Metals Australia has confirmed extensive high-grade Vanadium-Titanium-Magnetite mineralisation at its Manindi project in Western Australia, alongside promising metallurgical results indicating potential for premium Titanium Dioxide products.
- Over 1,200m strike length of high-grade VTM mineralisation confirmed
- True widths of mineralised zones range between 75m and 95m
- Vertical mineralisation extends up to 260m below surface
- Metallurgical test work shows strong recovery of TiO2 and V2O5
- Potential for two premium products – low impurity Iron-Vanadium and high purity TiO2
Discovery and Assay Highlights
Metals Australia Limited (ASX – MLS) has delivered a significant update on its Manindi Vanadium-Titanium-Magnetite (VTM) project in Western Australia's Murchison region. The company’s 2025 drilling program has confirmed a broad zone of high-grade mineralisation extending over 1,200 metres of strike length, with true widths between 75 and 95 metres and vertical depths reaching 260 metres. These results reinforce the project's potential as a substantial source of critical minerals.
Thirteen of the fourteen holes drilled within the discovery zone intersected significant magnetite-ilmenite mineralisation, with assay grades consistently high for TiO2, Vanadium pentoxide (V2O5), and iron (Fe). Notably, some intervals returned TiO2 grades exceeding 15%, well above typical ilmenite concentrates, indicating a high-quality feedstock for downstream processing.
Metallurgical Advances and Product Potential
Complementing the geological success, metallurgical test work has demonstrated strong potential to produce two commercially attractive products. The first is a low impurity Iron-Vanadium concentrate boasting 66% Fe and 1.19% V2O5, which is expected to command premium pricing due to its purity and vanadium content. The second product is a high purity Titanium Dioxide (TiO2) concentrate, with ongoing test work targeting purity levels above 97% TiO2, a grade that attracts significant market premiums.
Early leaching tests on ilmenite samples have yielded encouraging recoveries, with over 91% of Ti and 82% of Fe extracted within six hours under optimised conditions. These results suggest that the mineralisation is amenable to efficient processing routes, potentially reducing operational costs and enhancing project economics.
Strategic Position and Future Outlook
The Manindi VTM project benefits from shallow cover depths ranging from 16.5 to 52 metres, facilitating potential open-cut mining methods. Additionally, the proximity of a shallow Zinc-Copper-Silver Mineral Resource less than 1.5 km away opens avenues for evaluating joint development synergies, which could further enhance the project's value proposition.
Metals Australia’s CEO, Paul Ferguson, emphasised the company’s transition from exploration to predevelopment, highlighting the complementary nature of its portfolio that includes a world-class graphite project in Quebec, Canada. The company anticipates that by mid-2026, shareholders will gain clearer insights into the scale and economics of both the graphite and VTM projects.
Broader Market Context
Titanium Dioxide is a critical industrial mineral widely used as a pigment in paints, plastics, and paper, as well as in emerging technologies such as batteries and solar cells. The global TiO2 market, valued at nearly $22 billion USD in 2024, is forecast to grow robustly over the next decade. Metals Australia’s high-grade VTM discovery positions it well to tap into this expanding market, especially given the premium pricing for high purity TiO2 products compared to conventional ilmenite concentrates.
Interest in VTM projects is gaining momentum in Western Australia, with recent transactions such as the acquisition of the Balla Balla project underscoring the sector’s emerging appeal. Metals Australia’s Manindi project, with its high grades and favourable metallurgy, stands out as a compelling opportunity in this evolving landscape.
Bottom Line?
As Metals Australia advances metallurgical testing and feasibility studies, the Manindi project could soon redefine the company’s critical minerals footprint and market valuation.
Questions in the middle?
- Will phase 2 metallurgical testing confirm the targeted high purity TiO2 product grades?
- How might joint development with the nearby Zinc-Copper-Silver resource impact project economics?
- What are the timelines and capital requirements for advancing Manindi from exploration to production?