Vital Metals quarterly report for the period ended March 31, 2021
30 April 2021
Vital Metals Limited is pleased to report on its activities during the March 2021 quarter, including at its 100%-owned Nechalacho Rare Earth Project in Yellowknife, Northwest Territories, Canada, where it expects to commence rare earth oxide production in Q2 CY2021.
Vital Metals Managing Director Geoff Atkins said: “The March quarter has seen us achieve several major milestones on our way to commencing rare earth production at Nechalacho in the current quarter, including a transformational A$43 million placement that fully funds our operations into production and validates our strategy to produce rare earths for a globally diversified supply chain.
“Vital Metals is on its way to becoming Canada’s first rare earths producer – and only the second in North America – within weeks following the mobilisation of our mining fleet and I look forward to keeping our shareholders up to date on our progress towards that goal.”
•Vital commences mining operations at Nechalacho in March 2021 ahead of the commencement of rare earth concentrate production in Q2 CY2021
•Vital on track to become the first rare earths producer in Canada and only the second in North America, with production on track to commence next quarter
•Drilling program completed to define mine plan for Stage 2 rare earths production at Nechalacho
•12kg rare earth carbonate bulk sample produced at Nechalacho for offtake partner REEtec after executing definitive offtake agreement for supply of 1,000t REO (ex-cerium) for 5 years
•Infrastructure and equipment including ore sorter substructure, feed hoppers, stackers, conveyors and other items arrive on site at Nechalacho
•Vital completes A$43M institutional placement to fund construction, mining and operations for production at Nechalacho.