Vital Metals’ June 2024 Quarterly Report

29 July 2024

Vital Metals Ltd (ASX: VML) (“Vital”, “Vital Metals” or “the Company”), an advanced stage exploration/development rare earths company, is pleased to report on its activities for the June 2024 quarter, including at its 100%-owned Nechalacho Rare Earth Project in Yellowknife, Northwest Territories, Canada.

Highlights

  • Results from final 24 drill holes completed in 2023 Tardiff resource definition drilling program (74 holes totaling 6,664m) continue to return shallow high grades. Best results include:
    • L23-639: 53.5m at 1.5% TREO from 6.7m incl.1.8m at 8% TREO within 15.8m at 2.6% TREO
    • L23-652: 27.45m at 1.5% TREO from 4.55m incl. 2m at 6.3% TREO
    • L23-664: 55.0m at 1.6% TREO from 20.5m incl. 1.38m at 4.6% TREO
    • L23-660: 47.07m at 2.1% TREO from 9.12m incl. 8.8m at 3% TREO within 22.24m at 2.4% TREO
    • L23-633: 22.83m at 2.0% TREO from 27.95m incl. 1.87m at 3.3% TREO within 10.3m at 2.5% TREO
  • Mineralisation remains open to the west, northwest and on the southern margins –
  • results confirm potential for shallow, higher-grade resource expansion
  • Drilling focused on increasing confidence of the Tardiff Zones 1 and 3 resource definition and grade by narrowing drilling spacing for resource conversion
  • Vital will use full results from 2023 program to update a Mineral Resource Estimate (MRE) for Tardiff which currently stands at 213Mt at 1.17% TREO
  • Vital receives C$3 million (A$3.3M1) for rare earth material sold to Saskatchewan Research Council (“SRC”), Canada’s second largest research and technology organization, superseding a transaction announced in December 20232
  • Vital remains on track to deliver:
    • Focused Study Updates (H2 CY2024)
    • Updated Tardiff Mineral Resource Estimate (Q4 CY2024)
    • Tardiff Scoping Study (late CY2024).

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