Vital Metals possesses full ownership of the Nechalacho Rare Earth Elements (REEs) Project, spanning over 5,000 hectares. The company's primary focus lies in advancing the Nechalacho project, with particular emphasis on the Tardiff deposit, towards becoming a significant rare earth project on a large scale. Notably, the Tardiff deposit distinguishes itself within the realm of substantial rare earth deposits due to its remarkable Nd+Pr to Total Rare Earth Oxide (TREO) ratio of approximately 25%.

In April 2024, Vital Metals unveiled a revised Mineral Resource Estimate for the Tardiff Upper Zone Deposit within the Nechalacho project. This updated assessment adopts a comprehensive approach, utilizing a net metal revenue (NMR) cut-off based on projected cost and recovery factors, departing from the previous simplified Total Rare Earth Oxide (TREO) cut-off criteria.

The newly established base estimate, formulated from fundamental cost principles and metal recovery factors, resulted in an NMR of CAD 115 per tonne and is delineated within an optimized pit shell. It encompasses a total resource tonnage of 212.7 million metric tons, with a grading of 1.17% TREO, containing 2.48 million metric tons of TREO, and over 623,000 metric tons of NdPr.