Technology Metals Australia (TMT) has entered a trading halt regarding a “strategic” capital raise.
At this stage, there aren’t any details on how much the company will raise or where the funding will be allocated.
The company is focused on advancing its Gabanintha vanadium project and Yarrabubba vanadium project which are both located in Western Australia.
Gabanintha has an ore reserve of 29.6 million tonnes at 0.88 per cent vanadium pentoxide and, according to TMT, is one of the highest-grade undeveloped vanadium deposits in the world.
The Yarrabubba Iron-Vanadium Project, which is a low-cost, high margin development opportunity, will enable the staged development of the long-life Gabanintha project.
As announced earlier this year, Technology Metals is progressing a definitive feasibility study for Yarrabubba and it’s expected to be completed by the end of the year.
TMT also recently announced some results from drilling at Yarrabubba which is aimed at updating its mineral resource estimate and, ultimately, the ore reserve.
While the upcoming capital raise may support the development of these projects, that isn’t yet known.
Full details will likely be released when TMT comes out of the trading halt on September 23.
Company shares last traded at 40 cents on September 20.
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