for personal use only - asx2008/10/28 · for personal use only ryans notes, tucson october 2008...

Windimurra Vanadium Ltd ABN 65 009 131 533 MidWest Vanadium Pty Ltd ABN 65 113 874 712

Level 4, 76 Kings Park Road, West Perth, Western Australia 6005 Tel: +61 8 9423 1900 Fax: +61 8 9423 1999

28 October 2008

Company Announcements Office

Australian Stock Exchange Limited

Exchange Plaza

Sherwood Court

PERTH WA 6000

Dear Sir / Madam

RYAN’S NOTES PRESENTATION

Please find attached a power point presentation just delivered by Michael Tamlin, the Company’s General Manager, Marketing, at the Ryan’s Notes conference in Tucson, Arizona. Yours faithfully WINDIMURRA VANADIUM LIMITED

MATTHEW LILLY Company Secretary

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Vanadium is our business

The Return of Windimurra

Ryans Notes, Tucson October 2008

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Disclaimer

This presentation should not be relied upon as a representation of any matter that a potential investor or their adviser should consider in evaluating the Company. Potential investors must make their own independent assessment and investigation of the matter contained herein and should not rely on any statement or the adequacy or accuracy of the information provided. The Company and its related bodies corporate or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to or endorsement of the Company, the accuracy or completeness of any information, statements or representations contained in the presentation, and they do not accept any liability whatsoever (including in negligence) for any information, representation or statement made in or omitted from this presentation.

This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward looking statements. The Company makes no representation or warranty, express or implied, as to or endorsement of the accuracy or completeness of any information, statements or representations contained in this presentation with respect to the Company.

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Windimurra Vanadium Mine

Proven process technology

Low cost producer

Floor price - security

Funding in place

Power, gas - secure

Guaranteed Off-take,Noble Group

Expansion potentialFor

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High quality ferrovanadium

Independent and reliable producer

ASX-listed company (ASX:WVL)

Australia - low risk business environment

Experienced management and technical staff

Customer service – Noble Group worldwide distributor

Reliable supply chain to consumers world-wide

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Ferrovanadium 80 in 2009

Huge resource – 20+ years production

Mine 4m tpa ore

Mill 1m tpa vanadium mineral concentrate

Smelt 5,700 t contained vanadium

Fully integrated from mine to ferrovanadium

On site power generation – reliable production

Production in Q1 2009

Expansion to grow with our consumersFor

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Proven Process Technology

VANADIUM

Vanadium Mineral Concentration

Vanadium Extraction and Refining

Ferrovanadium Smelting

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Windimurra is nearly built

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Risk Mitigation

Funding in place

Key approvals are in place - mining, native title and environmental

Supportive major shareholders

Operating costs secured

70% are in fixed price contracts

100% hedged for 3 years

Floor price secures several years’ operations

Proven design - three years’ operating dataFor

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Vanadium is our businessSources: Windimurra internal, CRU Strategies

The Market is ready for Windimurra

50,000

55,000

60,000

65,000

70,000

75,000

80,000

85,000

2005 2006 2007 2008 2009 2010 2011

Annual Vanadium Supply

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ad

ium

Vanadium

Dem

and

Windimurra

Windimurra

50,000

55,000

60,000

65,000

70,000

75,000

80,000

85,000

2005 2006 2007 2008 2009 2010 2011

Annual Vanadium Supply

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ium

Vanadium

Dem

and

Windimurra

Windimurra

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5 year horizon for other new sources

Suitable resource is essential

Access to capital

High capital cost - c$500m

Capital markets are very restricted

Cost of capital is high

Risk averse capital – vanadium viewed as risky and opaque market

Statutory approvals process

Extensive resource definition and metallurgical testing is required

Supply issues - equipment, energy and reagents

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Windimurra – a Vast Vanadium Resource

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Windimurra is here to stay

Funded project, construction 80% complete

Low cost producer

20+ years with expansion potential

Backed by Noble Group Off take

Proven process technology, secure power

supply

No, new vanadium supply is needed

Is it real?

Will it last?

For how long?

Will it work?

Is it too much?For

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we’re very hands-on


Thank you for your attention

Quality ~ Reliability ~ Service

Contact: [email protected] [email protected]

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for personal use only - asx2008/10/28 · for personal use only ryans notes, tucson october 2008...

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