OTCPK:VTMXF - Post by User
Post by
123buyholdhopeon Sep 09, 2022 11:41am
208 Views
Post# 34952273
Vital Metals Update
Vital Metals UpdateMarket Update (9/9/2022)
Canada’s first rare earths producer Vital Metals Limited (ASX: VML l OTCQB: VTMXF) (“VML”, “Vital” or the “Company”) is pleased to provide the following brief update to the market. •
The Company’s strategic objectives remain unchanged following the departure of the former CEO and Vital continues to work at pace to become Canada’s first rare earths producer with the capability to produce commercial quantities of both heavy and light rare earths. New leadership is implementing proven project management disciplines and systems to improve operating performance, in order to deliver the strategic goals.
At Vitals’ 100%-owned Nechalacho Rare Earth Project in Yellowknife, Northwest Territories, Canada the team is presently beneficiating ore from existing stockpiles through the ore sorter and also preparing for the next phase of field activities, which will include a drill program in Q1 2023.
Construction and early commissioning activities continue as scheduled at Vitals’ Saskatoon Rare Earths Extraction Plant in Saskatchewan, Canada. The 3TQ product delivery remains on track for Q4 2022.
Vital was selected as one of only five Canadian based mining companies to attend a recent Critical Mineral Round Table event attended by delegations of Chairpersons and CEOs from Germany’s leading companies, including Volkswagen, Siemens, Mercedes-Benz, K+S and BINZ automotive.
Offtake partner REEtec and ultimate customer Schaeffler Group are to visit Nechalacho during September 2022. • Interim CEO visit to REEtec’s rare earth separation facility confirms the ability to be Europe’s first fully integrated non-Chinese supply of REE to European end-users. •
An international search is underway for a new CEO/MD. Vital Metals interim CEO Russell Bradford said: “I’d like to take this opportunity to reassure allshareholders and otherstakeholdersthat it’s business as usual, whilst we transition to a new CEO/MD. We continue to advance all our projects with our excellent technical team in Canada and I will be joining them on site in the next few days. I have, in the last week, visited REEtec in Oslo and came away incredibly impressed with the IP and capability of our offtake partner. We remain very well-funded to complete the construction of our Saskatoon plant and commence the importantstudies and permitting work for our Stage 2 expansion at Tardiff. We are renewing our corporate presentation and will provide a more detailed update when this is released.”
- ENDS
This announcement has been authorised for release by the Board
GLTA - https://twitter.com/EarthsRare