Neometals Ltd. announced that it has entered into a Memorandum of Understanding ("MOU") with leading Chinese titanium slag producer, Jiuxing Titanium Materials (Liaonging) Co. Ltd, ("Jiuxing"). Innovative project development company, Neometals Ltd. announced that it has entered into a Memorandum of Understanding with leading Chinese titanium slag producer, Jiuxing Titanium Materials (Liaonging) Co. Ltd, ("Jiuxing"). Jiuxing is the large chloride titanium slag production company in north eastern China and has an approximate 12% share of the total Chinese chloride slag market. Jiuxing has been operating since 2008 and is the strategic partner and chloridegrade supplier to leading chloridegrade titanium pigment producers including CITIC Titanium Industry Co. Ltd. and China BaoTi Huashen Titanium Industry Co. Ltd. The MOU contemplates Neometals supplying a mixed gravity concentrate or separate ilmenite and iron vanadium concentrate from Barrambie to Jiuxing. Neometals will mine a bulk sample from Barrambie and deliver approximately 100 tonnes of mixed concentrate to Jiuxing for commercial scale batch smelting in its titanium smelter in the December Quarter 2021. Separately, Neometals will downstream process mixed concentrates to produce separate ilmenite and ironvanadium concentrates to advance potential customer relationships for the balance of planned production. Following satisfactory completion of Jiuxing's testing and technical due diligence, the MOU contemplates the parties negotiating and entering into a binding formal offtake agreement for the supply of 800,000 dtpa of mixed gravity concentrate or 500,000 dtpa of ilmenite and 275,000 dtpa of iron vanadium concentrate, on a takeorpay basis for a period of 5 years from first production. The MOU sets out Jiuxing's desired specifications of both the mixed and individual concentrates, and pricing will be benchmarked to published market prices subject to a price floor which is based on actual delivered cost plus a margin. The parties are targeting execution of binding formal agreements in the first quarter of 2022.