Euler Hermes, which has previously offered funding support to Kalium Lakes' troubled Beyondie potash project and Hastings Technology Metal's proposed Yangibana rare earth development, both in Western Australia, is now looking to the Northern Territory.
It has issued a letter of interest to provide A$300 million in finance for TNG's flagship Mount Peake vanadium-titanium-iron project.
TNG now says it has had firm expressions of funding interest from seven government agencies and banks, most recently a non-binding letter of support from the Australia's government's ECA, Export Finance Australia, for up to $300 million in debt funding.
Managing director Paul Burton, who has guided the company as it has pursued the development for more than a decade, said the support from major global financiers highlighted Mount Peake's bankability.
It now has some $600 million in government funding on the table, and it is still working with Germany's KfW IPEX Bank on a circa $600 million commercial debt funding strategy, while it continues to chase a mix of alternative funding sources.
Burton said green loans were also an option given TNG's green energy strategy, and vanadium's emerging role as a battery metal.
Burton said Euler Hermes had been attracted to the project based on the procurement of process equipment from TNG's long-standing strategic engineering partner, Germany's SMS Group.
He remains hopeful that with so much interest, TNG will be able to optimise its debt financing, providing greater access to low-cost lending and offering greater flexibility in loan structuring.
The project has a current build cost of around $850 million, however its local engineering contract, Clough, is preparing a revised figure.
Mount Peake is described by TNG as "one of the largest undeveloped vanadium-titanium-iron projects in the world", with the shallow deposit having resources of 160 million tonnes grading 0.28% vanadium, 5.3% titanium and 23% from.
The mine, to be located 235km north-west of Alice Springs is expected to produce 100,000 tonnes per annum of titanium dioxide pigment, 6000tpa of vanadium and 500,000t of iron fines over almost 40 years.
Life-of-mine offtake agreements for 100% of production have been signed in recent years.
A final investment decision is being targeted for later this year.
The stock has traded between 4.6c and 14.5c over the past year, and was up 10% today at 7.5c, valuing it at $104 million.