Technology Metals Australia : MTMP INTEGRATION STUDY PROGRESSING TO SCHEDULE

only	ASX Announcement
	15 March 2022
ACN: 612 531 389
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T: 08 6489 1600

F: 08 6489 1601

E: [e-mail]

S ite 9, 330 Churchill Avenue,

S biaco WA 6008

www.tmtlimited.com.au

personalDirectors Michael Fry:

Chairman

Ian Prentice:

Managing Director

Jacqueline Murray:

Director

Sonu Cheema:

Di ector and Company Secretary

Issued Capital

203,661,390 ("TMT") Fully Paid Ordinary Shares

20,513,167 - Unquoted Options - Forvarious exercise prices and dates

3,650,000 Performance Rights

ASX Code: TMT

RA Code: TN6

MTMP INTEGRATION STUDY PROGRESSING TO SCHEDULE

High vanadium recoveries up to 95% from Yarrabubba roast - leach testwork completed by FLSmidth - results consistent with the Gabanintha DFS.

Optimal grind size of 150 microns confirmed for Yarrabubba ore to maximise both vanadium and titanium recoveries.

Initial open pit mine scheduling across Gabanintha and Yarrabubba completed to provide clear guidance for the Integration Study.

Diamond drilling completed at Yarrabubba to collect a representative bulk sample and provide additional geotechnical data.

An integrated MTMP ore reserve estimate is being prepared based on the Global Measured and Indicated MRE1 of 50.2Mt @ 0.9% V2O5.

TMT is progressing downstream processing linked to production of high purity vanadium from MTMP, including vanadium electrolyte for vanadium redox flow batteries in Australia.

Vanadium prices have risen significantly this year (to >US$12/lb V2O5) with tightenting supply-demand exacerbated by the impacts of the Ukraine conflict.

The Board of Technology Metals Australia Limited (ASX: TMT)

(Technology Metals, or the Company) is pleased to provide an

update on progress of the Murchison Technology Metals Project ("MTMP") Integration Study, on schedule for mid 2022 delivery.

Work completed has confirmed roast - leach vanadium recoveries for Yarrabubba ore of 85% to 95%, definition of the optimal grind size to maximise both vanadium and titanium recoveries for Yarrabubba ore as well as initial open pit mine scheduling to provide clear guidance for the Integration Study. An integrated MTMP ore reserve estimate is being prepared to incorporate data from the latest testwork programs.

Managing Director Ian Prentice commented:

"We are very pleased with the results of work completed to date in support of the MTMP Integration Study, confirming our expectation that this study will enhance the economics of the Project, accelerating the delivery of the world's next large scale primary vanadium mine."

1 - ASX Announcement 10 Nov 2021 - 110% increase to Yarrabubba Indicated Mineral Resource

MTMP Integration Study on Track for Mid Year Delivery

Integrated MTMP - Strategic Rationale

The Murchison Technology Metals Project ("MTMP") consists of the Gabanintha Project ("Gabanintha") and the Yarrabubba Project ("Yarrabubba"), located to the south of Meekatharra in the mid west of onlyWestern Australia (see Figure 1). Gabanintha was the subject of a Definitive Feasibility Study as a stand- alone vanadium development project, delivering robust economics over an initial 16 year mine life. The satellite Yarrabubba deposit offers higher vanadium in concentrate grades (than Gabanintha) and the opportunity to produce a highly sought after titanium co-product, making it an attractive addition to

the MTMP.

The integration of Yarrabubba into the MTMP, and the resultant opportunity to enhance the economics of the project as well as accelerate the delivery of vanadium production, combined with the advanced stage of Gabanintha approvals, provides opportunities to actively progress offtake discussions with a

userange of counterparties across a range of industries and geographic jurisdictions.

The MTMP will be a long term, low cost stable producer of high purity vanadium, a critical mineral with a vital role to play in the efficient and effective deployment of renewable energy and reduction of emissions. The Project will also be a producer of the highly sought-after titanium by-product whilst mining and processing ore from Yarrabubba.

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Figure 1: MTMP Project Location - Gabanintha Project and Yarrabubba Project

Yarrabubba Metallurgical Testwork

Metallurgical testwork on Yarrabubba ore commenced in late 2021 to further assess its performance as feed for the MTMP vanadium processing circuit with a range of bench scale muffle furnace roast-leachonlysighter tests now completed. This work has been scaled up to batch kiln roast - leach testwork at FLSmidth's ("FLS") testing facility in Pennsylvania, based on a representative Yarrabubba magnetic

concentrate.

Batch kiln roast-leach testwork was completed at both 150 micron and 250 micron grind sizes, at a range of salt dosages and temperatures. This work has delivered high vanadium recoveries, ranging from ~85% to ~95%, confirming that the Yarrabubba ore achieves roast-leach recoveries consistent with the pilot scale roast - leach testwork completed for the Gabanintha DFS.

usepersonal Figure 2: FLSmidth Batch Kiln

The testwork concludes that vanadium is readily extractable from the Yarrabubba concentrates with a Forslight adjustment to the conditions developed for Gabanintha material. The work has indicated an optimal grind size of 150 microns will maximise both vanadium and titanium recovery from the

Yarrabubba ore.

A round of Davis Tube Recovery ("DTR") testwork at 150 micron is underway to provide data on mass recovery by magnetic separation. Vanadium is concentrated into the magnetic concentrate portion whereas the titanium is largely rejected into the non-magnetic portion which has potential for significant recoverable ilmenite before the remainder reports to the tailings stream. These DTR tests are being sourced from samples representative of both the strike of mineralisation and the stratigraphically stacked mineralised units at Yarrabubba. The data from this work will be used to inform the updated ore reserve estimate for the integrated MTMP.

Yarrabubba Titanium2

The non-magnetic waste stream component of the representative Yarrabubba composite that was tested by FLS is being used for further titanium separation (gravity) testwork to confirm the recovery of onlythe high value ilmenite by-product. It is envisaged that this work will generate sufficient volume of ilmenite product to provide further samples to prospective customers / end-users to enable commercial

off-take discussions to progress.

Previous testwork on non-magnetic tails from the fresh massive magnetite at Yarrabubba generated a quality Yarrabubba Ilmenite Product ("YIP1") containing up to 47% TiO2, typical of ilmenite from hard rock deposits. Assessment by industry leading consultants TZMI identified YIP1 as an attractive blend feedstock for pigment producers due to its low levels of deleterious elements, with an estimated medium term target price of US$140 - $180/tonne FOB (real 2020). This assessment was completed in early 2021,

usewith titanium prices appreciating significantly since due to tightness in supply.

The MTMP Integration Study will provide guidance on the expected volumes and timing of production of the ilmenite by-product from Yarrabubba.

Yarrabubba Diamond Drilling Program

The program of large diameter (PQ) diamond core drilling designed to collect a representative bulk sample for metallurgical testwork / customer sample generation was completed in late February. The

program consisted of 21 PQ diamond drill holes that were also designed to infill the southern and thicker personalportion of the Yarrabubba Mineral Resource Estimate ("MRE"), with the aim of upgrading a significant

portion of the current Indicated MRE to the highest confidence Measured mineral resource category.

Core cutting has been completed on site with all samples submitted for assay. Assay results will be reported in due course.

A representative bulk sample of Yarrabubba ore will be formed from this diamond core based on geological logging information and supporting assay data. This material will be used to complete large scale magnetic separation (beneficiation) testwork to generate magnetic concentrates for subsequent roast-leach testwork at FLS as well as provide sufficient non-magnetic material to conduct larger scale ilmenite recovery testwork. It will also enable sample for the confirmation testing of the vanadium leaching and downstream circuit based on the output from the roast-leach testwork at FLS.

Geotechnical Diamond Drilling

A program of geotechnical diamond drilling has been completed at Yarrabubba (5 holes) and Gabanintha North Pit (4 holes). This program was designed to provide additional data on the geotechnical parameters of the proposed open pit walls at both Gabanintha North Pit and Yarrabubba. The data will be used by the Company's mining consultants to optimise open pit design

Forparameters as part of the mine design to be incorporated into the MTMP Integration Study.

The updated mine designs will be used to support the updated ore reserve estimate for the integrated MTMP.

2 - ASX Announcement dated 13 April 2021 - Titanium Product Confirmed - Industry Experts Confirm Significant Revenue Scope

Figure 3: Yarrabubba 2022 Diamond Drilling Program Collar Location

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personalIntegrated MTMP Ore Reserve Estimate

An integrated MTMP ore reserve estimate is to be prepared based on the Global Measured and Indicated MRE of 50.2Mt @ 0.9% V2O5, which includes the updated Yarrabubba MRE published in November 2021. This updated ore reserve estimate will be informed by the recent Yarrabubba metallurgical data, incorporating DTR data from the current 150 micron testwork, roast - leach vanadium recovery data, titanium recovery testwork and other modifying factors.

The ore reserve estimate will be based on the updated mine designs incorporating geotechnical data collected from the recently completed diamond drilling program and an assessment of the open pit mine scheduling taking into account the optimal sequencing of ore sources across the MTMP. This work will be informed by an initial open pit mine scheduling exercise across Gabanintha and Yarrabubba which has been completed to provide clear scope for the MTMP Integration Study.

ForDownstream Processing Opportunities

TMT is progressing a range of workstreams in support of downstream processing opportunities in parallel with the delivery of the MTMP, linking the production of low cost high purity vanadium from the MTMP with value added industries in Australia. This strategy is highlighted by the recently announced expanded MOU with LE System ("LES")3, which provides the framework for TMT and LES to jointly undertake a Feasibility Study into the development of vanadium electrolyte production capacity in Australia, utilising vanadium product from the MTMP and LES' proprietary vanadium electrolyte technology. Vanadium electrolyte is the key component used in vanadium redox flow batteries ("VRFBs"), which are large scale stationary storage batteries used in conjunction with renewable energy sources and for grid stabilisation.

3 - ASX Announcement dated 21 January 2022 - Strengthening of Vanadium Electrolyte Technology Partnership, MOU with Global Vanadium Electrolyte Leader LE System Expanded and Extended