Technology Metals Australia making inroads at MTMP in Q1 2023

ASX-listed vanadium developer Technology Metals Australia (ASX:TMT) has had a very productive first quarter in 2023, completing a host of activities to develop the Murchison Technology Metals Project (MTMP) in Western Australia.

In January, the company reported it received a letter of interest (LOI) from Denmark’s Export Credit Agency (EKF) regarding potential financial support for the MTMP. This funding support from EKF contemplates providing around $150 million in financing support subject to sufficient Danish interest in the MTMP, approvals, satisfactory documentation, and due diligence.

Technology Metals has also been working with FLSmidth to conduct front end engineering and design (FEED) work for the pyro processing section of the pilot plant kiln, as well as conducting major equipment selection reviews for the concentrator and leach circuit as part of the implementation phase of the MTMP.

The company through its wholly owned subsidiary, vLYTE progressed various projects that are focused on the development of a vanadium flow battery industry in Australia. This included the production and performance testing of high-quality vanadium electrolyte from high purity vanadium material sourced from the MTMP.

Commenting on the company’s Q1 2023 activities, Technology Metals Australia Managing Director, Ian Prentice says: “We are entering a pivotal time in the vanadium market, with supply of vanadium to the traditional steel market under pressure from global VRFB (vanadium redox flow batteries) deployments in parallel with a faster than expected rebound in demand from aeronautical applications.

“This demand side shift is happening at a time of geopolitical uncertainty, highlighting the significant supply chain advantages of developing a high-quality vanadium project in Australia”

This demand side shift is happening at a time of geopolitical uncertainty, highlighting the significant supply chain advantages of developing a high-quality vanadium project in Australia.

As we progress with the activities required to ensure the efficient and effective development of the long-life MTMP, we have seen significant interest from market participants for potential offtake of vanadium products and support for what will be the world’s next large-scale supplier of high purity vanadium.

The team is maintaining a clear focus on the timely progression of the development of the MTMP whilst ensuring that all our activities are in accordance with the company’s core mission and values consistent with our holistic ESG strategy.”

Post quarter-end, Technology Metals executed a memorandum of understanding (MOU) with fast growing Indian VRFB maker, Delectrik Systems for the potential sale of vanadium raw material from the MTMP as well as supply of vanadium electrolyte by vLYTE to Delectrik within Australia.

Technology Metals Australia reports it is progressing the implementation phase of the MTMP as highlighted by the engagement of GR Engineering Services and Iron Mine Contracting to work alongside Technology Metals’ team to progress construction planning, schedule definition, and site establishment work streams to implement the MTMP.

The company says this work is well underway and notes it will provide an updated project delivery schedule, pre-production capital expenditure estimate, and a robust foundation for the start of MTMP construction activities.

Technology Metals Australia is an ASX-listed company focused on the exploration and development of its flagship Murchison Technology Metals Project in Western Australia. The project is located 50km southwest of Meekatharra and comprises the Gabanintha and Yarrabubba Vanadium deposits.

Images: Technology Metals Australia Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.