Vital and Quebec Precious Metals Corporation amend Kipawa/Zeus acquisition terms

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  • Vital previously entered into an agreement to acquire Quebec Precious Metals Corporation’s 68% interest in Kipawa and 100% of Zeus heavy rare earth projects in Quebec, Canada, for C$8 million staged over 5 years 
  • Technical and legal due diligence successfully completed
  • Due diligence period extended by 9 months to allow for more extensive engagement with local communities during the definition of project development plans
  • Kipawa and Zeus are heavy rare earth projects which complement Vital’s light rare earth operations at Nechalacho

Vital Metals Limited (ASX: VML) (“VML”, “Vital”, Vital Metals” or “the Company”) advises that it has amended the terms of the acquisition of Quebec Precious Metals Corporation’s (TSX.V: QPM, OTCQB: CJCFF, FSE: YXEP) (“QPM’s”) 68% interest in the Kipawa exploration project and 100% interest in the Zeus exploration project (the “Projects”).

The terms of the acquisition have been amended to extend the due diligence period by 9 months to 30 September 2022.  This extension will enable Vital to undertake more extensive engagement with local communities to help inform the details of its plan for the development of the Projects.

Vital Metal’s Managing Director, Geoff Atkins, stated: 

“We are pleased to report that Vital has been undertaking technical and legal due diligence on the Kipawa rare earth project, which has been satisfactory to date.  We are also pleased to advise that with an extension to this process we will now expand our engagement with Kipawa’s local communities and in particular with the Kebaowek and Wolf Lake First Nations during the project definition phase over the next 9 months. Vital’s commitment is to build strong local relationships and partnerships. We hope that this engagement during the project definition phase will enable us to establish strong indigenous and community relationships and partnerships at Kipawa, as we have successfully done at the Nechalacho mine in the Northwest Territories.”

QPM’s Chief Executive Officer, Normand Champigny, stated: 

“We are pleased with the progress of the due diligence process and applaud Vital’s commitment to build strong local relationships and partnerships.”

Since signing the agreement for the acquisition of the Projects, Vital has completed technical and legal due diligence, which has been satisfactory to date.


Geoff Atkins
Managing Director
Vital Metals Limited
Phone: +61 2 8823 3100

Mr. Normand Champigny
Chief Executive Officer
Quebec Precious Metals Corporation
Phone: +1-514 979 4746

This announcement has been authorised for release by the Board of directors of Vital and QPM.


QPM is a gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation’s Éléonore gold mine. QPM’s flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM’s goal is to rapidly explore the project to advance it to the mineral resource estimate stage.


Vital Metals Limited (ASX: VML) is Canada’s rare earths producer following commencement of operations at its Nechalacho rare earths project in Canada in June 2021. It holds a portfolio of rare earths, technology metals and gold projects located in Canada, Africa and Germany.

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