29 April 2022
Highlights
• Vital accelerates heavy rare earths strategy, aiming to be the world’s first producer of both heavy and light rare earth oxides
• Vital’s three-stage development strategy includes adding heavy rare earthsto its existing light rare earths operation at Nechalacho with first production ~ mid 2022
• It will investigate developing a zone of xenotime mineralisation, a heavy rare earth mineral, at Nechalacho’s North T pit, targeting a 10-year operation from the zone
• Vital commences drilling to define maiden Ore Reserve for the Tardiff deposit at Nechalacho
• Vital plans to develop Tardiff in a modular fashion, having defined three modules with an existing resource of 16.3Mt at 1.85% TREO – or 303kt contained TREO
• Tardiff is part of Vital’slarger 94Mt at 1.4% TREO Nechalacho resource (1.3Mt contained TREO)
• Tardiff contains elevated heavy rare earths mineralisation which may complement North T’s xenotime deposit as part of Vital’s strategy to produce heavy and light rare earths
• Construction activities continue at Saskatoon Rare Earth Extraction facility with first feed to occur in June 2022
• Vital secures C$5 million interest-free funding facility from PrairiesCan
• Funding is for eligible costs relating to establishing and commissioning Saskatoon facility and will assist Vital’s working capital requirements during facility commissioning and ramp
• Vital’s shares commenced trading on the OTCQB Venture Market in North America
• Offtake partner REEtec signs supply agreement with Schaeffler securing Vital’s revenue from the sale of its product to REEtec
Vital Metals (ASX: VML) is Canada’s first – and North America’s second – rare earths producer, with production underway at Nechalacho in June 2021. We aim to produce a minimum 5,000 tonnes of contained REO at Nechalacho by 2025.