Gibellini Vanadium Project

Gibellini is located near Eureka in Nevada's Battle Mountain region, the top mining investment destination per the Fraser Institute. The project received a positive EIS Record of Decision from the BLM in October 2023 and has multiple state permits. Covering 21 km, Gibellini holds 127 million pounds of measured and indicated V2O5, with 195 million pounds inferred. The project features an open-pit, heap-leach operation with a 0.2 strip ratio and over 60% recovery, targeting 99% pure V2O5 production. Water and sage credits are secured through a nearby 3,000-acre ranch.

Flying Nickel (To Be Renamed CleanTech Vanadium Mining Corp.)

Gibellini location

Nearby Eureka in south Battle Mountain in Nevada, #1 Mining Investment Destination by Fraser Institute

Gibellini size

Claims stretch 21km, V2O5 127M lbs Measured and Indicated, 195M lbs Inferred with (Gibellini 0.2 to 1)

Flying Nickel (To Be Renamed CleanTech Vanadium Mining Corp.)

Gibellini location   
Nearby Eureka in south Battle Mountain in Nevada, #1 Mining Investment Destination by Fraser Institute
Gibellini size   
Claims stretch 21km, V2O5 127M lbs Measured and Indicated, 195M lbs Inferred with (Gibellini 0.2 to 1)
Secured water and sage credits  
Own ranch (3000 acres, 3km from mine), 2km from Gibellini flow 4,000 gpm spring, developing, 2,500 sage grouse credits
Aim 1st North American vanadium mine  
Feasibility in preparation, update from PEA (2019), FS (2011)
Gold Exploration Potential  
Located near Eureka within Battle-Mountain trend, surrounded by McEwen, I80 and others
Experienced management  
Combined 150+ years of experience in operation, exploration, environmental permitting

Gibellini Permit

• Positive Record of Decision (ROD) received in October 2023 from Bureau of Land Management (BLM)
• Project planning, stakeholder engagement to minimize environmental impacts.
• Front loads Baseline Reports, Plan of Operations prior to Notice of Intent (NOI)
• Up-front coordination between State (NDEP) and Federal (NEPA) by submittal of state permit applications.
• 100% powered by renewable energy : 6MW of solar panels and a 10MW vanadium flow battery

Gibellini Resource

Note surface outcrop of ore formation and classic layering of oxide, transitional and primary ore indicative of hydrothermal

The Qualified Person for the estimate is Mr. Todd Wakefield, RM, SME of Mine Technical Services. The report by Wood Plc has an effective date of September 27, 2023. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Gibellini Mine Plan with Own Ranch

Water and Power Connection

 

HoleID	From (m)	To (m)	Meters	%V2O5
T-38	3.05	45.72	42.7	0.755
NG-47	28.96	39.62	10.7	1.005
NG-12	24.38	45.72	21.3	0.857

Gibellini - Why Gold?

• Geologic Potential - favorable lithologies (Devils Gate Formation and the Devonian section) outcrop and surface. Hydrothermal alteration at surface and at depth (from limited historic drilling) is widespread, occurring over a 20 km strike length along known structure
• Known Mineralization- limited historical sampling has intersected anomalous gold and pathfinder values in drill-holes. This includes a 0.4 ppm Au intercept in hole GIV-3. To date, only 16 holes drilled at Gibellini project have been assayed for gold and silver, showing potential for new discoveries
• Structural Setting - north-south striking structures similar to mineralized structures in the Eureka District where Carbonate Replacement Deposit (CRD). At the Gibellini mine, Manganese rich CRD style mineralization exists adjacent to the Vanadium mineralization.

Characteristics of Carlin Type Gold Deposits

• Paleozoic-age (limey/silty) formations known to host other gold deposits in the Battle Mtn-Eureka gold belt.
• The presence of the Roberts Mtn. thrust evidenced in other major deposits. Gold solutions concentrate below the thrust.
• The presence of Eocene volcanic rocks is same age as mineralization in the other major deposits and is evidence of the potential for a more deep-seated igneous “heat-engine” that drove the circulation of mineralized solutions.
• Limited geochemical sampling high in “indicator” elements.
• Oxidation of vanadium ore (extremely rare) is likely the result of exposure to hydrothermal fluids as oxidation pattern is analogous to hydrothermal alteration found in gold systems with oxidized ore found above water table (see cross section below).

Outcrop at Gibellini (does not contain but similar in host lithologies and alteration style to enriched ores at Gold Rush)

Gibellini - Bisoni South Zone

Favorable formations (silty, limey, carbonaceous rocks) outcrop in Bisoni zone - complex high-angle faulting

Gibellini Gold Exploration Program

Phase 1 - A field program includes:

• Systematic compilation of all existing gold data into the Company’s drillhole database
• Field Reconnaissance focused on identifying and mapping all potential gold-bearing formations and structures
• Property-wide rock outcrop and drainage sediment sampling
• Detailed mapping and soil sampling of newly identified follow-up areas
• Initial 3-D modelling of those areas with the goal of identifying gold drill-targets
• Geophysics as appropriate

Final Program Goal: Drill-Target Definition

“There is no reason not to assume as much gold still exists as has been mined in the past, but prospectors, explorationists, and geologists have found the easy gold.” Dr.Richard Goldfarb, Ph.D., United States Geologic Survey