• Fully-underwritten A$10.3 million institutional placement at A$0.35 per share
• Additional non-underwritten A$1.0 million Share Purchase Plan
• Proceeds to fund Goschen Project early engineering, procurement, land acquisition, and progress toward FID in 1H CY26

VHM Ltd (ASX: VHM) is pleased to announce the launch of a fully-underwritten institutional placement to raise approximately A$10.3 million and a non-underwritten Share Purchase Plan targeting up to A$1.0 million. The placement will be priced at A$0.35 per new share, representing a 25.5% discount to the last closing price and a 27.6% discount to the 5-day VWAP. The proceeds, along with existing cash, will be used to fund early engineering works, long-lead procurement, finalization of land acquisition, and operating costs to progress the Goschen Rare Earths and Mineral Sands Project toward a Final Investment Decision in the first half of calendar year 2026. This equity raising follows the receipt of indicative long-term funding support from EXIM (US$200 million) and EFA (A$75 million), underscoring the strategic significance of the Goschen Project in global critical minerals supply chains. The company remains focused on disciplined execution and creating long-term value for shareholders.

The company has received indicative long-term funding support from EXIM (US$200 million) and EFA (A$75 million) for the Goschen Project, which is expected to progress toward a Final Investment Decision in the first half of calendar year 2026.

VHM remains focused on disciplined execution and creating long-term value for shareholders through the development of the Goschen Rare Earths and Mineral Sands Project, which has received key approvals and financing indications from EXIM and EFA.