Neometals Ltd. announced the completion of an Association for the Advancement of Cost Engineering ("AACE") Class 4 Engineering Cost Study on the recovery of high-purity vanadium pentoxide ("V2O5") from high-grade vanadium-bearing steel by-product . As announced on 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 the project with unlisted Scandinavian mineral development company, Critical Metals Ltd. . 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 in Scandinavia. As part of these evaluation activities Neometals is in the process of finalising a pre-feasibility study ("PFS") which will include the findings from the Cost Study. Neometals is extremely encouraged by the outcomes of the Cost Study which confirm the potential for lowest quartile operating cost outcome of the original Scoping Study to a higher degree of accuracy (from -35% +50% to -20% +25%). The positive results from the Cost Study augur well for the financial metrics which will be released in the full PFS results expected to be released later this quarter.