• 108% increase to 131.9 Mt Measured and Indicated Mineral Resource Estimate at improved grade
• Successful metallurgical optimisation test work delivers improved product mass recovery
• Scope of DFS increased including higher mining and beneficiation rate, preferred water solution, and co-located facilities

VBX Limited (ASX: VBX) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2026. The key highlights include: a 108% increase in the Wuudagu Mineral Resource Estimate to 131.9 Mt Measured and Indicated at an improved grade of 40.2% Al2O3 and 12.6% SiO2; successful metallurgical optimisation test work that delivers a 23% increase in product mass recovery to 72.9%; and material improvements to the Wuudagu Definitive Feasibility Study (DFS) scope, including an increase in the mining and beneficiation rate to 8-9 Mtpa, a bore field as the preferred water solution, and co-location of the barge loading facility and materials offloading facility. Upcoming activities include finalisation and lodgement of the Environmental Review Document (ERD) and completion of the DFS. The bauxite market remains favourable, with Chinese demand reaching record levels and increasing global reliance on Guinean bauxite supply, which faces future uncertainty. The Company has secured additional funding to support the finalisation of the ERD and DFS.

The Company has not yet completed the work necessary to have a reasonable basis to report a new production target.

In the coming months, VBX will progress funding and offtake discussions with strategic groups and plan to finalise and lodge the ERD and complete the DFS.