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Technology Metals halted with technical update pending for Southern Tenement of Gabanintha Vanadium Project

The company's DFS for the Gabanintha project proposes to use natural gas as the heating energy in the roasting kiln and other parts of the process circuit and for electricity generation.

Technology Metals Australia Ltd - Technology Metals Australia in trading halt regarding technical update at the Southern Tenement within Gabanintha Vanadium Project
TMT increased the Southern Tenement's maiden mineral resource estimate by 32% in July 2020

Technology Metals Australia Ltd (ASX:TMT) has been granted a trading halt with a technical update pending on the company’s Southern Tenement within the Gabanintha Vanadium Project (GVP).

The trading halt will remain in place until the beginning of normal trade on Monday, October 26, or when an announcement is released to the market, whichever occurs earliest.

MOU with APA Group

Recently the company entered a non-binding MOU with APA Group (ASX:APA) to investigate the provision of gas along a new pipeline to benefit the GVP.

TMT and APA have agreed a commercial framework to investigate the pipeline of about 152 kilometres to be developed by APA from the south to supply gas to the GVP.

In return, TMT would enter into a take or pay tariff over an agreed period linked to the life of the project.

Proposed pipeline

Managing director Ian Prentice said: “We are very pleased to have entered into this agreement with APA on the development of a proposed new gas pipeline, providing low-risk delivery of gas to the project, cost reductions compared to the DFS as well as the opportunity to source gas from the significantly closer emerging Perth basin gas fields.”

Quick facts: Technology Metals Australia Ltd

Price: 0.375 AUD

ASX:TMT
Market: ASX
Market Cap: $46.46 m
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