viewTechnology Metals Australia Ltd

Technology Metals halted with update pending on end-user partner discussions

The company is progressing discussions in support of the Gabanintha Vanadium Project, in particular an offtake agreement with CNMC Ningxia Orient Group Company Ltd.

Technology Metals Australia Ltd - Technology Metals in trading halt pending an update regarding end-user partner discussions
Technology Metals is focused on the Gabanintha Vanadium Project in WA

Technology Metals Ltd (ASX:TMT) has news pending in regard to an update on end-user partner discussions and has been granted a trading halt by the ASX.

This trading halt will be in place until the beginning of regular trade on Wednesday, May 20, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 12 cents and are up from 6.1 cents at close on March 24.

Placement participation

The company’s board of directors recently demonstrated their support for the company by participating in a placement following shareholder approval received on May 4.

Directors purchased shares on May 11 for 11 cents each to raise $59,762.

This completes the successful placement undertaken in January 2020 to progress the development of the Gabanintha Vanadium Project and for general working capital.

Offtake discussions

The company continues to progress offtake and financing discussions in support of the development of Gabanintha, highlighted by the announcement on April 27, 2020, of the signing of a Binding Offtake Agreement (BOA) with CNMC Ningxia Orient Group Company Ltd.

The sales under this agreement would generate annual revenue of A$50 million, or A$300 million over the full six-year term of the agreement, based on the current European V2O5 price.

Quick facts: Technology Metals Australia Ltd

Price: 0.175 AUD

Market: ASX
Market Cap: $18.92 m

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