27 February 2025
Vital Metals Limited (ASX: VML) (“Vital”, “Vital Metals” or “the Company”), an advanced stage exploration/development rare earths company, is pleased to announce it will complete further testwork to determine the viability of niobium recovery from its Tardiff deposit in Northwest Territories, Canada, as part of a Scoping Study currently underway.
Vital reported niobium (Nb2O5) hosted at Tardiff in its updated January 2025 Mineral Resource Estimate (MRE) for the first time, after initial metallurgical testwork completed for the Scoping Study indicated its potential recovery from the deposit. Tardiff has a MRE of 192.7 million tonnes at 1.3% total rare earth oxide (TREO) and 0.3% niobium, containing 636,000 tonnes of NdPr (neodymium oxide + praseodymium oxide) and 578,000 tonnes of Nb2O5.
Vital is using the updated MRE as the basis for its Scoping Study, which is examining the size and scalability of future production scenarios at Tardiff. It will now complete further niobium studies which will be captured by reprocessing flotation tailings as a first-phase evaluation and 1 See VML ASX Announcement dated 20 January 2025 T (61) 2 8029 0676 I E vital@vitalmetals.com.au I W www.vitalmetals.com.au A Level 10, 27-31 Macquarie Place, Sydney NSW 2000 add these results to the study, which is now due in late April 2025.
Niobium pentoxide 99.5% has a current market price of US$58.46/kg2 and is experiencing increased demand due to its low oxidation point and relatively high melting point. It is used as an alloy in aeronautic engines, electronic applications (due to its superconducting properties) and as an additive to lithium-ion batteries to enhance battery life. Niobium is a key Critical Mineral, with limited current production sources globally. NdPr Oxide has a current market price of US$61.90/kg. 3 The similar price decks show that if similar recoveries are achieved for grades (which will require further optimization in metallurgical test work) then Niobium could add substantial value to the project.
Vital Metals’ Managing Director Lisa Riley commented: “With our initial flotation testwork indicating potential recovery of niobium from Tardiff, in addition to its significant NdPr resource, we want to include that into our Scoping Study as we consider what shape Tardiff might take in development. “Previous metallurgical work did not focus on niobium recovery. This will now be a component of additional testwork to deliver the Scoping Study alongside further REE testwork. “While Vital has primarily focused on rare earths at Tardiff, the potential to include niobium is now clear, and while additional niobium testwork will delay the completion of our Scoping Study, it will provide a more thorough understanding of the material and the value of its inherent parts. Given the contained niobium resource is almost equal in size and value to the NdPr resource, it is very important to maximise recovery and grade of both.”