Technology Metals Australia Limited announced magnetic concentrate testwork results from the massive magnetite unit at the Yarrabubba Iron-Vanadium Project a satellite project to the Gabanintha Vanadium Project. Initial batches of magnetic separation testwork have identified the opportunity to produce a high grade, high purity iron-vanadium concentrate containing up to 66.3% Fe and 1.73% V2O5, with scope to meet the premium Platts 65 product specifications. The Company is also pleased to announce that it has entered into a non-binding Letter of Intent with Sinosteel Australia Pty Ltd. with regard to negotiating a life-of-mine offtake agreement over the Yarrabubba High Grade Iron-Vanadium product and an Engineering, Procurement and Construction contract with Sinosteel's affiliate Sinosteel Equipment & Engineering Co. Ltd. The Yarrabubba Iron-Vanadium Project (formerly Southern Tenement), located on granted Mining Lease M51/884, is a satellite project to the globally significant GVP, a lowest cost quartile, large scale, long life World class vanadium development project. Note that the Yarrabubba Project was not included in the GVP DFS. Previously reported Davis Tube Recovery testing, an effective proxy for Low Intensity Magnetic Separation undertaken on RC samples from the Yarrabubba Project highlighted an average iron grade of 60.5% and V2O5 grade of 1.50% across all material types at the 250 micron grind size, with an average mass recovery of 59.1%. This work also confirmed very high mass recovery to a magnetic concentrate for fresh massive magnetite samples, with an average of 72%. The Company has now commenced a program of LIMS testwork on seven composite samples formed from the PQ diamond drill holes; two massive fresh composites, three hangingwall fresh composites, one footwall fresh composite and one transitional composite, to verify the DTR results and assess iron and vanadium grades and recoveries at a range of grind sizes. Each composite has been milled down to eight (8) different grind sizes, ranging from 1,000 micron down to 32 micron, with each size passed through triple pass LIMS at 1200 Gauss. Assay results have now been received for the two massive fresh composites, confirming scope to produce a high grade, high purity iron-vanadium magnetite concentrate, with up to 66.3% Fe at 80.6% recovery and 1.73% V2O5 at 90% recovery for massive fresh one (MASFR1) at a 32 micron grind size. The average results for the two massive fresh composites at a 32 micron grind size are 64.9% Fe, 1.66% V2O5, 6.04% TiO2, 0.18% SiO2 and 0.99% Al2O3. Assay results for the range of grind sizes for MASFR1 and MASFR2 respectively, confirming very high recoveries of iron and vanadium ranging from 80.6 to 93.7% and 90.0 to 96.6% respectively. The LIMS testing of the two massive fresh composites showed clear potential to discriminate between vanadiferous iron (V+Fe) phases and titanium (TiO2) containing phases across the range of grind sizes, with the majority of TiO2 rejected to the non-magnetic tails stream. Testwork is progressing on the five remaining composite samples, with assay results for these composites expected in the coming weeks. The data from the seven composites will provide a guide to the optimum blend of material types to deliver a consistent premium iron ­ vanadium product from the Yarrabubba Project. Further testwork is underway assessing the alteration in mineralogy that has led to these outstanding results and investigation of the components of the non magnetic tails stream. The Yarrabubba Project's high grade massive magnetite unit hosts an Indicated and Inferred mineral resource estimate of 14.4Mt at 48.1% Fe and 1.1% V2O5, within the overall Yarrabubba Project Indicated and Inferred MRE of 27.7Mt at 38.7% Fe and 0.9% V2O5. The Yarrabubba Project's Indicated MRE stands at 9.6Mt at 45.3% Fe and 1.0% V 2O5 and includes a large proportion of the high grade massive magnetite unit. This material consists of only fresh mineralisation as informed by Davis Tube Recovery testwork, with fresh ore commencing from 10 to 15m below surface. The predominantly transitional material and minor oxide above these depths is classified as Inferred.