VHM (VHM) Q3 2026 TU earnings summary

Executive summary

• Terminated Shenghe offtake agreement to pursue broader offtake opportunities and maximize project optionality.

• All major mining and environmental approvals secured, de-risking the Goschen Project and enabling full-scale development.

• Board approved immediate development at 5Mtpa processing capacity, targeting late 2027 for first production.

• Strong engagement with US and Australian government export finance agencies, reinforcing strategic importance.

Financial highlights

• Cash balance at quarter end was $11.2 million.

• Net cash outflow from operating activities for the quarter was $1.03 million.

• Net cash outflow from investing activities was $0.85 million, mainly for exploration and evaluation.

• Estimated 6.5 quarters of funding available at current expenditure rates.

Outlook and guidance

• Binding offtake agreements expected in Q2 2026, a key catalyst ahead of Final Investment Decision (FID).

• Project remains on track for FID by mid-2026 and operational start by late 2027.

• Ongoing engagement with government and industry stakeholders to support project financing and market positioning.