The Maracás Project is Vanadiferous Titano-Magnetite (VTM) deposit.

The NNE-striking, ~70° ESE-dipping Paleoproterozoic Rio Jacaré Intrusion occurs throughout the 40 km long Maracás Project exploration permits. Along the strike of the Rio Jacaré Intrusion within the property, several discrete deposits or areas containing vanadium-rich titanomagnetite bodies have been defined, namely the Gulçari A (Campbell) deposit, the Gulçari A North (GAN) deposit, Gulçari B deposit (currently part of GAN), the Sao Jose deposit (SJO), the Novo Amparo (NAO) deposit and the Novo Amparo North (NAN) deposit. Each of these deposits are located at various stratigraphic heights within the Rio Jacaré Intrusion, and thus occur within different cyclic units.

Within all deposits, mineralized bodies consist of magnetitite layers or magnetite pyroxenite layers formed as cyclic magmatic units associated with the surrounding gabbro. Typically, magnetiteenriched units have sharp magmatic contacts with units below and gradational contacts with the units above.

The Gulçari A deposit (also referred to Campbell Pit) is hosted in the lower parts of the Upper Zone of the Rio Jacaré Intrusion, between cyclic units C1 and C6, with magnetite mineralization hosted predominantly within the C3 unit. This C3 unit comprises medium to coarse-grained gabbro containing lenses of magnetitite, magnetite-pyroxenite and pyroxenite. These lenses are interpreted to pinch out along strike (i.e. in ........

The Maracás Vanadium Project is an open pit operation utilizing a contract mining fleet of hydraulic excavators, front-end loaders and 36 tonne haul trucks.

In January 2021 the Company completed feed rate improvements to the kiln resulting in a further increase in nameplate capacity from 1,000 tonnes per month to 1,100 tonnes per month. A new mining contractor (Minax) began work at the mine on May 1, 2021. The mine now has a new fleet of mining equipment which consists of eight hydraulic excavators equipped with a 3.5-5.16 m3 bucket and a total of 20 Volvo and 12 Scania 45-tonne capacity trucks and other auxiliary equipment. The contract drill fleet consists of six Sandvik Ranger DX800 rotary drill rigs.

The disposal of waste rock, and low grade mineralized material will be executed on an area close to the pit. The site shall be adequately prepared to include drainage at its base and channels to direct the flow of water with the aim of aiding geotechnical stability and mitigating the erosion of the stockpiled material.

The operation of this phase, in accordance with the ascending method, shall begin during the construction of the heap at the base of this area. Waste rock will be disposed by truck, which will then be uniformly distributed and leveled by an operator using a tractor. The procedure is then repeated, stacking another bank above the original one, while maintaining a ramp for the trucks to be able to access the area.

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