• Diversified rare earth assemblage with balanced exposure to light and heavy rare earths
• Mineral sands co-products boost profitability and provide a hedge against rare earth price volatility
• Strategically located near critical infrastructure and regional centres

VHM Ltd is conducting an equity raising to fund its Victorian rare earths project, which includes the Goschen, Cannie, and Nowie deposits. The project features a diversified rare earth assemblage with balanced exposure to both light and heavy rare earth elements, which commands premium pricing. The mineral sands co-products, including zircon, rutile, and ilmenite, also boost the project's profitability and provide a hedge against potential future volatility in rare earth pricing. The project is strategically located near critical infrastructure such as road, rail, and port access, as well as regional centers like Swan Hill and Kerang, which provide a readily available workforce and existing social infrastructure. All substantive approvals have been obtained, and the company is targeting a final investment decision in the first half of 2026 and first production in the second quarter of 2027. The company also has the flexibility to fast-track the project to a 5 million tonnes per annum production capacity, subject to final investment decision.

The company's Victorian rare earths project is expected to produce 3,850 tonnes per annum of rare earth mineral concentrate, 59,000 tonnes per annum of zircon/titania heavy mineral concentrate, and 7,900 tonnes per annum of rare earth mineral concentrate at the initial 1.5 million tonnes per annum production rate. At the 5 million tonnes per annum production rate, the project is expected to produce 8,300 tonnes per annum of rare earth mineral concentrate and 131,000 tonnes per annum of zircon/titania heavy mineral concentrate.

VHM Ltd is well-positioned to capitalize on the strong forecast growth in demand for rare earth elements, as well as the expected growing supply deficit and increased strategic focus from Australian and US governments. The company also expects continued growth in demand for zircon and titania, which will provide long-term support for the project's funding and economics.