Murchison Project

Mineral Resources & Ore Reserves

The MTMP represents one of the highest-grade undeveloped vanadium deposits in the world. The global resource of 146.2 Mt at 0.8% V₂O₅ includes the higher-grade massive magnetite zone of 79.8 Mt at 1.1% V₂O₅.

The high-grade, shallow weathering profile and thick mineralised zones make it ideal for open pit mining.

Global Mineral Resource

Global Mineral Resource for the MTMP as at 10 November 2021

Material TypeClassificationMtV₂O₅%Fe%Al₂O₃%SiO₂%TiO₂%LOI%P%S% 
Massive MagnetiteMeasured (North)1.2144.76.210.411.400.0090.2 
Indicated (North)18.51.149.15.25.812.9-0.10.0070.2 
Indicated (South)121.148.25.47.412.51.80.010.3 
Total Indicated30.61.148.85.36.412.70.60.008 0.2
Inferred (North)411.147.75.67.112.60.30.008 0.2
Inferred (South)71.147.45.78.312.32.10.01 0.3
Total Inferred48.11.147.75.67.312.60.50.008 0.2
Massive Global79.81.148.15.5712.60.60.008 0.2
Disseminated / Banded MagnetiteIndicated (North)10.30.628.613.125.57.530.030.2 
Indicated (South)8.10.628.51225.27.32.40.0180.2 
Total Indicated18.40.628.612.625.47.42.70.025 0.2
Inferred (North)38.50.527.112.727.46.93.30.0270.2 
Inferred (South)9.40.526.613.327.16.92.40.014 0.3
Total Inferred47.90.52712.827.46.93.10.025 0.2
Diss / Band Global66.30.527.412.826.8730.025 0.2
CombinedGlobal Combined146.20.838.78.81610.11.70.0160.2 

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.

The Global Resource can be broken down by deposit.

Gabanintha

Gabanintha Mineral Resource as at 26th of March 2019

ClassificationMaterialMtV₂O₅ %Fe %Al₂O₃ %SiO₂ %TiO₂ %LOI %P %S %
MeasuredMassive1.21.044.76.210.411.40.00.010.2
MeasuredMassive Total1.21.044.76.210.411.40.00.010.2
IndicatedMassive18.51.149.15.25.812.9-0.10.010.2
IndicatedDisseminated10.30.628.613.125.57.50.30.030.2
IndicatedMassive plus disseminated28.90.941.88.012.910.91.00.020.2
InferredMassive41.01.147.75.57.112.60.30.010.2
InferredDisseminated38.50.527.112.727.46.93.30.030.2
InferredMassive plus disseminated79.50.837.79.017.09.81.70.020.2
Indicated plus InferredMassive plus disseminated109.50.838.98.715.810.11.50.020.2
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.

Gabanintha Ore Reserve at February 2021

Reserve CategoryTonnes (Mt)Grade (V2O5%)Contained V2O5 Tonnes (t)
Proven 1.10.9610,000 
Probable28.50.88250,000 
Total29.60.88260,000 

Gabanintha Mineral Resource of Base Metals as at 26th March 2019

ClassificationTonnage (Mt)Co ppmNi ppmCu ppm
Inferred15.7230830200

Yarrabubba

Yarrabubba Mineral Resources as at 10 November 2021

ClassificationMaterialMtV₂O₅ %Fe %Al₂O₃ %SiO₂ %TiO₂ %LOI %P %S %
IndicatedMassive12.01.148.25.47.412.51.80.0100.3
IndicatedDisseminated8.10.628.512.025.27.32.40.0180.2
IndicatedMassive plus disseminated20.20.940.38.114.510.42.00.0130.3
InferredMassive7.01.147.45.78.312.32.10.0100.3
InferredDisseminated9.40.526.613.327.16.92.40.0140.3
InferredMassive plus disseminated16.50.835.510.019.19.22.30.0130.3
Indicated plus InferredMassive plus disseminated36.60.838.19.016.69.82.10.0130.3
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 round

For further information, refer to ASX Announcement 10 November 2021.

Yarrabubba Ore Reserve

Yarrabubba Ore Reserve at September 2020

Reserve CategoryTonnes (Mt)Grade (V2O%)Contained V2O5
tonnes (t) 
Proven
Probable9.40.9790,000
Total9.40.9790,000
Notes:• Includes allowance for mining recovery (98% for massive magnetite ore and 95% for banded and disseminated ore) and mining dilution applied as a 1 m dilution skin; resulting in a North Pit dilution for massive magnetite ore of 13% at 0.45% V2O5, and North Pit dilution for banded and disseminated ore of 29% at 0.0% V2O5; a Central Pit dilution for massive magnetite ore of 10% at 0.46% V2O5, and Central Pit dilution for banded and disseminated ore of 20% at 0.0% V2O5. • Rounding errors may occur.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results are based on information compiled by Mr John McDougall. Mr McDougall is the Company’s Exploration Manager and a member of the Australian Institute of Geoscientists. Mr McDougall has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this report and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr McDougall consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Mr Aaron Meakin. Mr Aaron Meakin is a Principal Consultant of CSA Global Pty Ltd and is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr Aaron Meakin has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Aaron Meakin consent to the disclosure of the information in this announcement in the form and context in which it appears.

The information that relates to Ore Reserves is based on information compiled by Mr Daniel Grosso formerly an employee of CSA Global Pty Ltd. Mr Grosso takes overall responsibility for the Report as Competent Person. Mr Grosso is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as Competent Person in terms of the JORC (2012 Edition). The Competent Person, Daniel Grosso has reviewed the Ore Reserve statement and given permission for the publication of this information in the form and context within which it appears.

The information in this report that relates to the Processing and Metallurgy for the Murchison Technology Metals project is based on and fairly represents, information and supporting documentation compiled by Mr Brett Morgan, a full-time employee of Technology Metals Australia. Mr Morgan is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as Competent Person in terms of the JORC (2012 Edition). The Competent Person, Brett Morgan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.