The raising will issue shares at 35c each and will be augmented by a $2 million share purchase plan initiated with the same pricing.
The feasibility for Yarrabubba is targeted for completion late in the third quarter.
Yarrabubba is near TMT's development-ready (subject to financing) Gabanintha vanadium project near Meekatharra.
Yarrabubba emerged this year as a "major breakthrough" for TMT, "potentially delivering a low entry cost project that is complimentary to and expected to reduce funding and implementation risk" of Gabanintha.
Shares in TMT have risen from levels around 6c to as recently high as 48c as the implications of Yarrabubba became further apparent.
Share in TMT today were down 13% to 37c in afternoon trade, capitalising the Ian Prentice-led company at $45.5 million.