Tando Resources announced further outstanding concentrate results which support its strategy to aggressively pursue a near-term cashflow opportunity at its SPD Vanadium Project in South Africa. The latest results continue to show that vanadium concentrate grading well over 2% V2O5 can be produced by simple magnetic separation to high-grade samples (>1% V2O5 unprocessed) from SPD. The concentrate analysis is high quality with low levels of silica and alumina. Concentrate samples, along with specifications, have been provided to potential offtake partners for their review. The results are important because the Mineral Resource at SPD (588 million tonnes at a whole rock grade of 0.78% V2O5) contains a high-grade zone of 87Mt at 1.07% V2O5. This high-grade zone is the focus of the current engineering and metallurgical studies with a view to selectively mining it and producing a concentrate as a low-cost, early-cashflow operation. Concentrate was generated from mineralised drill samples from Tando's phase 1 drilling by Davis Tube, which separates magnetic material from non-magnetic material. Both the magnetic and non magnetic fraction were then analysed by XRF. Samples were taken from mineralised intervals with whole rock vanadium contents above 0.5% V2O5. Further samples have been submitted for Davis Tube analysis. The mass recovery expressed above refers to the weight of magnetic material recovered as a percentage of the total sample weight. The higher the mass recovery, the less material is required to be processed to achieve a production target and the less waste needs to be disposed of or stored. Metallurgical testwork is in progress on wide diameter core samples from Tando's 2018 drilling programme, aiming to replicate these results on a larger, process plant scale. Low intensity and moderate intensity magnetic separation have been completed on dry and wet samples. Results from this work will be fed into Tando's Scoping Study, which is progressing at pace. The SPD Vanadium Project has an Inferred Mineral Resource of 588 million tonnes at a whole rock grade of 0.78% V2O5. The Mineral Resource includes a high grade zone of 87 million tonnes at 1.07% V2O5 which is the focus of the current engineering and metallurgical studies. The Phase 2 infill drilling programme at the SPD Project was completed in December 2018 with Tando drilling a total of 83 holes for 6,002 metres in 2018. Samples from the diamond core holes in the Phase 2 drilling programme are being processed and delivered to the laboratory for analysis, with results from these samples to be used to update the Mineral Resource for the SPD Vanadium Project later in the first quarter of 2019. This updated Mineral Resource should contain a high proportion of material in the Indicated category if assay results for Phase 2 are consistent with adjacent holes. In addition, the increased detail from the infill drilling will enable the higher-grade massive magnetite layers to be better delineated, increasing the potential for selective mining to meet offtake specifications. The company is fully funded for the forthcoming resource work as well as the metallurgical and mining studies which will follow.