Vital Metals’ December 2023 Quarterly Report

31 January 2024

(January 31, 2024) Vital Metals Limited (ASX: VML) (“Vital”, “Vital Metals” or “the Company”) reports on its activities during the December 2023 quarter, including at its 100%-owned Nechalacho Rare Earth Project in Yellowknife, Northwest Territories, Canada.  

Highlights

  • Tardiff drilling returns shallow high grades that remain open to the west, northwest and on the southern margins from 23 drillhole results completed in a 2023 resource definition drilling program (74 holes totaling 6,664 m)
  • Results from resource conversion program at Tardiff; best results included:
    • 56.0m at 1.2% TREO from 34.00m incl. 1.05m at 5.4% TREO within 2.16m at 4.8% TREO
    • 79.7m at 1.5% TREO from 13.30m incl. 1.5m at 4.3% TREO within 3.0m at 3.3% TREO and 4.15m at 3.0% TREO
    • 33.45m at 2.2% TREO from 47.00m incl. 3.85m at 3.3% TREO within 8.95m at 2.8% TREO;
    • 31.76m at 2.1% TREO from 34.24m and 1.92m at 4.0% TREO from 88.76m;
    • 23.85m at 2.0% TREO from 9.15m; and 
    • 15.50m at 2.7% TREO from 30.50m
  • Latest results confirm Vital’s contention for shallow higher-grade expansion potential, with future drilling focus to augment and de-risk the mineral resource
  • Assay results from the remaining 34 holes will be released throughout early 2024
  • Mineral Resource Estimate update due Q1CY24  
  • Vital is developing Tardiff, one of the largest single rare earths deposits in the western World, estimated to contain 416,000 tonnes of neodymium and praseodymium (NdPr). 

Corporate

  • Vital completes the issue of 588,917,200 shares to Shenghe Resources (Singapore) Pte Ltd, a wholly-owned subsidiary of Shenghe Resources Holding Co., Ltd. (Shenghe) at a subscription price of A$0.01 per share to raise approximately A$5.9 million (Tranche 1 Subscription).
  • Shenghe joins Vital’s register as a  investor with a 9.9% equity position in the Company. 
  • Vital is set to sell its stockpiled rare earth material to Shenghe for approximately A$2.6 million (Stockpile Sale Agreement)
  • Vital is now funded to deliver into key milestones in 2024, including:
    • Mineral Resource Estimate update for Nechalacho Rare Earth Project;
    • Scoping Study for Tardiff to focus on potential processing scale and scalability together with product saleability and margin, informed by learnings and experience of Vital’s new equity partner and shareholder;
    • Examine lithium exploration potential across the Nechalacho Project; and
    • Permitting and integration studies with respect to integration throughout the broader rare earths supply chain.
  • Vital fully paid ordinary shares (ASX:VML) reinstated to official quotation on ASX and recommenced trading. 

View Details