VHM (VHM) investor relations material

Executive summary

• Quarter ended 30 September 2026: Goschen advanced through a binding Iluka rare earth concentrate (REC) offtake, an A$40m convertible-note package, refreshed DFS and final major planning approval.

• Iluka’s agreement covers 100% of REC production over the current 20-year mining licence; project capacity is 5 Mtpa.

• Goschen’s approved processing capacity is 5 Mtpa, with a 220 Mt Ore Reserve and 890 Mt Mineral Resource.

Financial highlights

• Quarter-end cash was A$10.248m; net cash used was A$1.028m in operating activities, A$1.670m in investing activities and A$0.110m in financing activities.

• Exploration and evaluation expenditure was A$1.5m, primarily for permitting and Goschen engineering; no substantive mining production or development activities occurred during the quarter.

• Cash-flow report estimated 4.09 quarters of funding available, based on A$10.248m cash and A$2.508m total relevant outgoings.

Outlook and guidance

• Refreshed DFS outlines an 18-year, 5 Mtpa mine plan using less than 50% of the Ore Reserve and less than 12% of the Mineral Resource.

• Major package tenders are complete; preferred contractors are expected to be awarded after FID, supporting execution readiness and shorter post-FID timelines.

• Post quarter end, Mitsui signed a non-binding term sheet for 50% of HMC production, up to 65,000 tonnes per year, for an initial three years with a three-year extension option; binding terms are being progressed.

• Mitsui pricing is proposed under a market-linked formula referencing zircon and titanium dioxide prices, FOB Australian port; Mitsui may consider trade finance subject to due diligence.