• VHM raises A$10.3 million through institutional placement
• Placement price represents 25.5% discount to last closing price
• Proceeds to fund early works and land acquisition for Goschen Project

VHM Limited (ASX: VHM) has announced the successful completion of its fully-underwritten institutional placement to raise approximately A$10.3 million (before costs) through the issue of around 29.5 million new fully paid ordinary shares at A$0.35 per share. The placement was supported by both existing shareholders and new institutional investors, with the placement price representing a 25.5% discount to the last closing price and a 27.6% discount to the 5-day volume weighted average price. Proceeds from the placement, along with existing cash, will be used to support the Goschen Project's early engineering works, land acquisition, and funding of operating costs to finalise offtake and financing arrangements ahead of a Final Investment Decision in the first half of calendar year 2026. Following the placement, VHM is also offering all eligible shareholders in Australia and New Zealand the opportunity to participate in a Share Purchase Plan to raise up to an additional A$1 million. The SPP will enable eligible shareholders to apply for up to A$30,000 worth of new shares at the same placement price. The company reserves the right to vary the terms of the SPP, including increasing the amount, at its discretion.