VHM (VHM) investor relations material

Project overview and strategic context

• Goschen is a tier 1 rare earths and mineral sands project in Victoria, Australia, with significant infrastructure and proximity to major towns.

• The project features a globally significant mineral assemblage, including both light (Neodymium, Praseodymium) and heavy (Dysprosium, Terbium) rare earths.

• The mine is designed for long life with dual revenue streams from rare earths and zircon/titania heavy mineral concentrate.

• The current 20-year mine plan utilizes less than 50% of ore reserves and less than 12% of total mineral resources, indicating substantial expansion potential.

• The project benefits from a large tenement footprint, targeting high-grade strandlines and near-surface reserves.

Resource and reserve details

• Total mineral resource is estimated at 890 Mt, with an ore reserve of 220 Mt as of October 2025.

• The resource includes significant quantities of zircon, rutile, leucoxene, ilmenite, and monazite, with rare earth oxides such as Nd2O3, Pr6O11, Dy2O3, and Tb4O7.

• In-situ TREO + Y2O3 is estimated at 630,000 tonnes at a grade of 0.071%.

• Ore reserves are classified as proven and probable, with detailed breakdowns by area and mineral content.

• The mineral resource estimate and ore reserve statement were updated and disclosed in October 2025.

Regulatory and approval status

• Major approvals achieved: Environment Effects Statement endorsed (Dec 2024), Mining Licence granted (Apr 2025), and EPBC Act approval (Sep 2025).

• Secondary approvals, including Cultural Heritage Management Plan and Work Plan, are submitted and expected by Q4 2025.

• The project is fully permitted for up to 5.0Mtpa production, including hydrometallurgical processing.

• 100% land ownership has been secured for the project.