Vital Metals Ltd
Rare Earths, North America
Vital Metals (ASX: VML) is Canada’s first – and North America’s second – rare earths producer, with production initiated at its Nechalacho Project in 2021.
Vital aims to become the lowest cost producer of mixed rare earth oxide outside of China by developing one of the highest-grade rare-earth deposits in the world and the only rare earth project capable of beneficiation solely by ore sorting.
In line with our investment strategy of providing late stage equity, the funds will advance the completion of the Nechalacho Project’s rare earth processing facility in Saskatoon, and the development of its high-grade North T and Tardiff projects in the North West Territories. The investment signals our conviction in the robust long-term demand for Future Critical Minerals to support the energy transition, with rare earths being critical in permanent magnets and electric motors used in electric vehicles and renewables. Vital is set to become one of the only producers with an ex-China supply chain, providing an alternative source of this critical material outside the world’s largest market for rare earth production and processing.
The investment sees Lionhead well positioned to support management, while able to exercise outsized influence as the largest Vital shareholder. Lionhead has appointed Richard Crookes and Paul Quirk to the board of Vital and mandated the company’s establishment of a Technical Advisory Committee, led by Russell Bradford, Lionhead’s lead Technical Partner.
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