VHM (VHM) Investor Presentation summary

Corporate overview and project portfolio

• Australian-owned developer focused on rare earths and mineral sands, with a market cap of A$86.6 million and A$5.4 million in cash as of late October 2024.

• Key projects include Goschen, Cannie, Area 4 Orion, and Nowie, with significant mineral resources and ore reserves across Victoria.

• Top 20 shareholders hold 34% of issued shares, with 216.5 million shares outstanding.

Project highlights and development status

• Goschen Project is construction-ready, with all environmental and social assessments complete and 100% land ownership secured.

• Definitive Feasibility Study (DFS) refresh shows a 20–25 year mine life, pre-tax NPV of A$1.525B, IRR of 44%, and a 2.8-year payback.

• Achieved a 30% capex reduction for the base plant, making it Australia's lowest capital rare earths project.

• First binding offtake agreement secured for Phase 1 products, and a mining services partner appointed.

Permitting, approvals, and timeline

• Goschen's primary approval (EES) has completed public exhibition, hearings, and is awaiting ministerial recommendation.

• Mining licence application and work plan development are underway, with production targeted for 2026.

• Next six months focus on environmental, mining licence, and work plan approvals, plus contractor selection and financing.