VHM (VHM) Q1 2026 TU earnings summary

Executive summary

• Entered LOI with Mitsui for offtake of 40% of heavy mineral concentrate from Goschen Project.

• Received LOI from US EXIM Bank for up to US$200 million in project financing for Goschen.

• Achieved EPBC Act approval for Goschen, a major regulatory milestone.

• Final Investment Decision (FID) for Goschen now expected in 1H 2026 due to regulatory and market timing.

• Appointed Andrew King as CEO and Ben McCormick as CFO, effective 1 October 2025.

Financial highlights

• Held $5.0 million in cash at quarter end.

• Net cash used in operating activities was $1.32 million for the quarter.

• Net cash used in investing activities was $1.74 million, mainly for exploration and evaluation.

• Estimated 1.68 quarters of funding available at current expenditure rates.

Outlook and guidance

• FID for Goschen Project anticipated in 1H 2026, with financing closure delayed due to regulatory approval timing and market conditions.

• Strong engagement with potential offtake partners and government agencies for funding support.

• Confident in ability to raise additional capital if required.