Edison Report Retraction of Statements
Edison Report Retraction of Statements
Sydney, July 31, 2018 AEST (ABN Newswire) - Following discussions with the ASX regarding compliance with clause 51 of the JORC Code 2012 and Listing Rule 5.6, Mustang Resources Ltd ("Mustang", the "Company") (ASX:MUS) (OTCMKTS:MTTGF) hereby retracts the below statements made by Edison Investment Research Ltd ("Edison") regarding their "in-situ" peer group resource multiple valuation of the Caula Vanadium-Graphite project. Edison is an independent research company commissioned by Mustang to conduct research on the Company, for distribution to their global network. Edison published a report on Mustang dated 24 July 2018.

Retracted Statements:

"Based on applying peer-group in-situ resource multiples to Caula's 2,933kt of contained graphite (24 July 2018 resource update) and 81.6kt of contained vanadium (20 July 2018 maiden resource update), we would value the Caula graphite resource at US$27.5m (A$37.5m) and the vanadium resource at US$16.8m (A$22.9m) for a total valuation for Caula of US$44.2m (A$60.3m). This does not take into account any potential upside should further drilling continue to increase the scale of this project."

"On average, graphite exploration and development companies trade at a multiple of US$9.36 per tonne of in-situ graphite contained in measured and indicated resources while vanadium companies trade at an average of US$205.49/t per tonne of in-situ vanadium in measured resources.

Applying these multiples to Caula's graphite and vanadium resources respectively gives us a valuation for graphite of US$27.5m (A$37.5m), and for vanadium of US$16.8m (A$22.9m)."

Mustang has informed Edison of these discussions and requested that the report be updated and republished. Investors should not rely on the retracted information as a basis for an investment decision in relation to Mustang's shares.

Mustang Resources Managing Director Bernard Olivier Commented "Unfortunately some sections of the report by Edison, a globally recognised independent research company with more than 420 corporate clients and more than 1,000 published mining sector research reports, were not in strict compliance with clause 51 of the JORC Code 2012. Edison have confirmed that they will publish an updated note on their website shortly. Mustang remains encouraged by the exceptional recent results from the Caula Vanadium-Graphite Project in Mozambique and look forward to providing the market with an update on the project shortly."

About New Energy Minerals Ltd

New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed company focused on the mining and exploration of Vanadium and Graphite – two commodities critical for the 'New Energy Market'.

The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations.  New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.

New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.



Mustang Resources Limited
Managing Director:
Bernard Olivier
E: bernard@mustangresources.com.au
M: +61-4-08948-182
T: +27-66-4702-979

Jane Morgan Management
Media & Investor Relations:
Jane Morgan
T: + 61-405-555-618
E: jm@janemorganmanagement.com.au

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