110% INCREASE TO YARRABUBBA INDICATED MINERAL RESOURCE

TMT.AX

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ASX Announcement

10 November 2021

ACN: 612 531 389

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T: 08 6489 1600

F: 08 6489 1601

E: [email protected]

Suite 9, 330 Churchill Avenue,

Subiaco WA 6008

www.tmtlimited.com.au

Directors

Michael Fry:

Chairman

Ian Prentice:

Managing Director

Jacqueline Murray:

Director

Sonu Cheema:

Director and Company Secretary

Issued Capital

186,535,071

("TMT")

Fully

Paid

Ordinary Shares

personal

Unquoted

Options

6,313,167

exercisable at $0.25 on or before 15

June 2022

12,350,000 Unquoted Director and

Employee

Options

at

various

For

exercise prices and expiry dates 2,650,000 Performance Rights ASX Code: TMT

FRA Code: TN6

YARRABUBBA MINERAL RESOURCE ESTIMATE UPGRADE

110% INCREASE TO YARRABUBBA INDICATED

MINERAL RESOURCE ESTIMATE

Yarrabubba Mineral Resource Estimate grows by 32% to 36.6Mt at 0.8% V2O5.

Indicated Mineral Resource Estimate of 20.2Mt at 0.9% V2O5 at Yarrabubba, representing a 110% increase on the previous maiden Indicated Mineral Resource Estimate.

Upgrade includes high grade component of 19Mt at 1.1% V2O5, increasing the Murchison Technology Metals Project (MTMP) high grade component to 79.8Mt at 1.1% V2O5.

Global Measured and Indicated Mineral Resource Estimate for the MTMP increased by 27% to 50.2Mt at 0.9% V2O5.

Global Mineral Resource for the MTMP only includes fresh mineralisation classified as Measured and Indicated based on high metallurgical recovery factors.

Global Mineral Resource Estimate for the MTMP increased to 146.2Mt at 0.8% V2O5.

Work underway to update the Yarrabubba Ore Reserve estimate to be integrated into an expanded Global Ore Reserve estimate for the MTMP.

The Board of Technology Metals Australia Limited (ASX: TMT) ("Technology Metals" or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for the Yarrabubba Project ("Yarrabubba"), delivering a 32% increase on the previous MRE and a 110% increase on the previous maiden Indicated MRE. Yarrabubba, located on granted Mining Lease M51/884, forms part of the Murchison Technology Metals Project ("MTMP").

Yarrabubba was not included in the Gabanintha Vanadium Project ("GVP") definitive feasibility study ("DFS") and provides clear scope to materially enhance the development of the integrated MTMP.

The updated Yarrabubba Indicated MRE represents a 27% increase to the MTMP Global Measured and Indicated MRE, providing a pathway to deliver a material increase to the MTMP Ore Reserve estimate and potential operating life.

Managing Director Ian Prentice commented; "The Yarrabubba

Mineral Resource upgrade is very pleasing, delivering on our objectives with a significant increase to the overall mineral resource and importantly more than doubling the Indicated mineral resource component.

This underlines the opportunity for Yarrabubba to materially extend the life of the proposed low cost MTMP as a large scale, world class vanadium development project, which is expected to be viewed favourably by prospective Project financiers and key stakeholders."

Yarrabubba, located on granted Mining Lease M51/884 to the south south east of GVP, forms part of the MTMP (see Figure 1). Technology Metals has completed a very high quality DFS on the development of the globally significant GVP as a producer of high purity vanadium pentoxide.

This study generated a maiden Ore Reserve estimate that supported an initial 16 year project life, with

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+1.0% V2O5

feed grade for the first 12 years of operation. The DFS did notinclude any ore from

Yarrabubba, which is now subject to an integration study as part of the proposed implementation of the MTMP.

Work has now been completed by CSA Global Pty Ltd ("CSA Global"), an ERM Group company, on updating the Yarrabubba MRE to incorporate the recently announced diamond and RC drilling results from infill and extensional Mineral Resource drilling programs (ASX Announcement 16 September 2021).

The Mineral Resource estimation work has delivered an upgraded Indicated and Inferred MRE for Yarrabubba of 36.6Mt at 0.8 % V2O5, a tonnage increase of 32% from the previously reported MRE of 27.7Mt at 0.9% V2O5. The updated MRE includes 19Mt of high grade Massive magnetite mineralisation at 1.1% V2O5 (see Table 1 below).

useThe Yarrabubba MRE has been informed by three rounds of RC drilling, and two phases of diamond drilling including geotechnical specific drilling (see ASX announcements 14th September 2017; 8th

Fresh ore at Yarrabubba commences from 15 to 20m below surface, with predominantly transitional material and minor oxide above these depths remaining classified as Inferred due to limited metallurgical data from these shallow zones.

November 2018; 30th April 2020 and 16th September 2021), with the deposit drilled out to better than 100m by 50m spacing. A total of 27 diamond drill holes have been completed as part of the Mineral Resource, metallurgical and geotechnical drilling phases (see Figure 1).

Importantly the new drilling data collected in the 2020/21 campaigns has allowed an upgraded Mineral Resource category for much of the Massive Magnetite Zone, Footwall lens and the two Hangingwall lenses immediately up dip of the Massive Magnetite Zone. The Indicated category proportion of the Mineral Resource is now estimated to be 20.2Mt at 0.9% V2O5, a significant 110% increase from the previous 9.6Mt at 1.0% V2O5.

In addition, the close drill spacing and high level of geological control gained from the high proportion of diamond drilling has increased the grade and geological continuity and classification of additional hangingwall units, defining additional disseminated mineralisation.

Table 1: Yarrabubba MRE with classification by mineralisation type and category

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Classification

Material

Mt

V₂O₅ %

Fe %

Al₂O₃ %

SiO₂ %

TiO₂ %

LOI %

P %

S %

Indicated

Massive

12.0

1.1

48.2

5.4

7.4

12.5

1.8

0.010

0.3

Indicated

Disseminated

8.1

0.6

28.5

12.0

25.2

7.3

2.4

0.018

0.2

Indicated

Massive plus

disseminated

20.2

0.9

40.3

8.1

14.5

10.4

2.0

0.013

0.3

Inferred

Massive

7.0

1.1

47.4

5.7

8.3

12.3

2.1

0.010

0.3

Inferred

Disseminated

9.4

0.5

26.6

13.3

27.1

6.9

2.4

0.014

0.3

For

Massive plus

Inferred

disseminated

16.5

0.8

35.5

10.0

19.1

9.2

2.3

0.013

0.3

Indicated

Massive plus

36.6

0.8

38.1

9.0

16.6

9.8

2.1

0.013

0.3

plus Inferred

disseminated

Notes: The Mineral Resource was estimated within constraining wireframe solids using a nominal 0.9% V₂O₅ lower cut-

off grade for the massive magnetite zone and using a nominal 0.4% V₂O₅ lower cut-off grade for the banded and

disseminated magnetite mineralisation zones. The Mineral Resource is quoted from all classified blocks within these

wireframe solids above a lower cut-off grade of 0.4% V₂O₅. Differences may occur due to rounding.

onlyuse personalA large proportion of the fresh magnetite material within the Massive Magnetite Zone, Footwall lens and the two Hangingwall lenses immediately up dip of the Massive Magnetite Zone is now categorised as

Indicated.

This fresh ore has been recently tested by Davis Tube Recovery ("DTR") method at 75 micron as part of the metallurgical testwork for the previously scoped Yarrabubba Iron-Vanadium concentrate project. At 75 micron all four fresh mineralisation lenses with Indicated Mineral Resources show high vanadium grades in the magnetic concentrates.

ForThese DTR results are being assessed at a coarser grind, suitable to the planned MTMP vanadium processing circuit, with a secondary aim to optimise the Ilmenite by-product recovery from the Yarrabubba ore.

Previous testwork at 250 micron confirmed excellent vanadium recovery at 92% and 80% for fresh Massive and fresh Disseminated mineralisation types respectively (ASX announcement 30th April 2020).

The mass recovery to a magnetic concentrate for fresh mineralisation types provides a high level of support for the Mineral Resource classification, with exceptional average vanadium in concentrate grades of 1.48% V2O5 for the fresh Massive magnetite and 1.64% V2O5 for Disseminated ores.

Sighter magnetic separation and roast-leach testing had been previously conducted on magnetic concentrates originating from RC holes GBRC050, GBRC067 and GBRC068 from Yarrabubba. The material was formed into four composites: massive fresh, massive transitional, disseminated/banded

fresh and disseminated/banded transitional. Samples were milled to a variety of sizes to assess the grind liberation characteristics with samples milled to P80 250 µm and taken forward to roast-leach assessment.

These roast-leach assessments utilised the same method that had previously been established and utilised throughout the Gabanintha PFS and DFS (Announcements April 4th 2018 and May 31st 2018). The extractions produced from these tests were comparable to similar tests on magnetic concentrates originating from Gabanintha (circa 80% vanadium recovery), however optimal salt dosages have not yet been applied and in depth assessment with concentrates generated from diamond drilling is underway.

The upgraded Yarrabubba MRE has been included in a revised 'Global MRE' for the Murchison Technology Metals Project (Inferred, Indicated and Measured), which now totals 146.2Mt at 0.8% V2O5,

including an outstanding high grade component of 79.8 at 1.1% V2O5.

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The Global Indicated and Measured MRE has now increased 27% to 50.2Mt at 0.9% V2O5 (from 39.6Mt

at 0.9% V2O5) (see Table 2 and Figure 2)

Table 2: Global Resource for the Murchison Technology Metals Project by ore type and Classification

Material Type

Classification

Mt

V₂O₅%

Fe%

Al₂O₃% SiO₂%

TiO₂%

LOI%

P%

S%

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Measured (North)

1.2

1.0

44.7

6.2

10.4

11.4

0.0

0.009

0.2

Indicated (North)

18.5

1.1

49.1

5.2

5.8

12.9

-0.1

0.007

0.2

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Indicated (South)

12.0

1.1

48.2

5.4

7.4

12.5

1.8

0.010

0.3

Massive

Total Indicated

30.6

1.1

48.8

5.3

6.4

12.7

0.6

0.008

0.2

Magnetite

Inferred (North)

41.0

1.1

47.7

5.6

7.1

12.6

0.3

0.008

0.2

Inferred (South)

7.0

1.1

47.4

5.7

8.3

12.3

2.1

0.010

0.3

Total Inferred

48.1

1.1

47.7

5.6

7.3

12.6

0.5

0.008

0.2

Massive Global

79.8

1.1

48.1

5.5

7.0

12.6

0.6

0.008

0.2

Indicated (North)

10.3

0.6

28.6

13.1

25.5

7.5

3.0

0.030

0.2

Indicated (South)

8.1

0.6

28.5

12.0

25.2

7.3

2.4

0.018

0.2

Disseminated

Total Indicated

18.4

0.6

28.6

12.6

25.4

7.4

2.7

0.025

0.2

/ Banded

Inferred (North)

38.5

0.5

27.1

12.7

27.4

6.9

3.3

0.027

0.2

Magnetite

Inferred (South)

9.4

0.5

26.6

13.3

27.1

6.9

2.4

0.014

0.3

Total Inferred

47.9

0.5

27.0

12.8

27.4

6.9

3.1

0.025

0.2

Diss / Band Global

66.3

0.5

27.4

12.8

26.8

7.0

3.0

0.025

0.2

Combined

Global Combined

146.2

0.8

38.7

8.8

16.0

10.1

1.7

0.016

0.2

ForIncorporation of the updated MRE with geotechnical data collected from diamond drilling, open pit mine modelling and scheduling is expected to enable a significant portion of the Indicated component of the Yarrabubba MRE to be converted to an Ore Reserve estimate, delivering an expanded Global Ore Reserve estimate for the MTMP.

This work, which has commenced, is expected to demonstrate the opportunity for the Yarrabubba MRE to provide a material increase to the operating life of the integrated MTMP, with an aim to extend project life beyond 25 years. Importantly any material increase in output from the higher Yarrabubba V2O5 grades to concentrate may enhance the economics of the Project and is expected to be viewed favourably by prospective project financiers and key stakeholders.

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Figure 2: Global Mineral Resource for Murchison Technology Metals Project

Mineral Resource Estimate Technical Summary:

For

Geology and Geological Interpretation

The deposit is located in the north Murchison granite-greenstone terrain of the Archean Yilgarn Craton, and is hosted within mafic, ultramafic, extrusive and volcaniclastic rocks of the Gabanintha formation. The mineralisation is hosted in a differentiated gabbro closely associated with a series of massive to disseminated V-Ti-Fe bands ranging in size from a few metres up 15m true thickness with structurally thickened intersections containing results to 67m @ 0.81% V2O5 (GBDD046 - See ASX announcement 16 September 2021). The mineralised units are offset and disrupted by later dolerites, faults and quartz porphyries. Mineralisation has been modelled based on surface mapping, magnetic modelling, and drilling data and strike extents are limited by the tenement boundary in the south and north (see Figures 2 and 3). Mineralisation was modelled outside the tenement boundary in the west but constrained within boundary for reporting of the mineral resource.

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Disclaimer

Technology Metals Australia Ltd. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 22:53:12 UTC.