Vital Metals’ December 2022 Quarterly Report

31 January 2023

HIGHLIGHTS

  • Vital pivots to a sharper focus on developing the world-class Tardiff Deposit at the Nechalacho Project, Canada
  • Drilling program at the Tardiff deposit to upgrade confidence of the inferred resource is scheduled to commence in Q1 CY2023
  • Infill and extension drilling at Nechalacho’s high-grade North T deposit planned for 2023
  • Drilling program to include an initial assessment of the potential xenotime target between the North T and Tardiff deposits
  • Vital to complete a calcine circuit at its Saskatoon rare earths processing facility in Q3 CY2023 to produce an intermediate rare earths oxide product for potential third-party sale
  • Canadian Prime Minister Justin Trudeau visits Vital’s Saskatoon facility
  • Vital commends the Canadian Government’s recently released Critical Minerals Strategy

CORPORATE

  • Former Roxgold President and CEO John Dorward appointed Managing Director
  • Lisa Riley joins Vital as Canadian-based independent Director
  • Eben Visser appointed Chief Operating Officer

Canada’s first rare earths mining company Vital Metals Limited (ASX: VML l OTCQB: VTMXF) (“Vital”, “Vital Metals” or “the Company”) is pleased to report on its activities during the December 2022 quarter, including at its 100%-owned Nechalacho Rare Earth Project in Yellowknife, Northwest Territories, Canada.

Vital Metals Managing Director John Dorward said:
“This quarter marks an important strategic pivot for Vital Metals as we sharpen our focus on advancing the Tardiff Deposit at the Nechalacho Project in Canada’s Northwest Territories. Tardiff is a world-class deposit which has the potential to be a long-term global producer of rare earth minerals. We remain committed to completing our work on the Saskatoon facility and ensuring its long-term viability, but the Company’s key focus will be on the delivery of a Definitive Feasibility Study for Nechalacho. We are excited about the potential of this larger project in 2023 and beyond.”

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