Vanadium Resources Ltd. announced that it has received approval from the South African Government to receive transfer of an interest of 23.95% in the Project, thereby increasing the company's interest in the Steelpoortdrift Project to 73.95%. The increase in ownership comes at no cost to the company, given all consideration shares for the acquisition of the asset were issued in September 2019. The significance of the ownership increase for the company on the base case project metrics from its Pre-Feasibility Study (PFS).

A Definitive Feasibility Study (DFS) is underway at the Project to undertake mining operations and to construct a concentrator and salt roast plant, potentially capable of initially producing 12,500tpa of V2O5 flake at an estimated capex of USD 200 million. The DFS is expected to be completed by the third quarter of 2022, and will potentially enable the Company to raise the requisite construction finance and to commence with exploitation and processing operations soon afterwards.