Vital Metals (ASX:VML) entered a 12-month convertible loan agreement for AU$1 million with its shareholder, Asia Pacific Holdings, according to a Friday Australian bourse filing.
The loan carries an interest rate of 12% per annum, to be paid in arrears.
The firm is currently completing a scoping study for its Tardiff deposit in Canada, examining the potential size and scalability of rare earths and niobium recovery from the deposit.
It is working with the Canadian government on the potential acceleration of the creation of a Canadian-only rare earths supply chain.
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