Vhm Limited · ASX:VHM
Vhm — Investor Presentation (November 2025)
36 slides from Vhm's investor presentation, Nov 21, 2025
Slide 1: Equity raising presentation
Equity raising presentation November 2025 ASX:VHM 1
Slide 2: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements The following notice and disclaimer applies to this investor presentation (Presentation or document) and you should read it carefully before reading or making Future performance any other use of this Presentation or any information contained in this Presenta
Slide 3: Investment highlights
Investment highlights 3
Slide 4: Investment highlights
Investment highlights Victorian rare earths project with a diversified assemblage, strategic location near critical infrastructure, attractive project economics, future upside potential and a short pathway to production Strong project economics with diversified assemblage across light and heavy GOSC
Slide 5: Attractive project economics
1 Attractive project economics Low capex options and cost of production, flexibility to fast-track to 5Mtpa and future upside potential All amounts are expressed in nominal terms and in Australian dollars, unless otherwise specified. Key project metrics (1) (2) Staged approach 5Mtpa Stage 1 (year 1-
Slide 6: Diversified assemblage across light & heavy rare earth elements
1 Diversified assemblage across light & heavy rare earth elements, with mineral sands co-products boosting profitability Four critical magnet rare earth elements account for ~83% of rare earth basket value ✓ Diversified rare earth assemblage – balanced exposure Goschen REO assemblage1 Goschen REO ba
Slide 7: Well positioned in close proximity to critical infrastructure and 2 regional centres
Well positioned in close proximity to critical infrastructure and 2 regional centres Road, rail and port access with secure water and energy infrastructure strategically located near Swan Hill, Kerang and Ultima Victoria New South Wales Established road access to the Ultima intermodal facility Swan
Slide 8: All substantive approvals obtained
3 All substantive approvals obtained Work Plan approvals expected in Q4 2025 Key approval Status Approval date MOU with Gannawarra Shire Council1 ✓ March 2023 MOU with Swan Hill Rural City Council2 ✓ May 2023 Victorian Minister for Planning approved public exhibition ✓ November 2023 Public hearing ✓
Slide 9: Short path to 1.5Mtpa production, with flexibility to fast-track to 5Mtpa
Short path to 1.5Mtpa production, with flexibility to fast-track to 3 5Mtpa Targeting FID in 1H 2026 and first production in Q2 2027 CY 2025 CY 2026 CY 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Approvals Mining licence EPBC CHMP Work Plan Planning Scheme granted approved approved approval Amendment a
Slide 10: Simple and proven operating methodologies
4 Simple and proven operating methodologies Low-risk, pilot-validated process with minimal execution complexity Conventional, low-risk process route – well- established mineral sands processing and hydrometallurgical techniques Fully piloted flowsheet – flowsheet successfully demonstrated at pilot s
Slide 11: Strong forecast growth in demand and a growing supply deficit for rare earth elements
Strong forecast growth in demand and a growing supply deficit 5 for rare earth elements Current magnet rare earth supply deficit of ~37kt, which is expected to increase to ~132kt by 2035 Forecast global magnet rare earth supply & demand (kt) Forecast 2035 demand by end use 1 Supply 5% Demand 5% 294
Slide 12: Continued growth forecast in Zircon and Titania demand
5 Continued growth forecast in Zircon and Titania demand Global Zircon and Titanium feedstock demand expected to grow at a >2% CAGR between 2025 – 2035, outpacing forecast supply growth leading to an expected supply deficit of ~184kt and ~1.5m TiO2 units respectively in 2035 Forecast global Zircon s
Slide 13: Increased strategic focus from Australian and US governments
5 Increased strategic focus from Australian and US governments Historic US-Australia framework to provide support for Goschen with the project identified as a candidate to contribute to supply chain security under the bilateral framework US-Australia rare earths framework Key outcomes for VHM1 ✓ EXI
Slide 14: Indicative long-term funding support and offtake agreements
5 Indicative long-term funding support and offtake agreements Indicative US and Australian government funding, engagement with potential financiers and continued strong interest from strategics and offtakers1 provide long-term support for the project Strategics, joint Public market Other debt fundin
Slide 15: Equity raising
Equity raising 15
Slide 16: Equity raising overview
Equity raising overview Institutional placement to raise $10.3m and SPP to raise up to $1.0m ▪ VHM is undertaking an underwritten institutional placement (“Placement”) of new fully paid ordinary shares (“New Shares”) to raise $10.3 million ▪ Approximately 29.5 million New Shares to be issued under t
Slide 17: Equity raising timetable
Equity raising timetable Key events and dates Event Date SPP record date (7.00pm AEDT) on Thursday, 20 November 2025 Trading halt and announcement of the Placement and SPP Friday, 21 November 2025 Placement bookbuild Friday, 21 November 2025 Trading halt lifted, announcement of results of Placement
Slide 18: Appendix A | Corporate
Appendix A | Corporate 18
Slide 19: Board and management team
Board and management team ANDREW KING Chief Executive Officer Andrew is a founding Principal and Director of Tanarra Capital Pty Ltd, a leading alternative asset manager with $3.3 billion in funds under management. He brings over three decades of IAN SMITH RON DOUGLAS MAREE ARNASON DON RUNGE COLIN M
Slide 20: Appendix B | JORC table
Appendix B | JORC table 20
Slide 21: Company Mineral Resources
Company Mineral Resources 890 Mt mineral resource estimate THM Assemblage(4) Rare Earth Oxides Mineral In Situ Bulk Total Heavy Oversize TREO + Resource Material THM Density Mineral (THM) Slimes material >2mm Zircon Rutile Leucoxene Ilmenite Monazite Xenotime La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O
Slide 22: Company Ore Reserves
Company Ore Reserves1 220Mt Ore Reserve Ore THM THM Zircon Rutile Leucoxene Ilmenite Monazite Xenotime Area Classification (Mt) (Mt) (%) (%) (%) (%) (%) (%) (%) Area 1 Proven 16 0.7 4.1 28 13 11 27 4.0 0.8 Area 1 Probable 31 0.9 2.9 28 12 9.2 26 4.6 0.8 Area 3 Probable 160 5.6 3.5 20 9.4 8.1 26 3.4
Slide 23: Appendix C | Project economic assumptions
Appendix C | Project economic assumptions 23
Slide 24: Project economics assumptions – Staged approach
Project economics assumptions – Staged approach Revenue assumptions ▪ REO price forecasts are based on Adamas Intelligence Q2 2025 base case forecasts on a real basis. REO full basket value is calculated using individual REO assemblage contained in the REMC and Adamas Intelligence price forecasts. F
Slide 25: Project economics assumptions – 5Mtpa
Project economics assumptions – 5Mtpa Revenue assumptions ▪ REO price forecasts are based on Adamas Intelligence Q2 2025 base case forecasts on a real basis. REO full basket value is calculated using individual REO assemblage contained in the REMC and Adamas Intelligence price forecasts. Final forec
Slide 26: Appendix D | Key risks
Appendix D | Key risks 26
Slide 27: Risks specific to VHM
Risks specific to VHM ▪ Financing risks: VHM will need to raise substantial additional expected future supply and demand, forward selling by producers, industrial and environmental accidents, industrial disputes and funds to finance the development of the Goschen Project through production cost leve
Slide 28: Risks specific to VHM (continued)
Risks specific to VHM (continued) ▪ Market Perceptions: Shares are a speculative investment and are vulnerable to macroeconomic business and financial returns. changes including sudden changes in the market's perception of a company's value. Positive financial ▪ Insurance: VHM maintains insurance to
Slide 29: General investments risks
General investments risks ▪ Investment in shares: There are general risks associated with investments in equity capital such as VHM shares. The trading price of VHM shares may fluctuate with movements in equity capital markets in Australia and internationally. This may result in the market price for
Slide 30: Appendix E | Underwriting agreement
Appendix E | Underwriting agreement 30
Slide 31: Underwriting agreement summary
Underwriting agreement summary VHM has entered into an underwriting agreement with the Lead B. any other information supplied by or on behalf of VHM to the the NASDAQ or the NYSE is suspended or limited in a Manager in respect of the Placement (Underwriting Agreement). Lead Manager for the purpose o
Slide 32: Underwriting agreement summary (continued)
Underwriting agreement summary (continued) f) a statement in any VHM announcement on ASX relating to the or at any time prior to the completion of the despatch of confirmation against all losses directly or indirectly suffered or incurred by an Placement (including without limitation, this investor
Slide 33: Appendix F | International offer restrictions
Appendix F | International offer restrictions 33
Slide 34: International offer restrictions
International offer restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 35: International offer restrictions (continued)
International offer restrictions (continued) ▪ Singapore – This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or
Slide 36: For further information contact
Level 11, 330 Collins Street, Victoria 3000 vhmltd.com.au For further information contact: Andrew King Chief Executive Officer investor@vhmltd.com.au Ben McCormick Chief Financial Officer investor@vhmltd.com.au 36