic.com.au E: hello@automicgroup.com.au
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