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The estimates were made by engineering consultants Hatch as part of a prefeasibility study.
Other PFS results are due this quarter.
A pilot plant and full feasibility study are next on the agenda for Neometals and 50:50 partner Critical Metals.
The feasibility study is scheduled for completing in June 2022.
The two parties aim to annually recover 13.4 million pounds of vanadium from vanadium-bearing steel making by-product generated by SSAB EMEA AB and SSAB Europe Oy in Scandinavia.
A supply agreement recently signed provides for the conditional purchase of two million tonnes of slag from SSAB, with processing at a rate of 200,000tpa.
Neometals has multiple potential ventures in train included lithium battery recycling, a lithium refinery, a titanium-vanadium project, and nickel exploration.
The company started 2021 with A$72.6 million cash.
Shares in Neometals were down 1% to 49.5c in early trade, capitalising the company at $270 million.
