Vital (ASX: VML) makes critical appointment

Vital Metals has appointed financier Damon Colbert to lead optimisation functions following a career of driving operational efficiencies in finance, business and banking roles.

Mr Colbert joins Canada’s first rare earth producer as CFO, with production underway at Nechalacho in June 2021.

He will use his track record in implementing robotics process automation technology across its departments to assist with the company’s target to produce a minimum of 5,000 tonnes of contained REO at North America’s second REE-producing project, Nechalacho, by 2025.

“Damon is a highly skilled finance executive and we are thrilled that he has joined our team as we continue to advance all our projects, such as with the recent opening of Phase 1 of our Rare Earth Extraction Facility in Saskatoon, Canada,” Chairman Evan Cranston said.

“We recently completed a A$45 million strategic placement and we are refreshing and rounding out our executive team’s skillset to ensure we can continue our growth momentum as a rare earth producer.

“Damon’s previous experience across all core finance functions at a range of levels from an ASX100 business to unlisted companies will be valuable to Vital as we move into the next stage of our operations.”

Colbet will be responsible for group reporting, tax and treasury activities and implementing a capital management framework for the group’s property development activities.

The Company’s ASX shares are 3.6c at market opening.

Colbert’s career highlights

• Head of Finance at Axicom
• Group Financial Controller for The Star Entertainment Group

About Vital Metals

Mining at Nechalacho’s North T Zone is underway as part of the Company’s Stage 1 production strategy, with crushing and sorting the ore before it is sent to a Saskatoon cracking and leaching facility later in 2021.

Drilling is underway to define a mine plan for Stage 2 at Nechalacho as it works to develop a larger scale, longer-life rare earth project.

The Company aims to become the lowest cost producer of mixed rare earth oxide outside of China by developing one of the world’s highest grade rare earth deposits and the only rare earth project capable of beneficiation solely by ore sorting.

It’s other projects include the high-grade Wigu Hill rare earth resource in Tanzania.

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.