Vital Metals Limited has advanced its Tardiff project in Canada’s Northwest Territories by completing an extensive Scoping Study that outlines a promising 11‐year mine life based on an open‐pit operation designed to produce a mixed rare earth and niobium concentrate. The study focuses on a hard rock starter pit that will extract approximately 15% of the total resource—192.7 million tonnes averaging 1.3% total rare earth oxide—with a planned annual production of 56,000 dry tonnes of concentrate at a grade of 26.4% TREO and 3.3% Nb2O5. The initial economic analysis reports a robust pre-tax net present value of US$776 million and an internal rate of return of 32%, while post-tax figures are US$445 million NPV and 25.5% IRR when using an 8% discount rate. Furthermore, the breakeven price for NdPr concentrate stands at US$33.68 per kg, based on benchmark commodity prices of US$90 per kg for neodymium and praseodymium, US$1322 per kg for terbium, and US$338 per kg for dysprosium. The Scoping Study reveals detailed technical inputs including a daily production target of 14,000 tonnes (approximately 3 million tonnes per annum) with a low stripping ratio of 0.3:1. Capital costs are estimated at around US$291 million (or A$455 million) including a 35% contingency while operating expenses are projected at US$24 per dry tonne mined. In addition, further infill drilling and metallurgical studies are planned to potentially upgrade the resource from its current classification—comprising a mix of measured, indicated, and inferred material—and to optimise recovery rates, particularly for niobium and zircon. In terms of logistics, the project emphasizes constructing a Canadian supply chain with a focus on barge transport from the project’s site on the Great Slave Lake during a 90-day summer season, supported by air and limited road access. The initiative also aligns with broader North American efforts to reduce supply chain dependence on China by fostering domestic critical mineral processing capabilities, which is of strategic interest to government and industry stakeholders given the long-term demand for electric vehicle components, wind turbines, and defense applications. Bullish sentiment centers on the strong financial metrics, the potential for increased resource confidence through planned drilling, and the strategic importance of developing a domestic rare earth supply chain in North America. Moreover, the possibility of establishing off-take agreements, including interest from confidentiality-shielded parties, adds to the positive outlook. On the bearish side, there remains some risk related to funding availability, commodity price volatility, and the inherent uncertainties of a preliminary study—notably the reliance on a portion of the resource classified as inferred with lower geological confidence. Environmental and logistical challenges posed by theremote arctic location also inject an element of caution among investors. Overall, the Scoping Study provides a detailed roadmap for advancing the Tardiff project while highlighting both the technical strengths and the risks that must be mitigated in the journey toward full-scale economic development.