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RARE EARTHS, SPECIALITY
& STRATEGIC METALS
INVESTMENT SUMMIT
       Developing a top ten unexploited tungsten deposit
       Mark Strizek – CEO, Vital Metals




 IRONMONGERS’ HALL, CITY OF LONDON     TUESDAY-WEDNESDAY,   13-14 MARCH 2012
 www.ObjectiveCapitalConferences.com
VITAL METALS LIMITED
Tungsten Developer
Gold Explorer




                                       ASX:VML
                                      ASX:VML
                          www.vitalmetals.com.au
                       www.vitalmetals.com.au  2
Developing and Exploring

   Watershed Tungsten Project, Queensland
      JOGMEC joined as JV partner in August 2011. Funding DFS study to earn a
       30% interest in the project
      DFS study expected to be completed in Q4 2012
      Tungsten prices at all time high as Chinese demand overtakes ROW
      Tungsten has been noticed by globally significant investment house
      Gold Exploration, Burkina Faso
      18,000 metre drilling programme completed at Kollo, notable gold assay
       results include1:
           44m at 6.39 g/t gold from 8m including (4m at 58.03 g/t gold from 24m)
      60% Farm in milestone reached with Ampella Mining Limited over Doulnia
       and Kampala tenements (Vital earning 80%).
      Tenement portfolio grows to 850 sq km with two new exploration tenements
       granted (100% interest).

       1 Reported previously 3/8/2011
                                                                                  ASX:VML
                                                                     www.vitalmetals.com.au
                                                                                          3
Corporate Overview

 Capital Structure                                Major Shareholders
                                                    Citicorp Nominees – 9.16%
 ASX: VML
                                                    Rex Harbour – 7.66%
   Shares on Issue                                 JP Morgan Nominees – 6.01%
     228.40 million shares                          Consolidated Minerals – 5.5%
     4.7 million unlisted options                   HSBC Custody Nominees – 4.73%
                                                    National Nominees Ltd – 4.11%
    Market Capitalisation
     $11.42 million                                 Directors – 1.73%
     At share price of $0.050 (09 Mar 2012)         Top 40 – 61.85%
    Cash at 31 December 2011, $1.60 million




                                                                                       ASX:VML
                                                                          www.vitalmetals.com.au
                                                                                               4
Vital’s Vision


  “To develop high quality, low cost projects that can be brought
  into production quickly, creating value for our shareholders.
  Achieving this via a project portfolio diversified by commodity,
  country and development stage to minimise risk and provide
  maximum opportunities for growth.”




                                                                    ASX:VML
                                                       www.vitalmetals.com.au
                                                                            5
Tungsten – One of the Best Performing
Commodities in 2011

      A step change in prices during 2010 – 2011
      A repeat of what occurred to prices during 2005
      Support has been found for the new price regime




                                                                      ASX:VML
                                                         www.vitalmetals.com.au
                                                                              6
Tungsten – Demand driven by the Dragon

   Global demand for tungsten is forecast to continue growing strongly, particularly in hard
    metal and cutting tool utilization. Global deep well drilling is also increasing demand.
   Global supply of tungsten is forecast to grow at 6% per annum. However this is subject to
    confirmation on a number of new projects outside China.
   Primarily due to declining grades in traditional mining areas and increasing wage costs, the
    cost of production in China continues to increase strongly.
   By 2012 China's demand is forecast to significantly exceed its domestic supply. Despite its
    strong domestic production program, China is already the world's largest importer of
    tungsten concentrates.
   Over the past decade, recycling has filled the shortfall in mined supply, however recycling
    programs has now reached maximum efficiency and will not continue to be an increased
    supply source.
   The indicated new price regime will encourage new projects coming to market.
    However, this potential increased supply is not expected to match forecast demand in the
    short to medium term, particularly as the lead time for developing new mines is increasing.



                                                                                          ASX:VML
                                                                             www.vitalmetals.com.au
                                                                                                  7
Tungsten – Supply Shortfall Forecast

                                                               Reliability of future supplies of
                                                                tungsten minerals is of concern to
                                                                many nations.
                                                               Demand outstripping supply with
                                                                the difference primarily being
                                                                supplemented by material released
                                                                from government stock
                                                                piles, especially in the USA and
                                                                Russia.
Source: ITIA




              Roskill forecasts the world tungsten
               market to be in deficit by 2013 as
               government stock piles are depleted.




                                                      Source: Roskill                            ASX:VML
                                                                                    www.vitalmetals.com.au
                                                                                                         8
Watershed – Targeting Production in 2014

   Definitive Feasibility Study (DFS) scheduled
    for completion H2 2012 – Targeting
    production in 2014
   Indicated JORC Code Compliant Resource -
    15.1mt @ 0.46% WO3 (0.1% WO3 cut-off
    undiluted) open at depth and along strike
   Finalising project Environmental Approval -
    expected to be completed in 2012
   Native Title ILUA progressing to
    registration in 2012
   Mining Lease applications already on foot


                                                                ASX:VML
                                                   www.vitalmetals.com.au
                                                                        9
Watershed – DFS Current Work Program


   Completed diamond drill program
    designed to close off mineralisation.
    New data will be used to update
    resource model which will feed into pit
    optimisation studies
   Confirmatory metallurgical test-work
    testing variability and floatation
    recovery underway
   Work on finalising design of TSF/ WRD
    has commenced
   Working with Western Yalanji to
    register ILUA with NNTT
   All work being funded by JOGMEC




                                                           ASX:VML
                                              www.vitalmetals.com.au
                                                                  10
Watershed – Scheelite hosted in…

    Vein Swarms
    Coarse scheelite in veins
    Disseminated mineralisation




                                                ASX:VML
                                   www.vitalmetals.com.au
                                                       11
Watershed – Geology and Resources

   Watershed deposit is part of a large
    structural system that is largely
    unexplored. Vital’s exploration package
    now covers 600 sq km.
   Walk up exploration prospects at the
    Watershed South, Desailly and Desailly
    North.
   Drill spacing over the main resource area is
    good with the grid spacing approaching
    50m by 50m.
   Resource comprises 997 mineralised
    intercepts (Av Length is 5.4m):
     – 304 of intercepts exceed 5m @ 0.5%
         WO3
     – 160 of these exceed 5m @ 1.0% WO3




                                                                ASX:VML
                                                   www.vitalmetals.com.au
                                                                       12
Watershed – Potential for Satellite Operation

    Recent review of historic data
     shows multiple veins of
     tungsten in the Desailly
     prospect just 5km from the
     proposed Watershed tungsten
     mine.
    Desailly has an exploration
     potential of between 2-3 million
     tonnes of mineralisation with
     grade expected to be between
     0.2 and 0.4% WO3.
    Desailly could add to the life of
     operations at Watershed by
     providing feed to the Watershed
     processing plant.



                                                             ASX:VML
                                                www.vitalmetals.com.au
                                                                    13
Watershed – Potential Exists at Depth

    Vital geological team confident in
     significant scope for extending
     mineralisation at depth.
    Trend observed for mineralisation
     to increase with depth as in hole
     MWD119 - intersected 20m @ 1.27
     % WO3 from 302m
    Vital developed the Watershed Vein
     Swarm Model (right) which exhibits
     a good correlation with drilling
    Model suggests potential for
     mineralisation to have significant
     grade and thickness at depth
    Potential for underground
     operation in the future


                                                       ASX:VML
                                          www.vitalmetals.com.au
                                                              14
Watershed – Simple Flowsheet

   Simple flowsheet – exploits scheelite
    fluorescence and density:
      – Ore crushed from ore stockpiles fed to
      – X-Ray ore sorter which removes around
        ~50% of waste.
      – Retained feed will be split in spirals and
        then cleaned using tables, magnetic
        separation, cyclones and floatation.
   Intention is that plant will be modular and
    scalable
   Further work on floatation circuit remains to
    be completed




                                                                  ASX:VML
                                                     www.vitalmetals.com.au
                                                                         15
Watershed – DFS Schedule

       2012                        2013                               2014

      Met Testing

   Environmental/ Permitting

                     Design &
                    Engineering

                                  Procurement

                                                Earthworks & Plant
                                                   Construction

                                                                1st Concentrate

                                                                            ASX:VML
                                                               www.vitalmetals.com.au
                                                                                   16
Burkina Faso – Open for Business

    Presidential Democracy since 1990
    Rule of Law, rising standard of living.
    Transparent mining code based on WA Mines Act
    70,000 sq km of Birimian Greenstone Belts
    Significant potential for growth in gold resources
    support services available

                                  Birimian
                 Birimian  Gold     Gold
                   Area Resource Resources
       Country      (%)   (M oz)*    (%)
  Ghana              19     110       61
  Mali               10     33        19
  Burkina Faso       22     15        7
  Guinea             11     12        7
  Ivory Coast        35      8        4
  Senegal             3      3        2
  TOTAL            100     +181     100

                        *Deposit >1Moz

                                                                       ASX:VML
                                                          www.vitalmetals.com.au
                                                                              17
Burkina Faso – Located on a Proven Gold System


   Vital selected the tenements
    in Burkina Faso due to their
    location in favourable
    geotectonic settings at, or
    near to, the intersection of
    the Markoye Fault Corridor
    and the Bole shear zone
   These systems host the
    Essakane, Bombore, Kiaka
    and Youga gold deposits for
    a combined total of >16 Moz
    gold resources




                                                              ASX:VML
                                                 www.vitalmetals.com.au
                                                                     18
Burkina Faso – Impressive Gold Results

 Strategic tenement package with potential for further gold
    discoveries
       Early exploration success including exciting gold intersections:
         – 44m at 6.39 g/t gold from 8m 1; and
         – 32m at 2.44 g/t gold from 36m 2
       18,000m of RC drilling completed confirms gold potential - provides
        foundation to build ongoing exploration strategy. Widespread gold-
        in-soil anomalism is providing a pipeline of targets
       60% ownership attained on JV ground – in partnership with Ampella
        Mining. Vital to earn 80% on funding a PFS
       Mediga and Zeko tenement recently granted (Vital 100%) giving 850
        km2 of contiguous tenements including JV lease areas.



     1 Reported previously 3/8/2011
     2 Reported previously 24/3/2011


                                                                                    ASX:VML
                                                                       www.vitalmetals.com.au
                                                                                           19
Burkina Faso – Vital Metals Tenements


 Joint Venture Tenements (Vital
 60%, Ampella 40%, earning
 80%)
    Doulnia (247 km2)
      – Kollo Gold Prospect
      – Boungou South Gold
        Prospect
      – Nabenia Zinc Prospect
      – Loubel Zinc Prospect
      – Koubongo Zinc Prospect
    Kampala (216 km2)
      – AVV Zinc Prospect
 Vital Tenements
      – Mediga (219 km2)
      – Zeko (170 km2)


                                                     ASX:VML
                                        www.vitalmetals.com.au
                                                            20
Burkina Faso – Kollo Gold Prospect




     Over 3km of strike length at Kollo, active artisanal mining along trend
     18,000m RC drilling completed, project best intercept of 4m at 58.03 g/t gold
      from 24m (KRC210)
     Significant areas remain untested along strike – more drilling planned
               All results reported previously 25/5/2010, 24/3/2011, 9/6/2011, 3/8/2011, 30/1/2012, 20/2/2012                ASX:VML
                                                                                                                www.vitalmetals.com.au
                                                                                                                                    21
Burkina Faso – Kollo Gold Prospect

   Mineralisation from
    surface, should be suitable for
    open pit mining
   Indications of high grade
    shoots plunging to the north-
    west
   Open along strike and at
    depth, further work needed to
    test the limits




                            All results reported previously                                               ASX:VML
                            25/5/2010, 24/3/2011, 9/6/2011, 3/8/2011, 30/1/2012, 20/2/2012
                                                                                             www.vitalmetals.com.au
                                                                                                                 22
Burkina Faso – Boungou South Gold Prospect


                                Boungou South located around 6km
                                 to the south east of Kollo Prospect
                                Encouraging first pass RC drill results
                                 include:
                                     4m @ 4.93 g/t gold from 65m
                                      (KRC229);
                                     3m @ 1.8 g/t gold from surface
                                      (KRC233);
                                     5m @ 5.59 g/t gold from 31m (inc 1m
                                      @ 24.97 g/t gold from 35m, KRC233).


                                Open along strike, further work
                                 planned.




                                                                 ASX:VML
                                                    www.vitalmetals.com.au
                                                                        23
Vital Metals – The Investment Case

    Fully funded DFS (JOGMEC) is due for completion in 2012
    Fast tracking to tungsten concentrate production by 2014
    Access to off-take partner and project finance via JOGMEC farm-in
    Robust project metrics and low capital cost from previous Feasibility Study
    Watershed JORC tungsten resource is open ended which combined with large
     tenement package at Watershed provides a tremendous opportunity to
     increase resources via further exploration
    Planning follow up exploration program, plenty of time to complete next round
     of drilling in Burkina Faso before the wet season.
    Aiming to define a maiden JORC gold resource at Kollo in 2012
    Secured 60% milestone in Burkina Faso on JV tenements (earning 80%). Further
     gold discoveries possible within 850 km2 of contiguous tenements




                                                                               ASX:VML
                                                                  www.vitalmetals.com.au
                                                                                      24
Forward-looking &
Competent Person Statement
 Disclaimer:
 Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future
 financial or operating performance of the Company and its projects, constitute forward-looking statements. All statements, other
 than        statements         of       historical        fact,      are       forward-looking          statements.        The         words
 “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “sched
 ule” and similar expressions identify forward-looking statements.
 Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of
 tungsten, gold or other metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral
 resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates
 and assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable
 by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause
 actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking
 statements. Such factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements;
 exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates;
 dependence on third party smelting facilities; factors associated with foreign operations and related regulatory risks; environmental
 regulation and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title
 and aboriginal heritage issues; dependence on key personnel; and share price volatility and also include unanticipated and unusual
 events, many of which are beyond the Company's ability to control or predict.
 For further information, please see the Company's most recent annual financial statement, a copy of which can be obtained from the
 Company on request or at the Company's website: www.vitalmetals.com.au. The Company disclaims any intent or obligation to
 update any forward-looking statements, whether as a result of new information, future events or results or otherwise. All forward-
 looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that
 forward-looking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such
 statements.

 Competent Person:
 The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Mark
 Strizek (MD), an employee of the Company. Mr Strizek is a member of the Australasian Institute of Mining and Metallurgy (AusIMM)
 and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the
 activities undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the Joint Ore Reserves Committee (JORC)
 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.



                                                                                                                                  ASX:VML
                                                                                                                     www.vitalmetals.com.au
                                                                                                                                         25

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Developing a top ten unexploited tungsten deposit

  • 1. RARE EARTHS, SPECIALITY & STRATEGIC METALS INVESTMENT SUMMIT Developing a top ten unexploited tungsten deposit Mark Strizek – CEO, Vital Metals IRONMONGERS’ HALL, CITY OF LONDON TUESDAY-WEDNESDAY, 13-14 MARCH 2012 www.ObjectiveCapitalConferences.com
  • 2. VITAL METALS LIMITED Tungsten Developer Gold Explorer ASX:VML ASX:VML www.vitalmetals.com.au www.vitalmetals.com.au 2
  • 3. Developing and Exploring Watershed Tungsten Project, Queensland  JOGMEC joined as JV partner in August 2011. Funding DFS study to earn a 30% interest in the project  DFS study expected to be completed in Q4 2012  Tungsten prices at all time high as Chinese demand overtakes ROW  Tungsten has been noticed by globally significant investment house  Gold Exploration, Burkina Faso  18,000 metre drilling programme completed at Kollo, notable gold assay results include1:  44m at 6.39 g/t gold from 8m including (4m at 58.03 g/t gold from 24m)  60% Farm in milestone reached with Ampella Mining Limited over Doulnia and Kampala tenements (Vital earning 80%).  Tenement portfolio grows to 850 sq km with two new exploration tenements granted (100% interest). 1 Reported previously 3/8/2011 ASX:VML www.vitalmetals.com.au 3
  • 4. Corporate Overview Capital Structure  Major Shareholders Citicorp Nominees – 9.16% ASX: VML Rex Harbour – 7.66%  Shares on Issue JP Morgan Nominees – 6.01% 228.40 million shares Consolidated Minerals – 5.5% 4.7 million unlisted options HSBC Custody Nominees – 4.73% National Nominees Ltd – 4.11%  Market Capitalisation $11.42 million Directors – 1.73% At share price of $0.050 (09 Mar 2012) Top 40 – 61.85%  Cash at 31 December 2011, $1.60 million ASX:VML www.vitalmetals.com.au 4
  • 5. Vital’s Vision “To develop high quality, low cost projects that can be brought into production quickly, creating value for our shareholders. Achieving this via a project portfolio diversified by commodity, country and development stage to minimise risk and provide maximum opportunities for growth.” ASX:VML www.vitalmetals.com.au 5
  • 6. Tungsten – One of the Best Performing Commodities in 2011  A step change in prices during 2010 – 2011  A repeat of what occurred to prices during 2005  Support has been found for the new price regime ASX:VML www.vitalmetals.com.au 6
  • 7. Tungsten – Demand driven by the Dragon  Global demand for tungsten is forecast to continue growing strongly, particularly in hard metal and cutting tool utilization. Global deep well drilling is also increasing demand.  Global supply of tungsten is forecast to grow at 6% per annum. However this is subject to confirmation on a number of new projects outside China.  Primarily due to declining grades in traditional mining areas and increasing wage costs, the cost of production in China continues to increase strongly.  By 2012 China's demand is forecast to significantly exceed its domestic supply. Despite its strong domestic production program, China is already the world's largest importer of tungsten concentrates.  Over the past decade, recycling has filled the shortfall in mined supply, however recycling programs has now reached maximum efficiency and will not continue to be an increased supply source.  The indicated new price regime will encourage new projects coming to market. However, this potential increased supply is not expected to match forecast demand in the short to medium term, particularly as the lead time for developing new mines is increasing. ASX:VML www.vitalmetals.com.au 7
  • 8. Tungsten – Supply Shortfall Forecast  Reliability of future supplies of tungsten minerals is of concern to many nations.  Demand outstripping supply with the difference primarily being supplemented by material released from government stock piles, especially in the USA and Russia. Source: ITIA  Roskill forecasts the world tungsten market to be in deficit by 2013 as government stock piles are depleted. Source: Roskill ASX:VML www.vitalmetals.com.au 8
  • 9. Watershed – Targeting Production in 2014  Definitive Feasibility Study (DFS) scheduled for completion H2 2012 – Targeting production in 2014  Indicated JORC Code Compliant Resource - 15.1mt @ 0.46% WO3 (0.1% WO3 cut-off undiluted) open at depth and along strike  Finalising project Environmental Approval - expected to be completed in 2012  Native Title ILUA progressing to registration in 2012  Mining Lease applications already on foot ASX:VML www.vitalmetals.com.au 9
  • 10. Watershed – DFS Current Work Program  Completed diamond drill program designed to close off mineralisation. New data will be used to update resource model which will feed into pit optimisation studies  Confirmatory metallurgical test-work testing variability and floatation recovery underway  Work on finalising design of TSF/ WRD has commenced  Working with Western Yalanji to register ILUA with NNTT  All work being funded by JOGMEC ASX:VML www.vitalmetals.com.au 10
  • 11. Watershed – Scheelite hosted in…  Vein Swarms  Coarse scheelite in veins  Disseminated mineralisation ASX:VML www.vitalmetals.com.au 11
  • 12. Watershed – Geology and Resources  Watershed deposit is part of a large structural system that is largely unexplored. Vital’s exploration package now covers 600 sq km.  Walk up exploration prospects at the Watershed South, Desailly and Desailly North.  Drill spacing over the main resource area is good with the grid spacing approaching 50m by 50m.  Resource comprises 997 mineralised intercepts (Av Length is 5.4m): – 304 of intercepts exceed 5m @ 0.5% WO3 – 160 of these exceed 5m @ 1.0% WO3 ASX:VML www.vitalmetals.com.au 12
  • 13. Watershed – Potential for Satellite Operation  Recent review of historic data shows multiple veins of tungsten in the Desailly prospect just 5km from the proposed Watershed tungsten mine.  Desailly has an exploration potential of between 2-3 million tonnes of mineralisation with grade expected to be between 0.2 and 0.4% WO3.  Desailly could add to the life of operations at Watershed by providing feed to the Watershed processing plant. ASX:VML www.vitalmetals.com.au 13
  • 14. Watershed – Potential Exists at Depth  Vital geological team confident in significant scope for extending mineralisation at depth.  Trend observed for mineralisation to increase with depth as in hole MWD119 - intersected 20m @ 1.27 % WO3 from 302m  Vital developed the Watershed Vein Swarm Model (right) which exhibits a good correlation with drilling  Model suggests potential for mineralisation to have significant grade and thickness at depth  Potential for underground operation in the future ASX:VML www.vitalmetals.com.au 14
  • 15. Watershed – Simple Flowsheet  Simple flowsheet – exploits scheelite fluorescence and density: – Ore crushed from ore stockpiles fed to – X-Ray ore sorter which removes around ~50% of waste. – Retained feed will be split in spirals and then cleaned using tables, magnetic separation, cyclones and floatation.  Intention is that plant will be modular and scalable  Further work on floatation circuit remains to be completed ASX:VML www.vitalmetals.com.au 15
  • 16. Watershed – DFS Schedule 2012 2013 2014 Met Testing Environmental/ Permitting Design & Engineering Procurement Earthworks & Plant Construction 1st Concentrate ASX:VML www.vitalmetals.com.au 16
  • 17. Burkina Faso – Open for Business  Presidential Democracy since 1990  Rule of Law, rising standard of living.  Transparent mining code based on WA Mines Act  70,000 sq km of Birimian Greenstone Belts  Significant potential for growth in gold resources  support services available Birimian Birimian Gold Gold Area Resource Resources Country (%) (M oz)* (%) Ghana 19 110 61 Mali 10 33 19 Burkina Faso 22 15 7 Guinea 11 12 7 Ivory Coast 35 8 4 Senegal 3 3 2 TOTAL 100 +181 100 *Deposit >1Moz ASX:VML www.vitalmetals.com.au 17
  • 18. Burkina Faso – Located on a Proven Gold System  Vital selected the tenements in Burkina Faso due to their location in favourable geotectonic settings at, or near to, the intersection of the Markoye Fault Corridor and the Bole shear zone  These systems host the Essakane, Bombore, Kiaka and Youga gold deposits for a combined total of >16 Moz gold resources ASX:VML www.vitalmetals.com.au 18
  • 19. Burkina Faso – Impressive Gold Results Strategic tenement package with potential for further gold discoveries  Early exploration success including exciting gold intersections: – 44m at 6.39 g/t gold from 8m 1; and – 32m at 2.44 g/t gold from 36m 2  18,000m of RC drilling completed confirms gold potential - provides foundation to build ongoing exploration strategy. Widespread gold- in-soil anomalism is providing a pipeline of targets  60% ownership attained on JV ground – in partnership with Ampella Mining. Vital to earn 80% on funding a PFS  Mediga and Zeko tenement recently granted (Vital 100%) giving 850 km2 of contiguous tenements including JV lease areas. 1 Reported previously 3/8/2011 2 Reported previously 24/3/2011 ASX:VML www.vitalmetals.com.au 19
  • 20. Burkina Faso – Vital Metals Tenements Joint Venture Tenements (Vital 60%, Ampella 40%, earning 80%)  Doulnia (247 km2) – Kollo Gold Prospect – Boungou South Gold Prospect – Nabenia Zinc Prospect – Loubel Zinc Prospect – Koubongo Zinc Prospect  Kampala (216 km2) – AVV Zinc Prospect Vital Tenements – Mediga (219 km2) – Zeko (170 km2) ASX:VML www.vitalmetals.com.au 20
  • 21. Burkina Faso – Kollo Gold Prospect  Over 3km of strike length at Kollo, active artisanal mining along trend  18,000m RC drilling completed, project best intercept of 4m at 58.03 g/t gold from 24m (KRC210)  Significant areas remain untested along strike – more drilling planned All results reported previously 25/5/2010, 24/3/2011, 9/6/2011, 3/8/2011, 30/1/2012, 20/2/2012 ASX:VML www.vitalmetals.com.au 21
  • 22. Burkina Faso – Kollo Gold Prospect  Mineralisation from surface, should be suitable for open pit mining  Indications of high grade shoots plunging to the north- west  Open along strike and at depth, further work needed to test the limits All results reported previously ASX:VML 25/5/2010, 24/3/2011, 9/6/2011, 3/8/2011, 30/1/2012, 20/2/2012 www.vitalmetals.com.au 22
  • 23. Burkina Faso – Boungou South Gold Prospect  Boungou South located around 6km to the south east of Kollo Prospect  Encouraging first pass RC drill results include:  4m @ 4.93 g/t gold from 65m (KRC229);  3m @ 1.8 g/t gold from surface (KRC233);  5m @ 5.59 g/t gold from 31m (inc 1m @ 24.97 g/t gold from 35m, KRC233).  Open along strike, further work planned. ASX:VML www.vitalmetals.com.au 23
  • 24. Vital Metals – The Investment Case  Fully funded DFS (JOGMEC) is due for completion in 2012  Fast tracking to tungsten concentrate production by 2014  Access to off-take partner and project finance via JOGMEC farm-in  Robust project metrics and low capital cost from previous Feasibility Study  Watershed JORC tungsten resource is open ended which combined with large tenement package at Watershed provides a tremendous opportunity to increase resources via further exploration  Planning follow up exploration program, plenty of time to complete next round of drilling in Burkina Faso before the wet season.  Aiming to define a maiden JORC gold resource at Kollo in 2012  Secured 60% milestone in Burkina Faso on JV tenements (earning 80%). Further gold discoveries possible within 850 km2 of contiguous tenements ASX:VML www.vitalmetals.com.au 24
  • 25. Forward-looking & Competent Person Statement Disclaimer: Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future financial or operating performance of the Company and its projects, constitute forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “sched ule” and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of tungsten, gold or other metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates; dependence on third party smelting facilities; factors associated with foreign operations and related regulatory risks; environmental regulation and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and aboriginal heritage issues; dependence on key personnel; and share price volatility and also include unanticipated and unusual events, many of which are beyond the Company's ability to control or predict. For further information, please see the Company's most recent annual financial statement, a copy of which can be obtained from the Company on request or at the Company's website: www.vitalmetals.com.au. The Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. All forward- looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements. Competent Person: The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Mark Strizek (MD), an employee of the Company. Mr Strizek is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. ASX:VML www.vitalmetals.com.au 25