19 July 2024
(July 19, 2024) Vital Metals Limited (ASX: VML) (“Vital”, “Vital Metals” or “the Company”) is pleased to announce it has received payment of C$3,000,000 from Saskatchewan Research Council (“SRC”) for sale of stockpiled rare earth material, as announced last month.
Key Highlights
The sale was facilitated by Natural Resources Canada (“NRCan”) relating to Vital’s stockpiled rare earth material derived from a previous mining campaign on Nechalacho’s North T deposit.
Vital received 50% payment from SRC shortly after execution of the sale agreement and 50% payment in stages, following delivery of the material.
Vital Managing Director Lisa Riley said: “Our sale of stockpiled material to SRC is now complete, allowing Vital to derive value from our earlier work at Nechalacho. This allows us to focus on development of Tardiff as a long-life, large-scale rare earths project. A Scoping Study is the next logical step in our pathway and we are on track to deliver the study by the end of 2024. “We expect our newsflow to increase over the coming months as we work towards and achieve milestones towards its completion.”