Quarterly Activities/Appendix 5B Cash Flow Report

• Strategic partnership with Iluka including a binding offtake agreement and A$40 million funding
• Non-binding HMC offtake term sheet with Mitsui
• DFS refresh confirms strong financial and technical outlook
• Planning Scheme Amendment approval secured
• Drilling program completed increasing geological confidence

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, involving a binding offtake agreement for Rare Earth Concentrate and a A$40 million convertible note funding package. Additionally, VHM entered into a non-binding term sheet with Mitsui for the purchase of Heavy Mineral Concentrate. The company completed a comprehensive refresh of the Definitive Feasibility Study, confirming strong financial returns and a clear pathway to funding and construction. VHM also secured approval of the Planning Scheme Amendment and finalized its drilling program, increasing geological confidence and de-risking the project.