Technology Metals Australia Limited announced the results of testwork designed to generate a titanium by-product from the tails stream of the magnetic concentrate testwork of two large sample masses of fresh massive magnetite composites from the Yarrabubba Iron- Vanadium Project ("Yarrabubba Project"). Simple gravity separation followed by magnetic separation (WHIMS) has confirmed the opportunity to produce a titanium by-product ("Yarrabubba Ilmenite Product" or "YIP1") containing 46 to 47% TiO2. Assessment by independent titanium industry leading consultants TZMI confirms YIP1 as an attractive blend feedstock for sulfate pigment producers due to its low levels of generally common deleterious elements, including very low Fe2O3. The Yarrabubba Iron-Vanadium Project, located on granted Mining Lease M51/884, hosts an Indicated and Inferred Mineral Resource estimate ("MRE") of 27.7Mt at 38.7% Fe and 0.9% V2O5 including a high grade massive magnetite zone of 14.4Mt at 48.1% Fe and 1.1% V2O5. CSA Global previously prepared a Maiden Probable Ore Reserve estimate for M51/884 of 9.4Mt at 45.3% Fe and 0.97% V2O5, which includes a large proportion of the high grade massive magnetite unit. The Ore Reserve consists of only fresh mineralisation, which commences from 10 to 15m below surface, delivering higher yielding fresh ore close to surface. Metallurgical testwork using Low Intensity Magnetic Separation ("LIMS") on two fresh massive magnetite composite samples from PQ diamond drill hole material (300kg of MASFR1 and 90kg of MASFR2) delivered a product containing up to 64.3% Fe and 1.65% V2O5 for MASFR1 and up to 62.6% Fe and 1.56% V2O5 for MASFR2 at a 125 micron grind size following staged milling. Mass recoveries for these samples were 65.4% and 71.3% with very low levels of deleterious elements, generating a premium high grade, high purity iron-vanadium concentrate. Earlier sighter metallurgical testwork, consisting of LIMS on seven (7) representative composite samples, generated a weighted average grade of 62.8% Fe and 1.66% V2O5 with an overall mass recovery of 49.6% at a grind size of 75 microns. Testwork is continuing to optimise the Yarrabubba titanium by-product and refine the flowsheet for the titanium separation circuit. The non-magnetic tails stream contains elevated base metals, cobalt, copper and nickel. Sighter flotation testwork has been completed on a range of Composite 2 cleaner table gravity concentrates, indicating the potential to remove between 57.5 and 97.7% of the sulphur from these concentrates without significant TiO2 loss (0.2 to 0.8%). The assessment of the YIP1 ilmenite product completed by TZMI indicates that China would be the preferential market for the product given its large scale of sulfate pigment production, with sulfate ilmenite demand for sulfate pigment end-use estimated at 2.9 million TiO2 units in 2020. Target customers are the large pigment producers located along the Chinese eastern seaboard who currently use a blend of domestic Chinese ilmenite and imported ilmenite feedstock. The YIP1 ilmenite product is considered an ideal blend feedstock for some of these pigment producers. Representative samples of the Yarrabubba titanium by-product will be provided to a range of prospective customers when available to facilitate the commencement of discussions regarding product offtake.