An independent review of the capital costs for Vital Metals Ltd.'s Watershed tungsten project in Queensland, Australia, cut the CapEx estimate to A$105.8 million, compared to A$172 million in the 2014 definitive feasibility study.

The company commissioned the independent estimate as a prerequisite for discussions with nonequity funders.

Vital said March 22 that it will now work toward updating the resource estimate to JORC-2012 standards, which will flow into an optimized mining schedule, and continue discussions with potential off-takers.