VHM Placement Completion

• Raised A$5.0 million through fully-underwritten institutional placement
• Placement price represents 19.4% discount to last closing price
• Proceeds to fund Goschen project early engineering and operating costs

VHM Limited (ASX: VHM) has announced the successful completion of its fully-underwritten institutional placement, raising A$5.0 million (before costs) through the issue of approximately 19.2 million new fully paid ordinary shares at A$0.26 per share. The placement was supported by both existing shareholders and new institutional investors. The placement price represents a 19.4% discount to the last closing price of A$0.323 on Monday, 20 April 2026, and an 18.8% discount to the 5-day volume weighted average price up to that date. The new shares will be issued within the company's existing placement capacity under ASX Listing Rule 7.1A and will rank equally with existing ordinary shares. Proceeds from the placement will be used to fund early engineering works and long-lead procurement, as well as operating costs to finalise offtake and financing agreements ahead of a Final Investment Decision (FID) for the Goschen project in mid-2026. The Goschen project is a Tier 1 integrated rare earth and mineral sands project with globally significant mineral assemblage, and the company has already secured key mining approvals and received letters of support from Export Finance Australia and the Export-Import Bank of the United States.

The successful placement is a strong endorsement of VHM's strategy and the quality and strategic importance of the Goschen Project. The funds raised will enable VHM to commence early engineering and procurement ahead of a Final Investment Decision, the construction of the project, and the production and supply of critical minerals targeted for the end of 2027.