TechMet believes an "enhanced" ore reserve position, inclusive of "some of the important shallow material at Yarrabubba, is expected to provide significant benefits for the economics of the Murchison Technology Metals project, which is expected to be viewed very favourably by prospective project financiers and key stakeholders".

TechMet needs about A$600 million to build the project, with modelling putting annual average earnings put at about $182 million.

The global ore reserve is currently 44.5 million tonnes at 0.89% vanadium oxide, includes 16Mt at Yarrabubba grading 10% titanium.

Measured and indicated resources reported today were a 26% increase to 63.2Mt at 0.9% V2O5 within a global mineral resource of 153.7Mt at 0.8% V2O5.

TechMet had cash of $15 million at the end of September.

Backers of the Ian Prentice-led company include Resource Capital Funds.

Shares in TechMet were off 1.5% to 37c in afternoon trade, capitalising the company at $76.6 million.