Vital Metals Limited (ASX:VML) signed a binding term sheet to acquire Zeus exploration project and 68% interest in the Kipawa exploration project from Quebec Precious Metals Corporation (TSXV:QPM) for CAD 8 million on August 9, 2021. Deposit of CAD 0.15 million will be paid on signing the term sheet, CAD 2.35 million on acquisition of the Projects, CAD 2.5 million, CAD 1 million, CAD 1 million, CAD 1 million on the first, second, third and fourth anniversary of acquisition respectively. Vital Metals Limited will grant security over the Projects to QPM until the consideration is paid in full. Joint Venture partner Investissement Quebec (“IQ”) holds the remaining 32% of the Kipawa project. Consideration will be paid from VML's existing cash reserves. The transaction is subject to VML due diligence and other customary conditions of closing, including various third-party approvals. The Term Sheet contains other terms and conditions considered standard for an agreement of its nature including representations and warranties given by the parties. Dependent upon access for due diligence as set out, the acquisition will complete before February 28, 2022. Technical and legal due diligence were successfully completed as of February 7, 2022. The terms of the acquisition have been amended to extend the due diligence period by 9 months to 30 September 2022. This extension will enable Vital to undertake more extensive engagement with local communities to help inform the details of its plan for the development of the Projects.

Vital Metals Limited (ASX:VML) cancelled the acquisition of Zeus exploration project and Kipawa exploration project from Quebec Precious Metals Corporation (TSXV:QPM) on October 10, 2022. As of November 7, 2022, Quebec Precious Metals receives CAD 1.01 million as part of the binding term sheet agreement.