Neometals Ltd. provided an update on its 100% owned Barrambie Titanium and Vanadium Project. The Company, in conjunction with its consultants Allied Mineral Laboratories, Primero Group and Roxbury Trading Pty Ltd. have successfully commissioned a gravity beneficiation plant at Menzies in Western Australia to generate bulk concentrate samples for evaluation by potential Chinese offtake counterparties. Neometals has a memorandum of understanding with Jiuxing Titanium Materials (Liaonging) Co. Ltd. The Jiuxing MoU outlines the technical and commercial pathway to a formal, binding take-or-pay offtake agreement, with Neometals supplying approximately 100 tonnes of mixed gravity concentrate for evaluation trials using Jiuxing's commercial titanium smelter. The Offtake Trials represent the final stage of Jiuxing Barrambie offtake due diligence. Neometals excavated through costean mineralization to enable the production of approximately 150 tonnes of mixed gravity concentrate bulk sample for Jiuxing and other potential offtakers. Contract crushing and grinding of the mined material is largely complete, and the gravity (spirals) circuit has been commissioned. The bulk gravity concentrates sample is expected to be dispatched to China prior to the end of First Quarter 2022. Jiuxing is a leading chloride-grade titanium slag producer, located in north-eastern China it produces approximately 12% of the total Chinese chloride slag supply. Jiuxing has been operating since 2008 and is the strategic partner and feedstock supplier to leading chloride titanium pigment producers including CITIC Titanium Industry Co. Ltd. and titanium metal/alloy producer China BaoTi Huashen Titanium Industry Co. Ltd. Jiuxing and Neometals have extended the term of the Jiuxing MOU and key milestone dates to reflect a more conservative and achievable timeline and are targeting execution of binding formal offtake agreements in October 2022. In parallel, evaluation activities are focussed on the completion of an Association for the Advancement of Cost Engineering Class 4 Preliminary Feasibility Study which is on schedule for completion in First Quarter 2022. These studies will provide a basis for the evaluation and negotiation of proposals for a complete mine-to-port solution under a `build-own-operate' style arrangement for a mining and gravity concentration operation at Barrambie for export out of Geraldton. This model was used successfully in the development by Neometals and its partners to develop the Mt Marion Lithium Project in 2015.