Vital Metals executes Term Sheet for first Offtake with Norwegian REE separation company REEtec

• Binding term sheet signed with REEtec for a base of 1,000 tonnes REO (ex-Cerium) per
annum for a period of 5 years
• REEtec has developed a proprietary and sustainable process for the manufacture of
rare earth elements
• REEtec was founded by Scatec Innovation, a serial entrepreneur in renewable energy
and advanced materials
• The term sheet includes an option to increase offtake volumes up to 5,000 tonnes REO
(ex-Cerium) per annum for a 10-year long-term supply agreement

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