Investments

Aragon has agreed to join with Vital Metals Ltd (“Vital”) to advance its Tungsten Strategy within Australia by becoming Vital’s largest shareholder. Aragon has taken a 15% placement (17.45million fully paid ordinary shares) in Vital and issued a $500,000 convertible note to provide $936,250 in working capital. For full details of the agreement please refer to Company Announcements.

Aragon believes Vital’s Watershed Tungsten Project in Far North Queensland holds excellent potential to progress into a long-term and significant producer of Scheelite (tungsten-trioxide) concentrate. Vital has been concentrating its activities and expenditure on its flagship Watershed deposit in North Queensland, and has also commenced field work at its Mt Mulgine Tungsten-Molybdenum and Mt Alexander Tungsten Prospects in Western Australia.

The Watershed Prospect currently has a Total Identified Mineral Resource Estimate of 15.1 million tonnes at an average grade of 0.46% WO₃, containing 69,300 tonnes of WO₃, using a 0.10% WO₃ cut-off grade. Watershed is a virgin deposit and is one of the more superior and higher grade Tungsten deposits in Australia and the World. It is located in the Mt Carbine region of Far North Queensland which is one of the most prolific tungsten regions of Australia.

For more information on Vital Metals Ltd please visit Vital Metal’s website