Bauxite Offtake and Investment Framework Agreement

• Framework agreement signed with a major Chinese aluminium group
• Potential investment to cover a material component of Wuudagu project costs
• Anticipated bauxite product offtake of 2-3 million tonnes per annum

VBX Limited has signed a Bauxite Offtake and Investment Framework Agreement with a Hong Kong subsidiary of a major Chinese aluminium industry group. The agreement outlines the potential for the Chinese Group to provide investment for VBX to develop and operate a bauxite mining and export operation at Wuudagu. The Chinese Group may also purchase a mutually agreed amount of Wuudagu bauxite product, anticipated to be between 2 and 3 million tonnes per annum. The investment amount will be determined based on the results of the Definitive Feasibility Study and by mutual agreement. The framework agreement is subject to the negotiation and execution of full form agreements within 90 days of the completion of the DFS.