VHM (VHM) H2 2026 earnings summary

Executive summary

• Fully permitted Goschen Project in Victoria, Australia, with all major environmental and statutory approvals secured, reducing regulatory risk and enabling construction readiness.

• Strategic partnership with Iluka Resources post-year-end, including a binding offtake agreement for 100% of rare earth concentrate (REC) and a A$40 million convertible note funding package.

• Project financing advanced with letters of interest from Export-Import Bank of the US (up to US$200m) and Export Finance Australia (up to A$75m).

• Board approved full-scale development at 5Mtpa processing capacity, replacing staged approach.

• Loss after tax for FY2026 was $5.8 million, primarily due to non-capitalised corporate expenditure.

Financial highlights

• Loss after tax: $5.8 million for FY2026 (FY2025: $6.4 million).

• Net assets: $75.9 million as of 30 June 2026 (FY2025: $64.1 million).

• Cash and cash equivalents: $13.1 million at year-end (FY2025: $8.1 million).

• Capital raised: $15.8 million net during the year through placements and share purchase plans.

• Deferred exploration and evaluation expenditure: $52.2 million (FY2025: $47.0 million).

Outlook and guidance

• Focus on securing project financing and progressing to Final Investment Decision for Goschen.

• Transition from project developer to producer expected to unlock further value.

• Ongoing engagement with government and commercial lenders to secure debt facilities.