VHM (VHM) H1 2026 earnings summary

Executive summary

• Loss after tax for the half-year ended 31 December 2025 was $3.26 million, a slight improvement from $3.30 million in the prior year, mainly due to reduced discretionary corporate and administrative spending.

• Significant regulatory milestones achieved for the Goschen Project, including final mining approval, environmental, and cultural heritage clearances.

• Capital raising activities during the period generated $11.6 million to fund ongoing project development.

• Leadership changes included the appointment of a new CEO and CFO.

Financial highlights

• Revenue consisted solely of interest income: $87,000 (2024: $93,000).

• Net loss after tax: $3.26 million (2024: $3.30 million).

• Cash and cash equivalents at period end: $13.2 million (30 June 2025: $8.1 million).

• Net assets increased to $73.4 million (30 June 2025: $64.1 million).

• Capital raised via placement and SPP: $11.6 million before costs.

Outlook and guidance

• Focus for the next six months includes further de-risking of the Goschen Project, contractor selection, offtake negotiations, and advancing project financing.

• Final Investment Decision for the Goschen Project targeted for mid-2026, with production commencement aimed for late 2027.