• Fully-underwritten institutional placement to raise A$5.0 million
• Funds to be used for Goschen early engineering works and operating costs
• Placement price represents a 19.4% discount to last closing price

VHM Limited (ASX: VHM) has announced the launch of a fully-underwritten institutional placement to raise A$5.0 million (before costs) at A$0.26 per share. The placement will result in the issue of approximately 19.2 million new fully paid ordinary shares, with the option to upsize to the company's existing placement capacity of approximately 24.6 million shares. Proceeds from the placement will be used to fund Goschen early engineering works and long-lead procurement, as well as operating costs to finalise offtake and financing agreements ahead of a Final Investment Decision in mid-2026. The placement price represents a 19.4% discount to the last closing price and an 18.8% discount to the 5-day volume weighted average price. Jarden Australia Pty Ltd is acting as Sole Lead Manager, Bookrunner and Underwriter to the placement. The placement is fully underwritten and subject to customary conditions precedent, with the company reserving the right to vary the indicative timetable.