• Non-underwritten share purchase plan to raise up to A$1.0 million
• Eligible shareholders can apply for up to A$30,000 worth of new shares at A$0.35 per share
• Funds to be used for Goschen Project early works, land acquisition, and financing arrangements

VHM Limited (ASX: VHM) is pleased to offer all eligible shareholders in Australia and New Zealand the opportunity to participate in a non-underwritten share purchase plan (SPP) to raise approximately A$1.0 million. The SPP will enable eligible shareholders to apply for up to A$30,000 worth of new fully paid ordinary shares in the company at an offer price of A$0.35 per new share, which is the same price as the recent A$10.3 million placement. Funds raised from the SPP, together with the placement proceeds, will be used to fund early engineering works and long-lead procurement, finalisation of land acquisition, and operating costs to finalise offtake and financing arrangements for the Goschen Project ahead of a final investment decision in the first half of calendar year 2026. Participation in the SPP is optional and open to eligible shareholders registered on the record date of 20 November 2025. The SPP is scheduled to close at 5:00pm (AEDT) on 12 December 2025.