Vital Metals, one of two companies trying to start a rare earths mine at the Nechalacho site 100 km east of Yellowknife, has parted ways with its managing director.
Lisa Riley was appointed to lead Vital in 2024. In an August 20 notice, Vital said she had left that role and the Australia-based firm’s board.
Vital Metals has the rights to the first 150 metres below sea level at the Nechalacho site, home to increasingly important and valuable rare earths that help to power electronics, green tech and some military equipment.
Avalon Advanced Materials has the rights to everything below the 150-metre mark. Both companies are trying to develop mines at the same time, an unusual arrangement.
Vital gave no reason for Riley’s departure.
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Alexius Chan, who joined a revamped Vital board a year ago, becomes its interim chief executive officer. He is also the board’s non-executive chair, having been appointed to that position in April. At the time, Vital said the appointment would split up the chair and CEO roles – Riley had held both – and strengthen the firm’s governance framework.
The board now contains multiple representatives of Strategic Resources, an American firm that made a multi-million-dollar investment in Vital last year.
Vital is aiming to complete a pre-feasibility study at Nechalacho – an important early-stage step in attracting the money to open a mine – by February 2027. (The company briefly operated a “demonstration-scale” mine at the site but is now targeting a much larger development.)
