Technology Metals Australia Limited provided an update on activities at, and in support of, its Yarrabubba Iron-Vanadium Project and Gabanintha Vanadium Project. Diamond drilling at Yarrabubba designed to generate a life of mine representative bulk sample for pilot scale testwork, resumed on 5 January 2021, with a second diamond drill rig starting on 11 January 2021. The drilling will also collect additional geotechnical data to support open pit design /ore reserve estimation work and to infill the Yarrabubba Mineral Resource. The program consists of up to 22 holes for 2,820m of mixed PQ and HQ sized diamond core and is expected to generate 6.0 tonnes to 7.0 tonnes of sample for metallurgical testwork. Drilling is due to conclude towards the end of January, with processing of the diamond drill core expected to continue through February. The Company has a non-binding Letter of Intent with Sinosteel Australia Pty Ltd. with regard to negotiating a life-of-mine offtake agreement over up to 1.5Mtpa of the premium Yarrabubba High Engagement with MECC has progressed with the parties entering into a co-operation agreement to enable the technical teams from both Companies to work together to advance the metallurgical testwork and flowsheet design to support the development and implementation of Yarrabubba. This direct engagement during the testwork phase has the benefit of Technology Metals receiving early technical input from MECC and for MECC to become familiar with the attractive characteristics of the Yarrabubba orebody. Grade Iron-Vanadium product and entering into an Engineering, Procurement and Construction contract with Sinosteel Equipment & Engineering Co. Ltd. A round of metallurgical testwork on two large, massive fresh composites from Yarrabubba, MASFR1 (300 kg) and MASFR2 (90 kg) commenced in December 2020. This testwork, designed to confirm the generation of the high grade, high purity iron-vanadium product from the magnetic beneficiation circuit and to further investigate the titanium separation from the non- magnetic tailings, is progressing with results from the magnetic separation testwork expected shortly. Titanium testwork and optimisation, following up on the initial preliminary and unoptimized sighter testwork1 that generated products with grades up to 48.5% TiO2 for MASFR1 and 48.4% TiO2 for MASFR2, is now underway following generation of the non-magnetic tailings. Results from this round of optimised testwork are expected to further enhance the titanium product as well as provide guidance on the expected product yields and will be reported as they become available. The Company has negotiated a twelve month extension to the previously announced 3,000Tpa V2O5 offtake Memorandum of Understanding ("MoU") with Shaanxi Fengyuan Vanadium Technology Development Co. Ltd. ("Fengyuan"). This extension is recognition of the attractiveness of the high purity Gabanintha V2O5 and reflects a high level of confidence from Fengyuan in the Company's overall project development strategy. This extension is also designed to ensure the parties can complete mutual due diligence and progress discussions on the draft offtake agreement in a period which is still very much impacted by the international travel restrictions imposed as part of the management of the COVID-19 pandemic.