VHM (VHM) H2 2025 earnings summary

Executive summary

• Achieved major milestones with Mining Licence approval and Environment Effects Statement (EES) endorsement for the Goschen Rare Earths and Mineral Sands Project, significantly de-risking the project and advancing toward construction and production readiness.

• Secured multiple offtake agreements and advanced technical and engineering solutions, positioning the project as a key supplier of critical minerals for global markets.

• Completed successful capital raisings totaling $12 million and received $1.6 million in R&D tax incentives, supporting early engineering and de-risking activities.

• Leadership transition post-year-end with new CEO and CFO appointments to guide the company through the funding phase.

Financial highlights

• Reported a net loss after tax of $6.4 million for FY2025, an improvement from a $7.1 million loss in FY2024, primarily due to non-capitalised corporate expenditure.

• Cash and cash equivalents increased to $8.1 million at year-end (from $6.0 million in FY2024).

• Net assets rose to $64.1 million (FY2024: $58.4 million), with total equity strengthened by capital raisings.

• No dividends declared or paid during the year.

Outlook and guidance

• Focus remains on progressing the Goschen Project to Final Investment Decision (FID), construction, and production.

• Ongoing efforts to secure additional funding, government grants, and project debt facilities.

• Market outlook for rare earths remains robust due to global clean energy trends, while mineral sands markets face near-term challenges from oversupply and weak demand.