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Bushveld Minerals said ore reserves had more than doubled at its Vametco vanadium mine near Brits in South Africa.
Ore reserves had grown to 279,100 tonnes of V2O5 in magnetite, up from 137,152 tonnes.
The grade had increased by 3% to 2.02%.
Indicated resources had almost tripped to 965,900 tonnes of V2O5.
'Following a significant amount of exploration work, including drilling to greater depths, as well as a reinterpretation of the geological model to include the cut-off grade of the magnetite, we have been able to report a significant increase in ore reserves and grade from the 2017 estimate,' chief executive Fortune Mojapelo said.
'The conversion of additional indicated mineral resources to probable ore reserves, plus the larger pit shell, means we have added significant increased production life at Vametco.'
'In fact, even at the future expanded rates of production we have previously laid out, this mine will operate for decades into the future.'
At 1:56pm: (LON:BMN) Bushveld Minerals share price was -1p at 27.75p