Vital Metals recommences trading on ASX following completion of Shenghe Subscription

Vital Metals Limited (ASX: $VML) has completed the issue of 588,917,200 shares to Shenghe Resources (Singapore) Pte Ltd, raising approximately A$5.9 million. Shenghe now holds a 9.9% strategic position in the Company. Additionally, Vital will sell its stockpiled rare earth material to Shenghe for approximately A$2.6 million. The funding from Shenghe will enable Vital to progress development of the Tardiff deposit at its Nechalacho Project in Northwest Territories, Canada.

Vital Chairman's Perspective on Shenghe Subscription and Trading Resumption

The Board is very pleased that the Company's shares have recommenced trading on the ASX following completion of Tranche 1 of the Shenghe Subscription. We are appreciative of the strong vote of support shown by Shenghe in the Company's projects. The A$5.9 million in funding provides the Company with the capital to continue to progress development of the world class Tardiff deposit, and we look forward to exploring the potential of the Wigu Hill Project in collaboration with Shenghe.

Summary of Vital Metals' Recent Developments and Future Plans

Vital Metals has successfully completed the Tranche 1 Subscription with Shenghe, raising approximately A$5.9 million and reinstating its ordinary shares to official quotation on ASX. The funding from Shenghe will enable Vital to progress key milestones in 2024, including the update of Mineral Resource Estimate for Nechalacho Rare Earth Project, scoping study for Tardiff, reinterpretation of historical lithium exploration, and permitting and integration studies. The Company also intends to utilize the proceeds to repay existing debt, creditors, and transaction costs, as well as for general working capital. Vital Metals looks forward to further collaboration with Shenghe and the exploration of the potential of the Wigu Hill Project.