Vanadium Resources Appoints Isabel Geldenhuys to Lead V-Iron Plant Scoping Study

Vanadium Resources Appoints Leading Pyrometallurgist as V-Iron Plant Scoping Study Advances

Vanadium Resources appoints Isabel Geldenhuys for V-Iron Plant scoping study work, bringing one of Southern Africa's most experienced vanadium-bearing titaniferous magnetite (VTM) smelting specialists into the Company's process design team. Ms Geldenhuys joins as Consulting Engineer and Head of Pyrometallurgical Process Design. According to the ASX announcement dated 29 July 2026, the appointment supports VR8's Accelerated V-Iron Plant Scoping Study, which the Company is targeting for completion by the end of September 2026.

The appointment comes as VR8 progresses its Steelpoortdrift Project in South Africa's Bushveld Complex towards a co-production development model, under which ore would be smelted to generate both pig iron and vanadium-bearing slag. This is described in the announcement as the dominant vanadium production approach used by producers in China and Russia.

Why This Appointment Matters to the Process Design Pathway

Ms Geldenhuys brings approximately 30 years of pyrometallurgical and mineral processing experience, including a 25-year tenure at Mintek, South Africa's national mineral research organisation, where she held the position of Manager of Pyrometallurgy — the senior leadership role within that division.

Her academic and professional background is directly relevant to the technical challenge at Steelpoortdrift. Key credentials cited in the announcement include:

• A Master of Engineering in Extractive Metallurgy (cum laude) from Stellenbosch University and a Bachelor of Engineering in Chemical Engineering from the University of Pretoria
• Master's research specifically focused on the feasibility of fluxless smelting of titaniferous magnetite ore in a pilot-scale open-arc direct current (DC) furnace, the same ore type present at Steelpoortdrift
• Leadership of more than 20 large-scale pilot and demonstration smelting campaigns, including DC arc furnace work on titaniferous magnetite ores
• Status as a Fellow of the Southern African Institute of Mining and Metallurgy (SAIMM), having served as SAIMM President in 2021/2022
• Authorship of more than 80 technical reports and peer-reviewed publications, including a 2026 technical article on pilot-scale DC electric smelting for sustainable iron production

Furthermore, since March 2021, Ms Geldenhuys has operated as an independent consulting metallurgist, advising mining and metallurgical clients across Southern Africa, Europe, Australia and Canada.

Executive Chairman Jurie Wessels commented: "To build a world-class V-Iron Plant, you need world-class people. With 25 years of hands-on process leadership at Mintek, Isabel brings rare and directly relevant expertise at a critical point in our development. South Africa has a proud heritage in VTM co-production and Bushveld Complex ore smelting, and Isabel is a recognised thought leader in this field. She is the right person to lead our process design and the Scoping Study."

What the Accelerated Scoping Study Aims to Deliver

The Accelerated V-Iron Plant Scoping Study is targeted for completion by the end of September 2026. According to the announcement, its purpose is to set out a preliminary technical and economic case for co-producing vanadium-bearing slag and pig iron from Steelpoortdrift ore, drawing directly on process design work led by Ms Geldenhuys.

VR8 states that the study will build on a substantial body of prior technical work, which the Company anticipates will reduce the time and cost required to reach a credible preliminary result.

The Scoping Study is expected to provide early financial metrics associated with the co-production model, consequently giving investors and prospective strategic partners an initial quantitative framework for the V-Iron Plant.

Ms Isabel Geldenhuys said: "The ore characteristics at Steelpoortdrift present a compelling opportunity to apply the best available technology to the co-production of a vanadium-bearing slag and pig iron. My immediate focus is to establish a technically robust process design basis, one that tests the credible routes properly against the ore and against the advantages of a brownfield location."

Understanding the Co-Production Model

What Is VTM Co-Production?

VTM ore contains vanadium, iron and titanium in combination. In the co-production model, ore is smelted in an electric arc furnace to simultaneously generate two saleable products: pig iron, a crude iron product used as steelmaking feedstock, and vanadium-bearing slag, which is subsequently processed to extract vanadium. This is the model described in the announcement as underpinning vanadium production in China and Russia.

Why Does This Matter to Investors?

A conventional leach-based route processes ore chemically to produce vanadium as the sole primary output, creating direct exposure to vanadium price movements. The co-production model is presented as addressing this exposure in several ways:

1. Dual revenue streams — pig iron sales can offset operating costs, potentially reducing the vanadium price required for the project to break even
2. Scale economics — co-production may allow for larger ore throughput, which can improve unit cost outcomes
3. Price volatility buffer — CEO Nick Diack noted that iron revenue can help "insulate" project economics from vanadium price swings that have affected other operations historically

Glossary of Key Terms

• VTM (Vanadium-Bearing Titaniferous Magnetite): Iron ore containing vanadium and titanium, found in significant quantities within the Bushveld Complex
• Pig Iron: A crude iron product produced by smelting, used as a feedstock in steelmaking
• Vanadium-Bearing Slag: A smelting by-product rich in vanadium, further processed to produce vanadium pentoxide or ferrovanadium
• DC Arc Furnace: An electric smelting furnace using direct current, applied to titaniferous magnetite ores due to its ability to handle high-viscosity slags
• Scoping Study: A preliminary-level technical and economic assessment used to gauge the potential viability of a development concept
• DFS (Definitive Feasibility Study): A detailed, bankable-level study used to support financing and investment decisions

Steelpoortdrift: The Asset Behind the V-Iron Plant

The V-Iron Plant is intended to process ore from the Steelpoortdrift Project, a large-scale vanadium deposit located in South Africa's Bushveld Complex.

Mineral Resource Estimate (as at 30 April 2022)

Ore Reserve Estimate (as at 30 September 2022)

According to the announcement, the Ore Reserve supports a 25-year mine life, with 39% classified in the Proved category and no Inferred Mineral Resources included in the reserve estimate. VR8 holds an 86.49% interest in VanRes, the entity that holds the Steelpoortdrift resource.

Commercial and Financial Strategy Alongside the Technical Work

The process design work led by Ms Geldenhuys is running alongside a broader commercial and financing effort.

Offtake arrangements: VR8 holds a non-binding offtake term sheet with U.S. Vanadium (USV) covering 100% of its planned vanadium-bearing slag output. Negotiations are continuing towards a potentially binding definitive agreement, as first disclosed in VR8's 28 April 2026 ASX announcement.

Financial advisory role: Rand Merchant Bank (RMB) continues to act as VR8's exclusive financial adviser and capital sourcing agent. The announcement states that RMB is supporting engagement with a range of potential financing counterparties, including U.S. government-aligned Development Finance Institutions, EU Critical Raw Materials Global Gateway partners, and non-governmental strategic investors.

Shareholder considerations: VR8's stated objective is to pursue funding pathways that minimise dilution and preserve shareholder exposure to the Steelpoortdrift Project, through an integrated offtake and financing package rather than conventional equity raises.

CEO Nick Diack noted: "With RMB as financial advisor, a non-binding offtake with U.S. Vanadium for 100% of our vanadium-bearing slag and Isabel leading process design, VR8 is well on its way to delivering strategic, integrated vanadium production for Western markets."

Upcoming Milestones

According to the announcement, the findings of the Scoping Study are expected to support VR8's ongoing engagement with strategic parties, providing a preliminary economic basis for further financing discussions.

Considerations for Investors Monitoring VR8

Several factors are relevant to how investors may view this development. In particular, the following points stand out:

• Technical expertise now sits at the process design level. Ms Geldenhuys's appointment adds specialist VTM smelting experience directly applicable to the ore type at Steelpoortdrift.
• A defined near-term catalyst is in place. The September 2026 target for the Scoping Study gives investors a specific date to monitor for the first quantitative view of V-Iron Plant economics.
• The resource base is well established. With a Mineral Resource of 680.13 Mt at 0.70% V2O5 and an Ore Reserve of 76.86 Mt at 0.72% V2O5, Steelpoortdrift is described as a large-scale, well-characterised deposit supporting a 25-year mine life.
• The co-production process is used elsewhere internationally. The VTM co-production flowsheet referenced in the announcement is described as internationally established and applied by producers in China and Russia.
• Commercial discussions are proceeding in parallel with technical work. The non-binding USV offtake term sheet and ongoing engagement with financing counterparties, facilitated by RMB, are running alongside the Scoping Study process.

Key Takeaway

Vanadium Resources appoints Isabel Geldenhuys for V-Iron Plant scoping study leadership, bringing specialist pyrometallurgical experience with direct VTM smelting relevance to the proposed development. The Accelerated Scoping Study remains targeted for completion by the end of September 2026. The Company continues to progress a non-binding offtake term sheet with U.S. Vanadium and financing discussions facilitated by Rand Merchant Bank, alongside the ongoing technical work at Steelpoortdrift.

Want to Learn More About Vanadium Resources and the Steelpoortdrift Project?

With a world-class pyrometallurgist now leading process design, a 680Mt resource base, and an Accelerated V-Iron Plant Scoping Study targeted for completion by September 2026, Vanadium Resources (ASX: VR8) is advancing toward a critical near-term milestone. To explore the full scope of the Steelpoortdrift Project, the co-production development model, and VR8's broader commercial and financing strategy, visit the company's official website at vr8.global.