VALUATION Using a V2O5 price of US$13/lb (as compared to the...

VALUATION
Using a V2O5 price of US$13/lb (as compared to the current price of close to US$30/lb) we have an after tax, unrisked valuation of A$793 million for Gabanintha with an IRR of 43%. The Project is most sensitive, as expected, to changes in revenue inputs, including metal prices. Our inputs were similar to those used by the Company in the PFS; our view is that these are reasonable.
We have also completed an indicative risked, after tax valuation for the Company with a share price target range of A$1.13 to A$1.84 based on share structures diluted for a number of conceptual funding scenarios - given the range of possible funding paths this needs to be treated with caution and used as a guide only. We would also expect this to increase with de-risking with in particular a positive DFS.

World class vanadium deposit: With Gabanintha, Technology Metals has a world class project and one of the highest grade undeveloped vanadium deposits globally; work to date has confirmed the potential for excellent metallurgical characteristics, a key factor in the development of this style of deposit.
Active work programmes: The Company has made considerable progress to date, meeting deadlines, and has active work programmes related to the DFS going forward, which should result in steady news flow.
Leveraged to project progress: With an enterprise value diluted for in-money options of ~ A$27 million and at a multiple below that of peers, the Company could be considered undervalued and is well leveraged to success in advancing Gabanintha and improving vanadium markets, as well as to any other opportunities that may be taken advantage of.

These people are a very conservative lot Independent Investment Research "IIR"