VHM (VHM) Q2 2025 TU earnings summary

Executive summary

• Received Ministerial Endorsement for the Goschen Project Environmental Effects Statement, enabling acceleration toward Final Investment Decision, construction, and production in 2026.

• Mining Licence application for Goschen now under assessment by Resources Victoria, with work plans in progress.

• Project is a Tier 1 integrated rare earth and mineral sands asset with a 20+ year mine life and significant reserves.

• Dual revenue streams expected from rare earths and zircon/titanium, with 100% land ownership secured for the project footprint.

Financial highlights

• $4.5 million cash held at quarter end; $1.5 million drawn from Bulk Commodity Holdings LLC facility during the quarter.

• Received $1.591 million tax refund post-quarter for R&D activities.

• Net cash used in operating activities for the quarter was $1.295 million; net cash used in investing activities was $990,000.

• Net cash from financing activities was $1.398 million, including proceeds from equity and BCH facility.

Outlook and guidance

• On track for first production in the second half of 2026, pending mining licence and development approvals.

• Final Investment Decision targeted by mid-2025, with early engineering works underway.

• Estimated 2.3 quarters of funding available at current expenditure rates.