공고 • Jul 18
Vital Metals Limited Announces Appointment of David Herlihy BA as Non-Executive Director, Effective July 17, 2026 Vital Metals Limited announced the appointment of Mr. David Herlihy BA, as an independent, Non-Executive Director, effective July 17, 2026. Mr. Herlihy brought extensive board and executive career overseeing governance, funding, acquisitions and strategy across ASX-listed companies, including resources entities, state-owned enterprises and large private companies. Mr. Herlihy was former Chairman of ASX-listed Mosaic Oil NL, Pro-Pac Packaging Limited and Fraser Range Holdings Limited. He held a Bachelor of Arts from the University of NSW and was formerly a Fellow of the Australian Institute of Company Directors (FAICD). Mr. Herlihy's background will play a key role in supporting VML in executing three distinct strategies to develop its world-class resource: Systematic exploration with six undrilled targets, three of which were previously completely untested; Tardiff Pre-Feasibility Study, including an updated MRE to expand the existing 192.7 Mt Tardiff Mineral Resource Estimate, with the PFS targeted for completion by February 2027; North T demonstration project and stockpile processing, which could deliver near-term cash flows. Board Change • May 20
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). CEO, MD & Interim Chair Lisa Riley is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$33.5m market cap, or US$24.3m). Board Change • May 01
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). CEO, MD & Interim Chair Lisa Riley is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. New Risk • Jan 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 101% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 3.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Revenue is less than US$1m (AU$855k revenue, or US$570k). Minor Risk Market cap is less than US$100m (AU$40.2m market cap, or US$26.9m). 공고 • Dec 29
Vital Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 12.471434 million. Vital Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 12.471434 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,590,000
Price\Range: AUD 0.105
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 36,590,000
Price\Range: AUD 0.105
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,595,565
Price\Range: AUD 0.105
Transaction Features: Subsequent Direct Listing 
