The conditional letter of support from K-Sure follows recent pledges by the ECA's in Germany and Australia for $600 million, bringing total funding for Mt Peake of $800 million.

K-Sure's interest in Mt Peake was sparked by the long-term off-take agreement signed with Woojin for 60% of Mt Peake's life-of-mine vanadium production.

TNG managing director and CEO Paul Burton said TNG was continuing to focus on achieving project milestones and was pleased the hard work of the team over many months and years had resulted in some momentum building in recent weeks.

"This is notwithstanding the disruption that has been caused by the unnecessary section 249D action that has been taken by a group of minority shareholders and risks derailing this progress," he said.

"We have received strong indications of support from all of our funding and strategic partners, and we are looking forward to moving the project forward as quickly as possible."

Burton said the commitment from K-Sure further cemented its strong, longstanding relationship with South Korea, given Korea's Woojin was a foundational off-take customer for vanadium production from Mt Peake.

"This caps a solid couple of months for TNG, with results of dedicated hard work seeing us receive a total of up to $800 million in conditional letters of support/interest for the Mt Peake project from Australian, German and Korean-backed funding sources," he said.

"This is in addition to the existing debt funding commitment of up to US$600 million from the German government-backed KfW IPEX-Bank."

Burton said the influx of support showed TNG's multi-pronged global funding strategy was firmly on track.

"This reinforces the importance of having a stable corporate environment to ensure we can finalise these funding agreements and progress to a final investment decision," he said.