• Termination of Shenghe Offtake agreement to maximise optionality
• Regulatory approvals received, including Biodiversity Management Plan and Design Management Document
• Board approved 5Mtpa full-scale development of Goschen Project

VHM Ltd, an Australian owned rare earths and mineral sands mine and processing developer, has provided an update on its Quarterly Activities and Appendix 5B Cash Flow Report. Key highlights include the termination of the previously announced offtake agreement with Shenghe Resources, which was a strategic move to unlock value and engage with a wider range of global critical minerals players. The company continues to progress offtake discussions and is working towards binding agreements in Q2 2026. On the regulatory front, VHM received approval for its Biodiversity Management Plan and Design Management Document, marking significant de-risking milestones for the project. In a major strategic upgrade, the VHM Board has approved the development of the Goschen Project at its full permitted processing capacity of 5 million tonnes per annum (5Mtpa), replacing the previously announced staged approach. This decision reflects the company's confidence in the project's regulatory approvals, technical foundation, and strategic positioning. VHM is advancing all key project workstreams, including retendering implementation packages, to support a mid-2026 Final Investment Decision and late 2027 operational target. The company also commenced a major drilling program at the Goschen Project to upgrade resource classification and generate bulk samples for metallurgical testwork and customer evaluation.