Slide 1: Tardiff Upper Zone Mineral Resource Update
TARDIFF UPPER ZONE For personal use only MINERAL RESOURCE UPDATE WORLD-CLASS ASSET WITH SCALEABLE POTENTIAL NECHALACHO RARE EARTHS PROJECT, CANADA 19 APRIL 2024 (ASX: VML)
Slide 2: Important Notices & Disclaimers
Important Notices & Disclaimers Nature of document: This presentation has been prepared and issued by Vital Metals Limited (Vital, Vital Metals or the Company) to provide general information about the Company and its related bodies corporate (together, the Group). The information in this presentatio
Slide 3: Investment Highlights
Investment Highlights Leveraging asset qualities, jurisdiction and capability to develop a North American rare earth supply chain • Unearthing the economic potential from this world-class asset • Upper Tardiff MRE (Base case, NMR cut-off C$115/t): 212.7 Mt at 1.2% TREO [Revenue Factor: 1.0x] Strateg
Slide 4: Nechalacho - Combining size and grade
Nechalacho - Combining size and grade Nechalacho is a world-class asset with scaleable potential and high NdPr grades ü Simple – flat topography, and single with open pit potential; and consistent NdPr ratios ü Sizeable – exceptional size across cut-off grade ranges For personal use only ü High-grad
Slide 5: Nechalacho MRE – Underpins development plans
Nechalacho MRE – Underpins development plans New MRE Base Case: uses Net Metal Revenue (NMR) versus simple TREO (%) cut-off NMR: uses first principles cost and metal recovery factors, payability assumptions, peer and operational data NMR (cut-off): C$115 per tonne highlights low-cost potential – to
Slide 6: Nechalacho MRE – Revenue Factors
Nechalacho MRE – Revenue Factors Looking Beyond the Demand Tipping Point: Societal Change and Technology Uptake Sensitivity Analysis: Base Case [RF: 1.0x] uses Net Metal Revenue (NMR) versus simple TREO (%) cut-off For personal use only Revenue Factors: insights into asset scale, scope and potential
Slide 7: Nechalacho MRE – Resource growth potential
Nechalacho MRE – Resource growth potential Plan view showing the resource blocks at a C$115/t NMR cut-off within the pit shell For personal use only Notes: 1: JORC (2012) definitions were followed for Mineral Resources. 6
Slide 8: Nechalacho MRE – Shallow and high-grade
Nechalacho MRE – Shallow and high-grade North-South cross-section showing resource blocks (C$115/t NMR cut-off) and drill hole composites For personal use only Notes: 1: JORC (2012) definitions were followed for Mineral Resources. 7
Slide 9: Nechalacho – Building Scale and Grade
Nechalacho – Building Scale and Grade Nechalacho: Large REE-rich system showing high grades at surface Geological map of Nechalacho Layered Suite1 Tardiff Upper Zone – High Proportion of NdPr1 (~25%) Mass TREO Nd2O3 Pr6O11 Revenue Factor Classification For personal use only (Mt) (%) (%) (%) Measured
Slide 10: Scoping Study to de-risk project development
Scoping Study to de-risk project development Pathway for Value Creation An Augmented Scoping Study For personal use only Project Economics: Coupling Value and De-risking Value: aim to maximize project potential value by: - Testing for areas of high-grade footprint expansion - External higher grade R
Slide 11: Nechalacho’s Regional Lithium Potential
Nechalacho’s Regional Lithium Potential Vital has a >5,000ha landholding adjacent to recent regional pegmatite exploration and discoveries Lithium at Nechalacho? Regional Scale Potential For personal use only • Limited historical exploration for lithium despite significant potential • Nechalacho Pro
Slide 12: Canada: Vertical Integration is a Key Driver
Canada: Vertical Integration is a Key Driver Tardiff’s scale, grade and location offer attractive qualities to the North American market World Looking to Integrate Vertically (Production-Refining) For personal use only Tier-1 jurisdiction brings: ü Asset ownership and fiscal regime stability ü Criti
Slide 13: Key Upcoming Catalysts
Key Upcoming Catalysts Updated MRE April 2024 - DELIVERED For personal use only Assays from final 20 holes pending Drilling Results Expected release Q2/Q3 Product saleability: low-cost path via partners and networks Project Optimisation Processing flow sheet optimisation - Focus on margin maximisati
Slide 14: Company Overview
Company Overview DIRECTORS MANAGEMENT CANADA RICHARD CROOKES GEORDIE MARK Non-Executive Chairman C E O & M an a g i n g D i r e c t o r For personal use only P AUL QUIRK STEVE WOOLFENDEN N o n - E x e c u t i v e Di rect or VP, Sustainability JAMES HENDERSON NATALIE PIETRZAK-RENAUD N o n - E x e c u
Slide 15: Appendices
For personal use only Appendices 14
Slide 16: Vital’s Board & Management
Vital’s Board & Management For personal use only RICHARD CROOKES GEORDIE MARK P AUL QUIRK JAMES HENDERSON LISA RILEY Non-Executive Chairman C E O & M a n ag i n g N o n - E x e c u t i v e Di rect or N o n - E x e c u t i v e Di rect or N o n - E x e c u t i v e Di rect or Director Mr Quirk is a par
Slide 17: Sector Data
Sector Data Board and Management Project Company Exchange Location Equity Type Resources Grade Calc. GRade * M/Cap % NdPr (Total) Mt % NdPr(kt) (US$m) TREO 1 Nechalacho Vital Metals ASX 19 Canada 100% Hardrock 119 1.40% 417 0.35% 2 Wicheeda Defense Metals CA 45 Canada 100% Hardrock 45.3 1.78% 139 0.
Slide 18: Sector Data
Sector Data Project Study Resource Grade Grade Resource Grade Grade Resource Grade Grade Resource Grade Grade References Mt % TREO %NdPr Mt % TREO %NdPr Mt % TREO %NdPr Mt % TREO %NdPr Measured Indicated Inferred Total Nechalacho 4.6 1.59% 0.39% 6.3 1.45% 0.36% 108.1 1.39% 0.35% 119 1.40% 0.35% 0263
Slide 19: Upper Tardiff: Wholerock Data Trends
Upper Tardiff: Board and Wholerock Data Trends Management 15000 4,000 12500 3,000 10000 NdPr (ppm) Y (ppm) For personal use only 7500 2,000 5000 1,000 2500 0 0 0 10000 20000 30000 40000 50000 60000 0 10000 20000 30000 40000 50000 60000 TREO (ppm) TREO (ppm) 15000 45000 40000 12500 35000 10000 30000
Slide 20: Compelling Long-Term Rare Earth Market Outlook
Compelling Long-Term Rare Earth Market Outlook Board and Management A new paradigm for rare earths demand • China’s dominance in the REE supply chain could threaten global supply1 • Potential bifurcation of commodity prices ex-China2 For personal use only • NdPr oxide is key to the manufacture of pe
Slide 21: Rare Earth Demand and Generational Paradigm Change
Board and Management Rare Earth Demand and Generational Paradigm Change Looking Beyond the Demand Tipping Point: Societal Change and Technology Uptake • Rapid technology uptake and heightened data responsiveness leading into an AIOT future ü AIOT (systemic adoption potential): rapid expansion (~US$2