Drill resultsViscount Mining Corp. (TSXV:VML)March 8, 2026 at 6:34 PM EDT

Final assay results highlight discovery potential

Source:ASX

T (61) 2 8823 3179 I E vital@vitalmetals.com.au I W www.vitalmetals.com.au

A Level 5, 56 Pitt Street, Sydney NSW 2000

ASX Announcement

9 March 2026

Final assay1 results highlight the potential for

new discoveries at Nechalacho2

Vital Metals Limited (ASX: VML) ("VML" or "the Company") is pleased to report final overlimit

assay results from grab samples collected at Nechalacho, confirming exceptional rare earth

grades of up to 292,145ppm TREO.

Highlights:

• F009416 (target 1029A) returned the highest TREO value recorded at Nechalacho

to date (based on Company data) as follows:

o 29.2% TREO (292,145 ppm), including:

§ 7.0% Nd₂O₃ (70,333 ppm); and

§ 1.7% Pr₆O₁₁ (17,398 ppm).

o NdPr oxides totalled 8.7% (87,731 ppm), representing 29.8% of TREO, highly

significant as NdPr is typically the highest-value payable component within

the light rare earth elements.

• F009445 (R Zone target) returned 12.5% TREO (125,920 ppm), including 1.5%

Dy₂O₃ (15,609 ppm) and 1.0% Gd₂O₃ (10,719 ppm), representing the highest

dysprosium result at the project reported to date.

• The excellent assays from the completed regional grab sample exploration program

have identified 6 targets located outside of the current resource and demonstrates

the significant potential at the Nechalacho Rare Earths and Niobium Project for more

discoveries.

• A 1000m exploration drill program is now underway at R Zone, S Zone and Cressy

Ridge and is expected to be completed by mid-April 2026.

The results demonstrate significant potential to support the district scale of mineralisation

across its Nechalacho Rare Earths and Niobium Project (Upper Zone, top 150m RL) located

100km southeast of Yellowknife, Northwest Territories, Canada.

1 Final assay from re-assays of overlimit values reported from grab samples, ASX Announcement 23 February 2026

2 VML owns the Nechalacho Rare Earths and Niobium Project comprising the Upper Zone, defined as the mineral leases

above the 150m RL and is located 100km southeast of Yellowknife, Northwest Territories, Canada.

For personal use only

Managing Director and CEO Lisa Riley said:

"These results demonstrate that Nechalacho is a large, dynamic rare earth system rather than

a single deposit. Mineralisation has been identified outside the defined US$445m Tardiff

Deposit underscoring a broad district-scale multi-target opportunity and supporting our

strategy of expanding the resource base beyond Tardiff and North T while advancing Tardiff

toward development."

"We are executing a three-pronged approach:

1. Exploration work on the new targets, expanding the broader Nechalacho footprint.

2. Pre-Feasibility Study of the Tardiff deposit toward completion by February 2027.

3. Preparing to process stockpiles at North T to generate cash as soon as possible."

Overview of Work Recently Conducted

As announced to the ASX on 23 February 2026, analyses from three grab samples, F009416,

F009445 and F009446, were reported with overlimit values (i.e. Nd > 50,000 ppm, Dy

>5,000ppm). These samples have since undergone a third round of analysis at ALS Canada,

with final certified assay results reported outlined below.

F009416 (1029A)

The grab sample was collected from a newly identified regional target located approximately

4km southeast of the Tardiff zone within uniform Grace Lake granite with localised pegmatite

pods. Following the second round of analysis, overlimit values were returned for Ce, Pr, Nd,

Sm and Gd.

The previously reported minimum TREO value of 168,035ppm has now been confirmed at

292,145ppm TREO, representing the highest TREO result of the entire prospecting program.

Standout single oxide values for Pr6O11, Nd2O3 and Gd2O3 add to previously reported elevated

Tb2O3 and Dy2O3 results.

The second and third round assay results are compared below.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| F009416 1029A | Third | 49491 | 132053 | 17398 | 70333 | 12756 | 729 | 6570 | 383 | 876 | 68 | 99 | 8 | 32 | 7 | 1340 | 1 | 292145 |

| F009416 1029A | Second | 49491 | >50000 | >5000 | >50000 | >5000 | 729 | >5000 | 383 | 876 | 68 | 99 | 8 | 32 | 7 | 1340 | 1 | 168035 |

F009445 & F009446 (R-Zone)

These grab samples were collected from the R-Zone, located in the central area of

Nechalacho immediately north of the Tardiff Zone and within the Thor Lake Syenite.

Grab sample F009445 returned overlimit values for Gd, Dy and Th following the second round

of testing. The previously reported minimum TREO value of 109,592ppm has now been

confirmed at 125,920ppm TREO.

This result includes the highest Dy2O3 value of the entire prospecting program at 15,609ppm

Dy2O3.

The second and third round assay results are compared below.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| F009445 | R zone | Third | 3026 | 8673 | 1365 | 7278 | 4221 | 811 | 10719 | 2601 | 15609 | 2463 | 5111 | 482 | 1924 | 172 | 61465 | 0 | 125920 |

| F009445 | R zone | Second | 3026 | 8673 | 1365 | 7278 | 4221 | 811 | >5000 | 2601 | >5000 | 2463 | 5111 | 482 | 1924 | 172 | 61465 | 0 | 109592 |

| F009446 | R zone | Third | 6157 | 14434 | 1873 | 7733 | 1699 | 222 | 2109 | 387 | 2249 | 360 | 772 | 80 | 348 | 35 | 10426 | 0 | 48884 |

| F009446 | R zone | Second | 6157 | 14434 | 1873 | 7733 | 1699 | 222 | 2109 | 387 | 2249 | 360 | 772 | 80 | 348 | 35 | 10426 | 0 | 48884 |

Overlimit analyses were tested in a third round of analyses using the ALS Laboratories ME-

OGREE method (High-Grade Rare Earth Elements by ICP-AES), consistent with previous

analytical packages involving lithium borate fusion, acid digestion and ICP analysis.

Full third round results are found in the Appendix.

Strategic Overview:

• Regional exploration work has delivered strong results, identifying three new

exploration targets and three additional targets for further advancement. The Company

plans to progress these targets through drilling and additional summer fieldwork in the

coming months.

• The current winter drilling program (from Feb-April 2026) has been divided into two

stages:

1. 1000m of exploration drilling at the R Zone, S Zone and Cressy Ridge targets

2. ~4600m of in-fill drilling to increase the certainty of the Tardiff resource for an

updated MRE to feed into a Pre-Feasibility Study targeted for February 2027.

• The Company's undertakings at the Nechalacho Project (Upper Zone, top 150m RL)

in the next 12 months can be divided into three distinct areas:

1. Systematic exploration with 6 undrilled targets, of which 3 were previously

completely untested.

2. Tardiff, advancing with a Pre-feasibility Study including an updated MRE to

expand its existing 192.7Mt Tardiff Mineral Resource Estimate (MRE), and

scoping study post-tax NPV8% of US$445 million.

3. North T demonstration project and stockpile processing.

This announcement has been approved by the Board of Vital Metals Limited.

Contact

Lisa Riley

Interim Chair, Managing Director and CEO

Vital Metals Limited

Phone: +1 (581) 624 4833

Email: lriley@vitalmetals.com

About Vital Metals

Vital Metals Limited (ASX: VML) is developing the large Nechalacho Rare Earth Project (Upper Zone,

top 150m RL) in Canada's Northwest Territories. Nechalacho has the potential to underpin a significant

rare earths supply chain for North America with responsibly sourced critical minerals for the green

economy transformation.

Competent Persons Statement:

The information reported that relates to the recent sampling work is based on information compiled by

Mr Jonathan Victor Hill, a Competent Person, who is a registered Fellow of the Australasian Institute of

Mining and Metallurgy (FAusIMM), a Recognised Professional Organisation (RPO) of the ASX.

Mr Hill has sufficient experience relevant for reporting REE mineralisation and the type of deposit under

review and qualifies as a Competent Person as defined in the 2012 Edition of the 'Australasian Code

for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

Mr Hill consents to the inclusion of this information in the form and context in which it appears.

ASX Listing Rule Information

This announcement contains information relating to Mineral Resource Estimates in respect of the

Nechalacho Project extracted from an ASX market announcement reported previously and published

on the ASX platform on 20 January 2025 "MRE Delivers 56% Increase in Measured and Indicated

Resource". The Company confirms that it is not aware of any new information or data that materially

affects the information included in the original market announcement and that all material assumptions

and technical parameters underpinning the estimates in the original market announcement continue to

apply and have not materially changed. The Mineral Resource Estimate of 192.7Mt @ 1.3% TREO

comprises 144.1 Mt @ 1.31% TREO Inferred, 41.0Mt @ 1.29% TREO Indicated and 7.6Mt @ 1.48%

TREO Measured.

This announcement contains information relating to the Company's Scoping Study extracted from an

ASX market announcement reported previously in accordance with the 2012 edition of the "Australasian

Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("2012 JORC Code")

and published on the ASX platform on 28 July 2025 "Scoping Study Delivers Robust Economics and

Upside Potential". The Company confirms that all the material assumptions underpinning the production

target and the forecast financial information derived from the production target in the original ASX

announcement continue to apply and have not materially changed.

Forward Looking Statement:

This release may include forward-looking statements, which may be identified by words such as

"expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking

statements are based on Vital Metals expectations and beliefs concerning future events. Forward

looking statements are necessarily subject to risks, uncertainties and other factors, many of which are

outside the control of Vital Metals and which could cause actual results to differ materially from such

statements. There can be no assurance that forward-looking statements will prove to be correct. Vital

Metals makes no undertaking to subsequently update or revise the forward-looking statements made

in this release, to reflect the circumstances or events after the date of that release.

Cautionary statement – Scoping Study and forecast financial information: The Scoping Study

results presented in this announcement are preliminary and are intended to provide an order-of-

magnitude indication of potential project viability. The production target and forecast financial

information are based on Mineral Resources (and may include Inferred Mineral Resources), and

there is no certainty that further exploration and technical work will result in the estimation of Ore

Reserves or that the production target will be realised. The outcomes are subject to a range of

assumptions and risks (including commodity prices, metallurgical performance, capital and operating

costs, permitting and approvals, financing and execution), and future studies (including the planned

PFS) are required to confirm the results.

REFERENCES

1. Mumford, T., 2013. Petrology of the Blatchford Lake Intrusive Suite, Northwest Territories, Canada

(Doctoral dissertation, Carleton University)

2. All assay results are reported to Vital in parts per million (ppm). Geological staff then convert the parts per

million to ppm oxides using the below element to stoichiometric oxide conversion factors. La2O3 1.1728,

CeO2 1.2284, Pr6O11 1.2082, Nd2O3 1.1664, Sm2O3 1.1596, Eu2O3 1.1579, Gd2O3 1.1526, Tb2O3

1.1510, Dy2O3 1.1477, Ho2O3 1.1455, Er2O3 1.1435, Tm2O3 1.1421, Yb2O3 1.1387, Lu2O3 1.1371,

Sc2O3 1.5338, Y2O3 1.2699, Nb2O5 1.4305, Ta2O5 1.2211, Ga2O3 1.3442, ThO2 1.1379, U3O8

1.1792, ZrO2 1.3508

APPENDIX A - Assay Results

* F009416 and F00945 TREO is calculated with the minimum ppm value for the overlimit

** Coordinates are in UTM Zone 12N WGS84

*** Values below detection limit for Sc (<0.5ppm) were