Neometals Ltd. announced the completion of an Association for the Advancement of Cost Engineering Class 4 Preliminary-Feasibility Study on the recovery of high-purity vanadium pentoxide from high-grade vanadium-bearing steel by-product. The PFS was completed with assistance from leading consulting engineers Hatch Pty Ltd. As announced on the 6th April 2020, Neometals has the right, subject to funding certain evaluation studies, to enter into a 50:50 incorporated joint venture ("JV") to develop a vanadium recovery project with unlisted Scandinavian mineral development company, Critical Metals Ltd. ("Critical") ("Vanadium Recovery Project"). The parties are jointly evaluating the feasibility of constructing a facility to process and recover high-grade vanadium chemicals from vanadium-bearing steel making by-product generated by SSAB EMEA AB and SSAB Europe Oy (collectively "SSAB") in Scandinavia. Neometals is Critical's large shareholder, holding approximately 19.8% of its issued capital. Neometals is extremely encouraged by the outcomes of the PFS which highlights robust economic margins with a first quartile NEOMETALS STRENGTHENS BOARD AHEAD OF DEMERGER position on the operating cost curve. The PFS supports Neometals' strategy to pivot towards more sustainable materials recovery and recycling projects to complement its upstream mineral projects. Given the positive results from the PFS, Neometals is funding the next stage of evaluation studies, comprising completion of a pilot plant ("Pilot") before commencing a Class 3 AACE Feasibility Study ("FS"). Critical will advance government and environmental approvals for the Vanadium Recovery Project and manage the SSAB relationship. The development scenario for this PFS is characterised by: Greenfields development starting with a cleared industrial site at Tahkoluoto Port, Pori in Finland; Plant with a throughput capacity of 200,000tpa; Feedstock comprising steel by-product Slag with a grade of 3.93% V2O5 (being the reference grade for pricing under the Slag Supply Agreement); The proprietary process flowsheet was developed by Neometals with assistance from an independent metallurgical laboratory. The process, for which a provisional patent has been applied for, is based on conventional equipment and configuration, employing novel chemistry, operated at atmospheric pressure and mild temperatures. The pregnant leach solution ("PLS") is then separated from the solid leach residue. Further extraction and purification of PLS results in the recovery of vanadium which is further processed through into vanadium pentoxide. For the purpose of cost estimation Pori, Finland is the selected location with plant offices, administration, ablutions facilities and a laboratory included in the scope. The PFS includes tie-ins for water, electricity, district heating and natural gas, which are all available near the site boundary. Critical and the City of Pori have formalised a memorandum of understanding which sets out the framework under which the parties will work together for the granting of tenure and permits required for the successful establishment of the proposed vanadium recovery processing plant on a `build-ready' 20 hectare site at the Tahkoluoto Port, Pori in Finland. Neometals prepared a comprehensive discounted cash flow analysis to provide an indication of the potential of the Vanadium Recovery Project. The analysis makes the following assumptions: No allowance was made for tax; No allowance was made for inflation; NPV is calculated against the full capital cost of process plant and does not allow for debt or any other type of funding of the project. Additional important economic and technical assumption inputs are summarised below: Overall metallurgical recovery of V2O5 is based on results from the Mini Pilot Plant and is 77.5%.; Pricing of V2O5 based on USD 10.19/lb (flat long-term forecast); World vanadium supply is dominated by China, Russia, and South Africa. With the inherent advantages that come with Slag as a feedstock (low cost and no mining risk) and the competitive operating cost position driven by Neometals' development of a patent pending hydrometallurgical process, Neometals believes the Vanadium Recovery Project is extremely well positioned to service European and North American markets with zero carbon vanadium.