Technology Metals (TMT) has entered back-to-back trading halts ahead of a proposed capital raise
TMT recently announced positive test work results which confirmed its Yarrabubba Iron Vanadium Project can produce a high-grade, high-purity iron vanadium concentrate product
The Australia-based explorer is also advancing discussions with Sinosteel regarding an offtake deal for up to 1.5 million tonnes per annum of iron-vanadium from Yarrabubba
At this stage, it is unclear exactly how much Technology Metals will raise or what the funds will be used for
But the market will only have to wait until this Friday, November 27 at the latest, to find out
Company shares last traded for 42.5 cents on Friday, November 20
Technology Metals (TMT) has entered back-to-back trading halts ahead of a proposed capital raise.
The company will remain in the trading halts until Friday, November 27, unless details of the raise are announced earlier.
Earlier this month, the Australia-based explorer announced it had received positive test work results from samples from the Yarrabubba Iron Vanadium Project.
The results confirmed the ability to produce a high-grade, high-purity iron-vanadium concentrate product with a weighted average grade of 64.3 per cent iron and 1.71 per cent vanadium pentoxide.
TMT also announced entering a non-binding letter of intent (LOI) with Sinosteel Australia last month.
The LOI is for an eventual life-of-mine offtake deal to offtake up to 1.5 million tonnes per annum of iron-vanadium from the Yarrabubba Project.
Meantime, it is still unclear at this stage exactly how much Technology Metals will raise via this latest fundraise or what the funds will be used for.
However, much of the company’s focus is currently on advancing discussions with Sinosteel and on various activities at its Yarrabubba Project.
Planned works include drilling to generate more samples for potential mini-pilot test work and to provide open-pit geotechnical data and infill the current inferred
mineral resource.
Additionally, TMT will also evaluate logistic options, haulage routes and complete environmental assessment activities.
Company shares last traded for 42.5 cents on Friday, November 20.
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