TMT 0.00% 21.0¢ technology metals australia limited

Ann: MOU WITH SUBSIDIARY OF CHINA NONFERROUS METAL MINING GROUP, page-2

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    KEY TERMS DEFINED IN THE TMT – CNMNC MOU
    The MoU between TMT and CNMNC establishes a framework for ongoing discussions and negotiations aimed at delivering a definitive and binding offtake agreement (“Agreement” over the coming months. Key terms that have been defined and agreed upon in the MoU are:
    • Initial minimum annual quantity of V2O5 to be purchased of 2,000Tpa on a take-or-pay basis,
    • CNMNC to purchase such quantity of product that is available, up to 2,000Tpa, during the
    ramp-up and commissioning phase of the Project,
    • Pricing to be negotiated based on the Metal Bulletin V2O5 Pricing Index incorporating a floor
    and ceiling price structure,
    • Sales to be based on FOB at Port of Fremantle or similar,
    • Minimum term of three (3) years with an option to renew for an additional three (3) years, and
    • Consideration for CNMNC to refer TMT to its parent entity, CNMC, to discuss additional Project
    support, including scope for financing and/or EPC arrangements
    The next steps to progress towards finalising the Agreement include due diligence to be completed by both parties in conjunction with the progression of the Gabanintha Definitive Feasibility Study (“DFS” and further refinement and agreement of the key off take terms.
    The MoU is effective until 1 October 2019 unless the parties mutually agree to formally terminate or extend the term.
 
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