Protean, via its 50% interest in Stonehenge Korea Ltd (SHK) is advancing a unique suite of vanadium/uranium projects in Korea

Daejon (22.8km2) is Protean's flagship asset with further exploration ground held at Miwon (16.6km2) and Gwesan (24.8km2). Daejon is a unique sediment hosted shale/slate bed vanadium project which has the potential to produce high purity vanadium pentoxide (V2O5). Approximately 5% of vanadium mineral occurrences are sediment hosted and 95% are magnetite hosted (as discovered in Western Australia, South Africa etc.)

The project has access to 36,000m of historical untested drill core which was drilled by the Korean Government in the 1970's and early 1980's. The drill core was not systematically assayed for Vanadium. Protean is currently undertaking non-destructive pXRF testing of mineralised sections of the core.

As at June 2018, the interim vanadium/uranium Mineral Resource estimated across 40% of the known Daejon mineralisation strike length, representing a significant increase to the existing vanadium 2013 mineral resource.

Combined Mineral Resource Estimate (JORC 2012) of 37.1 Mt @ 3,000ppm V2O5 (2,000ppm cut-off) and 120ppm U3O8 defined for a total of 248 Mlbs V2O5 and 10 Mlbs U3O8.

- Indicated 3.4 Mt @ 3,500ppm V2O5 and 150ppm U3O8
- Inferred 33.7 Mt @ 3,000ppm V2O5 and 120ppm U3O8

The Mineral Resource estimation follows the completion of Phase 1 of the comprehensive p-XRF calibration and assaying program being conducted at the Daejon deposit. Daejon shale hosted deposit similar in nature to the neighbouring Chinese "stone coal" deposits which display grades ranging from 0.13% V2O5 to 1% V2O5.

Stone coal vanadium deposits represent approximately 47% of the world vanadium production in 20171 and are the world's primary source for high purity V2O5 electrolyte used in electricity storage applications.

Chinese stone coal deposits are amenable to beneficiation processes including selective flotation and magnetic separation methods, which are successfully being used to achieve an average 300% upgrade2.

Protean is targeting the South Korean domestic vanadium market which totals 17 million pounds per annum via offtake supply agreements through our strategic Korean partner.
The Daejon Vanadium Project
The Daejon Vanadium Project is relatively unique among the majority of Vanadium deposits in the world as it is a sediment hosted deposit. Only around 5% of vanadium occurences are sediment hosted, with the vast majority being magnetite hosted, which is generally more difficult and costly to extract. Being sediment hosted, the Daejon vanadium is potentially well suited to produce high quality vanadium pentoxide (V2O5), which is a key precursor material required to produce the liquid electrolyte that powers a vanadium redox flow battery (VRFB).

The Company previously explored the Daejon vanadium project area for both uranium and vanadium, with this work culminating in the definition of both uranium and vanadium Mineral Resources. In 2012 and 2013, the Company undertook a significant body of work to understand the metallurgy and processing options for the deposit, primarily in pursuit of uranium to supply the Korean nuclear power sector. The encouraging results were outlined in a presentation to the Australian Uranium and Rare Earths Conference released to the ASX in July 2013.
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