VHM (VHM) H2 2025 earnings summary

Executive summary

• Secured primary permit, mining licence, and EES endorsement for the Goschen Rare Earths and Mineral Sands Project, significantly de-risking the project and advancing toward construction and production readiness.

• Raised $8.6 million through placements and share purchase plans, and received $1.6 million in R&D tax offset, supporting early engineering and working capital.

• Entered a domestic offtake MOU with Currumbin Minerals and continued discussions with international partners for further offtake agreements.

• Leadership transition post-year-end, with Andrew King appointed CEO and Benjamin McCormick as CFO.

Financial highlights

• Reported a net loss after tax of $6.4 million for FY2025, an improvement from the $7.1 million loss in FY2024, mainly due to non-capitalised corporate expenditure.

• Cash and cash equivalents increased to $8.1 million at year-end, up from $6.0 million in the prior year.

• Net assets rose to $64.1 million from $58.4 million year-over-year.

• No dividends were paid or recommended.

Outlook and guidance

• Focus remains on progressing the Goschen Project to Final Investment Decision and construction, with ongoing efforts to secure project debt facilities and additional government support.

• Exploration and pre-development activities to continue across existing projects.