Mustang Resources update on Caula Graphite-Vanadium Project

Date: Jun 28, 2018

Mustang Resources Ltd announced that outstanding results from further graphite metallurgical testwork at its Caula Graphite-Vanadium Project in Mozambique.

Key Points

1. The results of the metallurgical tests are considered truly outstanding because they have delivered a significant increase in flake size and a reduction in the costs of processing reagents

2. Modified and improved flowsheet design allows for integrated graphite and vanadium extraction

3. Cumulative proportion of large to super jumbo flakes (>180 m) increased from 44% to 60% for the combined Oxide zone while the Fresh zone increased from 55% to 68%

4. High concentrate grades of more than 97% Total Graphitic Carbon have been maintained in modified flowsheet

5. The tests were conducted on samples of oxide, transition and fresh material taken from the area of Caula drilled in 2017

6. Composites from borehole MODD015 were tested. This borehole is located in the middle of the 2017 boreholes

7. The excellent metallurgical results continue to demonstrate Caula’s potential to be a low-cost supplier to the expandable graphite and lithium battery industries

8. The results will now be incorporated into the Scoping Study which is well underway

Dr Bernard Olivier Managing Director of Mustang said that “These metallurgical results are outstanding and provide further evidence of the exceptional quality of the graphite at Caula. We managed to achieve an extraodinary 27% increase in the cumulative proportion of large to super jumbo flakes (>180?m) while maintaining our exceptional concentrate grade of 97%. The large to super jumbo flake-sizes in the fresh zone increased from 55% to 68% while the cumulative oxide zone increased from 44% to 60%.”

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