VHM (VHM) Q2 2026 TU earnings summary

Executive summary

• Secured a Letter of Interest from US EXIM Bank for up to US$200 million in project financing for the Goschen Project, with a 15-year repayment term.

• Received a non-binding Letter of Support from Export Finance Australia for up to A$75 million, reinforcing the project's strategic importance.

• Terminated the offtake agreement with Shenghe Resources to maximize future offtake optionality.

• Achieved key regulatory milestones, including approval of the Cultural Heritage Management Plan and the final Work Plan, clearing the path to a Financial Investment Decision in H1 CY2026.

• Completed a successful capital raise of $11.6 million through placement and share purchase plan.

Financial highlights

• Ended the quarter with $13.2 million in cash and cash equivalents.

• Raised $10.3 million from a placement and $1.3 million from a share purchase plan.

• Net cash used in operating activities was $1.8 million for the quarter.

• Net cash used in investing activities was $1.2 million for the quarter.

• Net cash from financing activities was $11.3 million for the quarter.

Outlook and guidance

• Fully permitted to mine, with all major approvals secured, reducing regulatory risk and accelerating development.

• Targeting first production in 2027, aiming to be among the earliest new rare earths producers.

• Advancing towards a Final Investment Decision in the first half of CY2026.