[Ferro-Alloys.com]  Emerging sustainable battery materials producer, Neometals Ltd ("Neometals" or "the Company"), is pleased to announce it has agreed an extension of its Co-operation Agreement with Critical Metals Ltd ("Critical"), in relation to the parties' proposed vanadium recovery operation in Finland, to 28 February 2023 ("Vanadium Recovery Project" or "VRP1").  Neometals is earning a 50% share in an incorporated joint venture ("JV") to develop a vanadium recovery project with unlisted Scandinavian mineral development company, Critical Metals Ltd (for further details see ASX announcement titled "High-Grade Vanadium Recycling Agreement" released on 6 April 2020). Neometals has funded the evaluation studies to recover high-grade vanadium chemicals from vanadium-bearing steel making by-product ("Slag") generated by SSAB EMEA AB and SSAB Europe Oy (collectively "SSAB") in Scandinavia. Critical's wholly owned subsidiary, Recycling Industries Scandinavia AB ("RISAB"), is the VRP1 special purpose vehicle and counterparty to the original binding Slag Supply Agreement with SSAB for approximately 2Mt of Slag. RISAB and Critical are in advanced negotiations with SSAB regarding an updated binding Slag Supply Agreement to include a right of first refusal, on an as available basis, to additional Slag volumes and revised timetable milestones (for further details see reference made to the non-binding letter of intent between the parties in the ASX announcement titled "Vanadium Recovery Study Confirms Lowest Quartile Cost Potential" released on 8 July 2022). Neometals is advancing negotiations with Critical regarding a RISAB JV shareholders agreement and technology licensing arrangements. Subject to mutual agreement, Neometals expects these agreements to be finalised by the end of February 2023.

The VRP1 offers a compelling business case which is underpinned by:

·      Long-term supply agreement for very high-grade vanadium feedstocks without upstream mining costs/risk/carbon footprint; and

·    Potentially lowest quartile operating costs from proprietary process flowsheet which uses captured CO2 and chemically sequesters in potentially saleable synthetic limestone tailings by-product.

• [Editor:tianyawei]