Quarterly Activities and Cash Flow Report

• Assay results confirm and extend mineralisation beyond Tardiff deposit
• High-grade rare earth and niobium mineralisation identified
• New gallium potential identified at Tardiff
• Tardiff Pre-Feasibility Study progresses
• North T stockpile processing to generate near-term cash flow

Vital Metals Limited (ASX: VML) reported on its activities for the quarter ended 30 June 2026 at its Nechalacho Rare Earths and Niobium Project in Canada. The report highlights that assay results from the 2026 diamond drill program confirm and extend rare earth and niobium mineralisation across the Tardiff deposit, including beyond the current Mineral Resource envelope. Notable results include a new high-grade zone of 6.0m at 3.86% TREO from 100m. The results are being incorporated into an updated 3D geological model and Mineral Resource Estimate, potentially supporting future resource growth. The Tardiff Pre-Feasibility Study progressed with the selection of engineering, metallurgical, and resource partners. The Company also continued to evaluate processing and flowsheet options for the North T surface stockpile, aiming to generate near-term cash flow. Additionally, the A$1 million convertible loan was fully converted through the issuance of 11,200,000 fully paid ordinary shares.

Vital Metals anticipates that the updated Mineral Resource Estimate will support the Tardiff Pre-Feasibility Study, targeted for completion in February 2027. The Company also plans to complete the planned airborne geophysical survey and advance the 2026 regional targets toward drill-ready status for Winter 2027.