• Strengthened DFS and approvals team through key appointments
• Completed significant exploration, infill and hydrogeological drilling program
• Bauxite market conditions remain favourable with strong Chinese demand

VBX Limited (ASX: VBX) is pleased to provide its Quarterly Activities Report for the period ending 30 September 2025. During the quarter, VBX strengthened its Definitive Feasibility Study (DFS) and approvals team through key appointments, including the appointment of Lloyd Dolman as General Manager - Development, the engagement of Ausenco as DFS Manager, and the engagement of Dr Paul Vogel AM as a Strategic Advisor. The company also appointed Transhipment Services Australia Pty Ltd (TSA) to carry out transhipment and marine related services studies in support of the Wuudagu DFS. The drilling program completed during the quarter included 623 holes and 5,871m of exploration and infill drilling across the Wuudagu and East Kalumburu project areas, as well as 21 holes and 1,280m of hydrogeological drilling. The exploration and infill drilling program is targeting an increase in the size and confidence in the 96Mt Indicated and Inferred Resource that has been defined to date. Other planned activities over the coming months include metallurgical test work, process optimisation, finalisation and lodgement of the Wuudagu Environmental Review Document (ERD), and completion of the Wuudagu DFS. The company also reported that bauxite market conditions remain favourable, with Chinese bauxite imports reaching record levels amid Guinea supply issues and strong product pricing.

The company reported a cash balance of $6.3m and no debt as of 30 September 2025.