29 January 2021
Vital Metals Ltd is pleased to report on its activities during the December 2020 quarter including at its 100%-owned Nechalacho Rare Earth Project in Yellowknife, Northwest Territories (“NWT”), Canada, where it is targeting to commence rare earth oxide production in 2021.
HIGHLIGHTS
•Binding term sheet for offtake agreement executed with Norwegian REE separation company REEtec for a base of 1,000 tonnes REO (ex-cerium) per year for five years
•REEtec has developed a proprietary and sustainable process for the manufacture of rare earth elements
•Term sheet includes option to increase offtake volumes up to 5,000 tonnes REO (exCerium) per annum for a 10-year long-term supply agreement
•$8M Placement completed.