VHM (VHM) AGM 2026 presentation summary

Project readiness

• All substantive project and supporting infrastructure approvals secured, including EPBC Act, Cultural Heritage Management Plan, Work Plan and Planning Scheme Amendment, clearing the way towards FID.

• Board endorsed developing Goschen to its licensed processing capacity of 5Mtpa rather than using a staged approach; construction tender and contractor review completed, with drill-program analysis ongoing.

• The project plan uses less than 50% of ore reserves and less than 12% of mineral resources, providing potential for mine-life extension and expansion.

Offtake and funding

• Iluka agreed to purchase 100% of rare earth concentrate for approximately 18 years, representing 145,620 tonnes over the project life, and provides an A$40m convertible note package plus a ROFR supporting future expansion.

• Mitsui signed a non-binding term sheet for 50% of heavy mineral concentrate, up to 65,000tpa, on a proposed three-year term with a three-year extension option; discussions target up to 100% coverage.

• Export credit agency letters of interest include up to US$200m from Export-Import Bank of the United States and up to A$75m from Export Finance Australia.

Project economics

• Refreshed DFS forecasts pre-tax, pre-corporate NPV8 of A$807m, IRR of 33% and a three-year payback from production commencement.

• At 5Mtpa throughput, the DFS outlines an 18-year initial mine life, A$283m project execution capital and A$482m total funding required.

• Life-of-mine average EBITDA before corporate costs is A$146m; unit operating cost is US$7/kg REO net of heavy mineral concentrate credit, in real 2026 terms.