Vital Metals’ March 2024 Quarterly Report

30 April 2024

Vital Metals Ltd (ASX: VML) (“Vital”, “Vital Metals” or “the Company”), an advanced exploration/development stage rare earths company, is pleased to report on its activities for the March 2024 quarter, including at its 100%-owned Nechalacho Rare Earth Project in Yellowknife, Northwest Territories, Canada.

• Updated Mineral Resource Estimate (“MRE”) for Tardiff Upper Zone at Nechalacho yields:
  • 79% increase in Mineral Resource tonnes to 213 Mt at 1.17% total contained rare earth oxides (“TREO”); and
  • 49% increase in TREO tonnage to 2.48 Mt, compared to 14 February 2023 MRE.
• Tardiff is estimated to include more than 623,000 tonnes of neodymium oxide + praseodymium oxide (NdPr), a ~49% increase on the previous MRE.
• Results from 10 holes drilled at Tardiff deposit in 2023 (74 holes totaling 6,664m) reinforce expansion potential of shallow higher-grade rare earths. Best results include:
  • 18.90m at 2.40% TREO from 12.10m including
    • 1.9m at 7.9% TREO from 12.1m and
    • 1.4m at 3.8% TREO from 19.2m;
  • 18.00m at 2.10% TREO from 72.00m;
  • 12.90m at 2.40% TREO from 56.05m;
  • 43.50m at 1.80% TREO from 38.50m; and
  • 46.25m at 1.70% TREO from 24.00m
• Importantly, the Tardiff MRE update shows its exceptional NdPr:TREO ratio of ~25%, which appears to be consistent across the range of grades encountered in drilling.
• High-grade mineralization at Tardiff remains open in multiple directions for future testing and potential resource growth.
• Vital expects to deliver more 2023 drill results from Tardiff in the June quarter.
• Additional MRE update expected later in 2024 to include post-2022 drill results.
• Tardiff Scoping Study on track for late 2024, which aims to examine the size and scalability of future production scenarios.

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