VHM (VHM) Q4 2026 TU earnings summary

Executive summary

• Entered a long-term strategic partnership with Iluka Resources, securing a binding offtake agreement for Goschen Project's Rare Earth concentrate and a $40 million convertible note funding package.

• Completed a $5 million share placement to fund early engineering works and operating costs ahead of Final Investment Decision (FID).

• Advanced project implementation with retendering of major work packages and progress on operational approvals, targeting late-2027 commencement.

• Fully permitted to mine with all major regulatory approvals secured, reducing project risk and accelerating development.

Financial highlights

• Cash at quarter end was $13.1 million.

• Net cash used in operating activities for the quarter was $804,000; investing activities used $1.9 million; financing activities provided $4.6 million.

• Estimated quarters of funding available is 5.81 based on current cash and outgoings.

• Exploration and evaluation expenditure during the quarter was $1.4 million.

Outlook and guidance

• Targeting late-2027 for commencement of operations at the Goschen Project.

• Ongoing discussions with export credit agencies for senior debt facility to further support project financing.

• Heavy Mineral Concentrate offtake negotiations are at an advanced stage with several Tier 1 counterparties.