Mining contractor Det'on
All plant and equipment, including an ore sorter and associated infrastructure, will arrive at site by the end of March in preparation for rare earth production at Nechalacho.
We are excited to be commencing operations at Nechalacho rare earth project and following our recent
Vital and its subsidiary Cheetah Resources held a ceremony on
Vital's Nechalacho Development Strategy
Vital's strategy is to develop Nechalacho in two stages. Stage 1 of the operations focuses on the
Det'on
Performance Shares
800 million Performance Shares were issued by the Company in accordance with the terms of the acquisition by
The commencement of commercial mining operations at the Nechalacho1 or Wigu Hill projects is a key performance criterion for the conversion of all Performance Shares into fully paid ordinary shares in the capital of the Company (Shares). Therefore, all Performance Shares will convert to Shares on a 1:1 basis on commencement of mining operations. The Company is pleased to announce that Vital Directors and key shareholders holding 70% of the Performance Shares have agreed to voluntarily escrow the converted shares for a period of 6 months.
Contact:
Mr
Tel: +61 2 8823 3100
Email: vital@vitalmetals.com.au
ABOUT VITAL
The Nechalacho project is a high grade, light rare earth (bastnaesite) project located at Nechalacho in the
Forward Looking Statements
This release includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue', and 'guidance', or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production output.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievementsto differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company's business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company's control.
Although the company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.
Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
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