The Nechalacho Project
Overview of the Nechalacho Project
Location & Ownership
A Tier-1 Jurisdiction with 100% Ownership
The Nechalacho Rare Earth and Niobium Project is located approximately 100 kilometres southeast of Yellowknife in Canada’s Northwest Territories, within the Blatchford Lake Intrusive Complex, one of the most mineralogically significant geological formations in North America. The Northwest Territories is a well-established mining jurisdiction with strong regulatory frameworks, growing government support for critical mineral development, and a long history of resource extraction.
Vital Metals holds 100% of the mineral rights above the 150 metre Relative Level on the core Nechalacho leases. This is the horizon that contains the entire current Mineral Resource, meaning Vital has full ownership over all mineralisation relevant to the Scoping Study and the Pre-Feasibility Study currently underway.
Logistics & Infrastructure
Built-In Logistics & Surrounding Infrastructure
The project sits on the northern shore of Great Slave Lake, connected by a five kilometre graded road to a barge loading point. Concentrate is transported by barge to the Hay River Marine Terminal, where it connects to the Canadian National Railway Network for distribution across North America.
Previous owners invested more than $120 million in drilling, permitting and infrastructure, leaving Vital Metals with a 40-person camp, an airstrip, a helicopter pad and an operational ore sorter already in place.
The Tardiff Deposit
One of the Largest Rare Earth Deposits in the World
The Tardiff deposit sits at the heart of the Nechalacho Project and hosts a Total Mineral Resource of 192.7 million tonnes at 1.3% TREO, containing 2.5 million tonnes of total rare earth oxides, 636,000 tonnes of neodymium and praseodymium oxide (NdPr) and 578,000 tonnes of niobium. With NdPr representing 25% of total rare earth oxide content, Tardiff carries one of the highest magnet rare earth ratios of any deposit globally.
Neodymium and praseodymium are the critical inputs for the permanent magnets used in electric vehicle motors, wind turbine generators and defence systems, making the Tardiff deposit strategically significant for supply chains.
July 2025 Scoping Study
Tardiff Scoping Study Delivers Robust Financial Outcomes
District-Scale Upside
A District-Scale System with Heavy Rare Earth Potential
The July 2025 Scoping Study was based solely on the Tardiff deposit, but recent exploration has demonstrated that the Nechalacho system extends well beyond the existing resource boundary. Six targets have been identified across a broad district-scale footprint, with results confirming both high-grade light rare earths and, for the first time at Nechalacho, significant heavy rare earth mineralisation including dysprosium and terbium.
Heavy rare earths are among the most strategically valuable materials in the world, used in high-performance permanent magnets for electric vehicles and defence applications.
What's Next
Upcoming Milestones & Catalysts
Winter Drill Program Results
Assay results from the completed winter drill program are pending, covering 17 holes at Tardiff totalling 1,824 metres and three exploration holes at R Zone, S Zone and Cressy Ridge. The Company will assess results to determine whether further drilling is required ahead of Winter 2027.
North T Stockpile Processing
Approximately 45,000 tonnes of rare earth material sit on surface at North T, representing a near-term opportunity to produce saleable concentrates and generate cashflow while the Tardiff Pre-Feasibility Study advances.
Summer Fieldwork & Regional Exploration
Summer fieldwork will advance the three new regional targets identified in early 2026, progressing them toward drill-ready status for the Winter 2027 program.
Updated MRE & Pre-Feasibility Study
An updated Mineral Resource Estimate will be incorporated into the Pre-Feasibility Study, which is targeted for completion by February 2027. The PFS will improve resource certainty, optimise metallurgical recoveries and confirm payability for niobium and zirconium.
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