• Received Letter of Interest from EXIM for up to US$200M in project financing
• Received A$75M Letter of Support from Export Finance Australia
• Terminated Shenghe offtake agreement to unlock greater long-term value
• Received key regulatory approvals, including Work Plan and Cultural Heritage Management Plan

VHM Ltd, an Australian rare earths and mineral sands mine and processing developer, provided a comprehensive quarterly activities update. Key highlights include:- Received a Letter of Interest from the Export-Import Bank of the United States (EXIM) for up to US$200 million (~A$304 million) in potential debt financing support for the development of the Goschen Project, with a 15-year repayment term.- Received a non-binding and conditional Letter of Support from Export Finance Australia (EFA) for the provision of up to A$75 million, complementing the EXIM financing.- Terminated the previously announced offtake agreement with Shenghe Resources, reflecting VHM's strategy to unlock greater long-term value by engaging with a broader range of global partners in the critical minerals sector.- Received key regulatory approvals, including approval of the Cultural Heritage Management Plan and formal approval of the Work Plan by the Victorian Government, clearing the path to a Final Investment Decision in the first half of 2026.- Provided an update on the Mineral Resource and Ore Reserve estimates for the Goschen Project, confirming its scale as one of Australia's largest undeveloped mineral sands and rare earths projects.- Announced a major update to the Exploration Target for the Goschen tenements, reinforcing the scale and strategic potential of this globally significant rare earth and mineral sands province.- Completed a successful capital raise of $11.6 million (before costs) through a placement and share purchase plan to fund ongoing work programs.