Ann: TMT Delivers robust Gabanintha pre Feasibility Study, page-3

PRE-FEASIBILITY STUDY CONFIRMS GABANINTHA AS A HIGH VALUE, RELATIVELY LOW RISK AND TECHNICALLY STRONG PROJECT.

STUDY BASED ON INDICATED MINERAL RESOURCE COMPONENT (21.6MT AT 0.9% V2O5) OUT OF GLOBAL MINERAL RESOURCE OF 119.9MT AT 0.8% V2O5.

DELIVERS MAIDEN PROBABLE RESERVE OF 16.7MT AT 0.96% V2O5.
PROJECT METRICS COMPARE VERY FAVOURABLY TO GLOBAL PEERS.

	Column 1	Column 2	Column 3
0	{colgroup}
1	{col}{/col}{col}{/col}{col}{/col}
2	{/colgroup}
3	Targeted V2O5 Production Rate	Tonnes Per Annum	13,000
4	Targeted Production Commencement	Year	2021
5	Estimated Mine / Processing Life	Years	13
6	Life of Mine Production	Tonnes V2O5	129,000
7	Processing Rate	Mtpa	1.6 - 1.9
8	Estimated mineralisation to be mined	Mt	19.2
9	Average Diluted Mining Grade	% V2O5	0.96
10	Average Strip Ratio		5.6

	Column 1	Column 2	Column 3
0	{colgroup}
1	{col}{/col}{col}{/col}{col}{/col}
2	{/colgroup}
3	Commodity Price Forecast	US$/lb V2O5	13
4	Exchange Rate Assumption	A$: US$	0.75
5	Total Revenue	A$m	4,935
6	Total EBITDA	A$m	3,070
7	Total Capital Expenditure	A$m	380
8	Total Operating Expenditure	A$m	1,600
9	Average Operating Costs	US$/lb V2O5	4.27
10	Discount Rate Assumption	%	10
11	Net Present Value (pre-tax)	A$m	1,277
12	Internal Rate of Return (pre-tax)	%	55
13	Net Present Value (post-tax)	A$m	850
14	Internal Rate of Return (post-tax)	%	43
15	Anticipated Payback on Capital	Years	3.4