Quarterly Activities/Appendix 5B Cash Flow Report

• Strategic partnership with Iluka for Goschen Project
• Successful capital raise of $5 million
• Completed comprehensive market re-tender for project workstreams
• Continued progress on key operational approvals
• Commenced analysis of drilling program for mine planning

VHM Ltd, an Australian rare earths and mineral sands developer, reported significant progress in its Goschen Project. Key highlights include a strategic partnership with Iluka Resources, comprising a binding offtake agreement for Rare Earth Concentrate (REC) and a $40 million convertible note funding package. The partnership aims to accelerate the project towards a Final Investment Decision (FID) by late 2027. VHM also completed a comprehensive market re-tender for key project workstreams, refined the project schedule, and made progress on regulatory approvals. Additionally, VHM commenced analysis of the drilling program from the first quarter, which is expected to improve resource confidence and generate bulk samples. The company also successfully raised $5 million through a share placement, which will fund early engineering works, procurement, and operating costs.