TUNGSTEN MINING NL — Capital/Financing Update 2018

Jun 28, 2018

Vital Metals Ltd ACN 112 032 596 Suite 1, 91 Hay Street Subiaco, WA 6008 Telephone: +61 8 9388 7742 Fax: +61 8 9388 0804 Email: vital@vitalmetals.com.au

29 June 2018

Market Announcements Platform Australian Securities Exchange

Sale of Watershed Tungsten Project Update

Vital Metals Limited ( Vital or the Company ) (ASX: VML) refers to the binding term sheet to sell its Watershed Tungsten Project in north Queensland to Tungsten Mining NL (ASX: TGN) ( Tungsten Mining ) for $15 million cash announced on 2 May 2018 (the Agreement ).

Vital advises that it has agreed with Tungsten Mining to extend the date by which all conditions precedent under the Agreement must be met, or waived, by approximately two weeks to 13 July 2018.

All other terms and conditions of the Agreement continue to be of full force and effect.

Vital and Tungsten Mining are continuing to work together to satisfy all conditions under the Agreement as soon as possible.

Yours sincerely

Matthew Foy Company Secretary Vital Metals Limited