VHM (VHM) Q4 2025 TU earnings summary

Executive summary

• Secured mining licence for Goschen Rare Earth and Mineral Sands Project, enabling transition to construction and production readiness.

• Signed MOU with Currumbin Minerals for domestic supply chain and LOI with Mitsui for potential offtake and trade finance.

• Raised $8.6M through placement and share purchase plan to fund early engineering, de-risking, and working capital.

• Community engagement advanced with multiple information sessions and relaunch of Community Reference Group.

Financial highlights

• Ended quarter with $8.3M in cash and cash equivalents.

• Net cash used in operating activities was $1.65M for the quarter.

• Net cash used in investing activities totaled $1.99M for the quarter.

• Net cash from financing activities was $8.06M, primarily from equity issuance.

• Estimated 2.55 quarters of funding available at current expenditure rates.

Outlook and guidance

• Advancing towards Final Investment Decision on Goschen Project in Q3 CY25.

• Ongoing discussions for strategic partnerships to unlock long-term value.

• Mitsui LOI may provide trade finance facility, subject to due diligence.