
July 27, 2025
Vital Metals Limited (ASX: VML) (“Vital”, “Vital Metals” or “the Company”), an advanced- stage rare earths exploration and development company, is pleased to announce the completion of a Scoping Study (“Study”) for the 100%-owned Tardiff Deposit (“the Project”), 100km east of Yellowknife, Northwest Territories, Canada.
This Scoping Study considers the advancement of Tardiff, a Rare Earth and Niobium project located in the NWT of Canada and 100% owned by Vital Metals. This Study evaluates development of a hard rock starter open pit that extracts only 15% of the total Tardiff Mineral Resource Estimate of 192.7Mt at 1.3% Total Rare Earth Oxide (TREO). The adjacent 100% owned North T and South T deposits have not been included as part of this Study.
Highlights:
- Scoping Study delivers robust financial outcomes of:
- Pre-tax NPV8 of US$776M and 32% IRR
- Post-tax NPV8 US$445M and 25.5% IRR
- Base case commodity pricing of US$90/kg of neodymium (Nd) and praseodymium (Pr), US$1322/kg for terbium (Tb) and US$338/Kg for dysprosium (Dy). The breakeven price for NdPr using all other prices from the base case is US$33.68/ kg.
- Average annual production estimate of 56kt of concentrate at a grade of 26.4% TREO and 3.3% Nb2O5, with 45.1% global TREO recovery over an initial 11-year life of mine (LOM). Average annual Rare Earth Element (REE) production is estimated to be: 2.9kt of Nd, 0.9kt of Pr with less than 100 tons each of Dy and Tb.
- Further infill drilling should increase the size and confidence of the resource supporting a longer LOM and thereby expanding project economics.
- Pit design targets a daily production of 14,000 tpd (approx. 3,000,000 tpa) with a very low 0.3:1 stripping ratio.
- Capital cost estimated at US$291 million (A$455 million), including a 35% contingency of US$68M; operating cost estimated at US$24/dry metric tonne mined (includes a 20% contingency).
- The Study states that building a Canadian supply chain will be preferred for the project’s success. The Canadian Rare Earth Supply Chain Consortium, in which Vital plays a founding role, will foster the collaboration between industry, government and technical partners to expedite the timeline from lab, and pilot work and demonstration plant to be ready to scale to commercial production of separated metals, permanent magnets and wind turbines.
- To potentially improve the project’s economics, the Study recommends advancing to a prefeasibility Study (PFS) with additional extensive metallurgical testing to:
- Optimize TREO and niobium recoveries;
- Prove the payability of niobium; and
- Test the recovery of zircon.
Vital Metals’ Managing Director Lisa Riley said: "The Study is an essential step towards moving the Project forward. It is a first step towards Vital playing a key role in building critical minerals supply chain in Canada. The Study has outlined the potential to build a viable, long- term rare earths and niobium project at Tardiff. Recommended next steps will aim to capture further economic upside by optimizing REE and Nb recoveries, lifting concentrate grades and delivering higher payability for the economic commodities.”
Figure 1: Vital Metals' Nechalacho Project, Canada
Click here for the full ASX Release
This article includes content from Vital Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
The Conversation (0)
02 October
Locksley Advances Multiple Antimony & REE Workstreams
Locksley Resources (LKY:AU) has announced Locksley Advances Multiple Antimony & REE WorkstreamsDownload the PDF here. Keep Reading...
18 September
Environmental Approval for Boland Infield Studies & Update on Scaled Column ISR Test
Field testing to commence mid-October aimed at confirming the highly productive flow rates being achieved in laboratory ISR studies
Cobra (LSE: COBR), a mineral exploration and development company, is pleased to announce that is has received Environmental Protection and Rehabilitation ("EPEPR") approval from the Government of South Australia's Department for Energy and Mining ("DEM") for the Company's exploration programme... Keep Reading...
18 September
Successful Heavily Supported Placement to Raise $25.1 Million
Resolution Minerals Ltd (RML or Company) (ASX: RML) is pleased to announce it has received firm commitments for a placement of fully paid ordinary shares in the Company (Shares) to sophisticated investors to raise a total of $25.1 million (before costs) at an issue price of $ 0.05 per Share... Keep Reading...
17 September
New Research on Deep-Sea Mineral Sources Reveals Ecological Importance
The seabed of the Baltic Sea is scattered with rock-like lumps that could fuel the global race for rare metals. But new research suggests these formations, known as mineral concretions, are far more than a potential resource: they are complex, slow-growing structures that play an important role... Keep Reading...
05 September
Wildfire Destroys Mining Camp in NWT, Former MP Slams Territorial Response
A fast-moving wildfire has destroyed the Nechalacho mining camp southeast of Yellowknife, Northwest Territories, erasing cabins and infrastructure at a rare earths project owned by Vital Metals (ASX:VML). The blaze swept through the camp at Thor Lake on August 30 after strong winds carried it 16... Keep Reading...
04 September
Critical Metals Corp NASDAQ CRML Reports Massive Mineralization Extension & Continues Resource Expansion These (3) 2024 Drilling Holes Intercepted Exceptional Rare Earth Elements Grading TREO Range 0.40% to 0.42% & HREO ∼26% Across our Flagship Core Asset Tanbreez in Greenland
Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp” or the “Company”), a leading critical minerals mining company, today announced for the first time three new assay results from the 2024 diamond drill hole program at the Fjord Deposit at the Tanbreez Rare Earth Project in... Keep Reading...
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00