The "binding term sheet" with Zurich headquartered DKSH adds to the "binding life-of-mine offtake agreement" with WOOJIN Metals for minimum 60% of vanadium output, and the "binding term sheet" for life-of-mine iron products agreement with Singapore company Gunvor - the latter of which was signed early in 2016.

"The finalisation of a binding offtake agreement for titanium dioxide production means that TNG has binding sales contracts in place for all three of its high-value products, supporting its funding and commercialisation strategy for the Mount Peake project," TNG said.

"We are looking forward to finalising a binding offtake agreement within six months, which will mean that the project will have binding offtake agreements in place for all three of its high-value products.

"Together with other key permitting milestones, including the expected grant of the Mount Peake mining licence in the fourth quarter of this year, this final offtake agreement will allow us to progress our commercialisation strategy for the Mount Peake project, including the completion of the overall project funding package."

The key findings of an updated definitive feasibility study late last year included life-of-mine net cash flow of $11.7 billion, a pre-tax internal rate of return of 44% and a net present value of $4.7 billion.

At its 11c share price this morning (up 5%), TNG was capitalised at $102 million.

TNG attracted $9.75 million from "Indian mining conglomerate", the Vimson Group, late last month by issuing new shares priced at 10.4c each.