Date: Sep 17, 2018

One of the highest-grade graphite deposits in the world with grades up to 28% total graphitic carbon.

Mustang Resources Ltd (ASX:MUS) is fast-tracking its world-class Caula Vanadium-Graphite Project in Mozambique, with the first cash flows targeted for H2 of 2019 from trial mining operations.

Caula represents a unique opportunity for the supply of two critical raw materials (graphite & vanadium) which are needed for the storage of energy (lithium-ion batteries & vanadium redox flow batteries), next-generation building materials (expandable graphite) and earthquake-resistant steel-rebar (vanadium as alloy).

The Caula project hosts a resource of 22 million tonnes at 0.37% vanadium pentoxide (V2O5) and 13.4% TGC (total graphitic carbon) for 81,600 tonnes of V2O5 and 2.93 million tonnes of contained graphite.

Mustang recently completed its feasibility study drilling program on the Caula Vanadium-Graphite Project.

Mineralisation was intersected in all 34 holes and visible graphite and vanadium were visually encountered outside the current JORC resource boundaries to the east, west and south.

The strike has increased to over 850 metres from 540 metres, and the true width has nearly doubled to 430 metres, from 230 metres.

On track for cash flow in December half of 2019

A two-phased development for Caula is being modelled, based on the measured resource for both graphite and vanadium.

Mustang is on track to generate its first cash flow from Caula in the December half of 2019 through the implementation of a phase I trial mining and processing operation.

The scale and economics of this operation will be defined in the scoping study, which is due by October 5, 2018.

Graphite for an electric future

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