VHM (VHM) H1 2025 earnings summary

Executive summary

• Loss after tax for the half-year was $3.3 million, a reduction from $4.3 million in the prior year, mainly due to lower discretionary corporate and administrative spending.

• The Goschen Project advanced with ministerial endorsement of its Environment Effects Statement, paving the way for further approvals and a targeted production start in late 2026.

• Capital raising activities and institutional investment secured over $8 million to fund ongoing project development and working capital.

Financial highlights

• Revenue for the half-year was $93,000, down from $470,000 in the prior period.

• Total comprehensive loss for the half-year was $3.3 million, compared to $4.3 million in the previous year.

• Cash and cash equivalents at 31 December 2024 were $4.5 million, down from $6.2 million at 30 June 2024.

• Net assets remained stable at $58.4 million.

• Capital raised included $3.43 million from a placement and share purchase plan, and $1.5 million from the first tranche of a $5 million institutional investment.

Outlook and guidance

• Focus for the next six months is on securing remaining approvals for the Goschen Project, progressing financing, and finalising offtake agreements.

• Mining licence approval expected in early 2025, with final investment decision targeted for mid-2025 and first production in the second half of 2026.