Protean Energy – Resource Estimation report for Daejon. CP/QP: Kahan Cervoj

PROJECT: Daejon

DEPOSIT: Daejon

COUNTRY: South Korea

COMMODITIES: Vanadium-Uranium

DATE: 04 July 2018

REPORT CODE: JORC

REPORT TYPE: Resource Estimation View full report

REPORT DETAILS: Upgraded mineral resource estimate at Daejon

RESOURCES: (Resource): 37.1Mt @ 0.30% V2O5 (I+I), 12.4Mt @ 240ppm U3O8 (Inf.)

CP/QP: [Resources]: Kahan Cervoj (Optiro Pty Ltd.)

ABSTRACT: Protean Energy Ltd (Protean or the Company) is pleased to announce a significant upgrade to the Daejon Vanadium/Uranium project mineral resource estimation (MRE), following the successful completion of Phase 1 p-XRF assaying. This MRE is estimated across approximately 40% of the known strike length of mineralisation. The 2018 interim MRE represents a significant increase to the existing JORC 2004 resource (see announcement dated 29 August 2013). Protean Energy Ltd owns 50% of Stonehenge Korea Ltd (SHK), which in turn owns 100% of Stonehenge Korea Inc, the operator of the tenements in the Daejon region that contain uranium and vanadium Mineral Resources. In 2011, SHK completed a Mineral Resource estimate (MRE) at the Daejon uranium project, using historical eU3O8 data. To date, only non-destructive testing methods have been permitted for the core stored at KIGAM. In 2013, SHK drilled five diamond drillholes which were assayed for, amongst other elements, uranium and vanadium. This provided additional data for an update for the uranium MRE, and a maiden vanadium MRE in a restricted area around the 2013 drilling.

Source: RSC Resources Reporting Intelligence

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