Announcement • 1h
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. Reported Earnings • Mar 16
First half 2026 earnings released: AU$0.016 loss per share (vs AU$0.017 loss in 1H 2025) First half 2026 results: AU$0.016 loss per share. Net loss: AU$2.27m (loss widened 14% from 1H 2025). 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 (20% 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$572k). Minor Risk Market cap is less than US$100m (AU$40.2m market cap, or US$26.9m). 
