DFS Refresh Confirms Strong Returns & Construction Readiness

• Strong financial returns with NPV8 of A$807 million and IRR of 33%
• Dual revenue streams support a low operating cost of approximately US$7/kg REO
• Project fully permitted and has a clear pathway to funding and construction

VHM Limited has completed a comprehensive refresh of the Definitive Feasibility Study (DFS) for its 100%-owned Goschen Rare Earths and Mineral Sands Project in Victoria. The refreshed DFS confirms a financially strong, technically mature project with strong financial returns, an integrated execution schedule, and a clear pathway to funding, Final Investment Decision (FID), and construction. Key highlights include a pre-tax, pre-corporate Net Present Value at 8% discount rate (NPV8) of A$807 million, an Internal Rate of Return (IRR) of 33%, and a payback period of 3 years from commencement of commercial production. The project is expected to generate life-of-mine average revenue of A$326 million and EBITDA of A$146 million per annum before corporate costs, with a unit operating cost of approximately US$7/kg Rare Earth Oxide (REO) after heavy mineral concentrate credits.

NPV8 of A$807 million, IRR of 33%, payback of 3 years, annual revenue A$326 million, EBITDA A$146 million

VHM is focused on completing the Project financing plan, finalising preferred contractor arrangements, advancing critical-path engineering, completing Heavy Minerals Concentrate offtake arrangements, and progressing operational readiness and detailed execution planning.