Vhm Limited · ASX:VHM
Vhm — Investor Presentation (May 2025)
30 slides from Vhm's investor presentation, May 9, 2025
Slide 1: Investor update and equity raising presentation
Investor update and equity raising presentation May 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 Future performance or making any other use of this Presentation or any information contained in this Presenta
Slide 3: Introduction
At VHM, we are pioneering a responsible and forward- thinking approach to mineral exploration and development. Our multi-generational projects are designed to drive industries of the future while safeguarding the environment. With a commitment to sustainability, innovation, and community engagement,
Slide 4: VHM investment highlights
VHM investment highlights Tier 1 rare earth and minerals sands project with globally significant mineral assemblage Well advanced approvals: Mining Licence received April 2025; Endorsement of the Environment Effects Statement 1 received December 2024; secondary approvals have commenced Clear pathw
Slide 5: Significant progress over the last 12 months
Significant progress over the last 12 months Extensive development works complete First Binding Offtake – Secured 1 Indicating quality of Goschen Project’s commercial products1 Mining Services Partner – Appointed 2 Victoria-based Yellow Iron Fleet2 Staged Development – Enables pathway to early produ
Slide 6: Significant progress with granting of Mining Licence
Significant progress with granting of Mining Licence Key 2025 action items are in progress, VHM is on track for Final Investment Decision in Q3 2025 2025 action items Obtain Mining Licence - complete Finalise secondary approvals – in progress Finalise project funding – in progress Finalise offtake a
Slide 7: Company update
Company update 7
Slide 8: Strategically important Victorian rare earth and minerals sands project
Strategically important Victorian rare earth and minerals sands project The Goschen Project is expected to be a multi-generational rare earths and mineral sands asset for Australia Goschen is an important and imminent part of 1 Australia establishing itself as a critical minerals supplier Support lo
Slide 9: Goschen project and exploration overview
Goschen project and exploration overview Tier 1 rare earths and minerals sands project, located in Victoria Australia ▪ Northwestern Victoria ▪ Infrastructure rich (rail, Location roads, power and water) ▪ Two major regional towns nearby Current ▪ 210Mt Ore Reserve (99Mt Reserve / permitted reserve)
Slide 10: Staged development approach
Staged development approach1 Two stage development approach reduces upfront capital requirement and brings forward production Key project statistics Stage 1 (Year 1-3) Stage 2 (Year 4+) Goschen project key highlights Mine throughput 1.5Mtpa 5Mtpa ▪ First to production advantages Construction commenc
Slide 11: Clear pathway for remaining approvals
Clear pathway for remaining approvals Significant Approval process progress, with the Mining Licence being a key milestone Primary Approval (EES) Victorian Minister for Planning approved public exhibition Q4 2023 Public Hearing Q1 2024 Received endorsement of Environment Effects Statement (EES) from
Slide 12: Pathway towards production
Pathway towards production Extensive development works complete with financial close targeted in Q4 2025 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Early Engagement Process plant design and supply Project execution Construction and commissioning Work Plan approval FID (subject to financing) Production Initia
Slide 13: Funding strategy and offtake
Funding strategy and offtake Multifaceted funding strategy comprising debt, equity and government funding ▪ Appointed an Independent Technical Expert, and Independent Environmental and Social review to support the debt financing VHM has commenced a fulsome fund-raising ▪ Commenced discussions with a
Slide 14: Secure supply of light and heavy rare earths
Secure supply of light and heavy rare earths Goschen has the critical minerals required for electrification and decarbonisation 83% of Goschen Rare Earth basket value is derived from the four critical rare earths crucial for electric vehicles and the green energy transition1, including Dysprosium an
Slide 15: Market outlook: NdPr oxide supply and demand
Market outlook Forecasted supply and demand for NdPr oxide Forecast supply and demand for NdPr oxide ▪ Adamas projects by 2040 the global demand for magnet rare earth oxides will reach 345,000 tonnes – triple the global consumption in 2024 ▪ It is projected that the demand will outpace supply beyond
Slide 16: Market outlook: Zircon demand
Market outlook Forecast demand for Zircon Forecast demand for zircon by end use ▪ TZMI expects global zircon demand to grow at 2.5% per annum with India, other Asia Pacific (ex China), Middle East and Africa markets expected to be key growth regions ▪ Demand for zirconia and zircon chemical end use
Slide 17: Appendix A | Corporate
Appendix A | Corporate 17
Slide 18: VHM Limited (ASX:VHM) overview
VHM Limited (ASX:VHM) overview Australian owned rare earths and mineral sands mine and Corporate Snapshot processing developer GOSCHEN PROJECT3 A$67.9 million Top 20: 37% 98.8Mt ORE @ 4.0% THM, Market Cap1 Shareholding Zircon 23.6%, Rutile 9.9%, Mon 3.7%, Xen 0.7% CANNIE PROJECT4 A$0.31 A$3.9 millio
Slide 19: Board and management team
Board and management team Cameron Knox Chief Financial Officer Cameron has held a number of senior finance roles over the last 20 years, mainly in the mining and resource sector across Ian Smith Ron Douglas Maree Arnason Don Runge Colin Moorhead listed and unlisted BEng Mining (Honours), BE, FAIM, M
Slide 20: Appendix B | JORC Tables
j~) VHM Lins Appendix B | JORC Tables
Slide 21: Company Mineral Resources
Company Mineral Resources 892.1 Mt Mineral Resource estimate THM Assemblage4 Rare Earth Oxides Mineral In situ Bulk Total heavy Oversize material TREO + Resource Material THM density mineral (THM) Slimes >2mm Zircon Rutile Leucoxene Ilmenite Monazite Xenotime La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O
Slide 22: Company Ore Reserves
Company Ore Reserves 210.2Mt Ore Reserve THM Assemblage1 Ore In-situ THM THM Zircon Rutile Leucoxene Ilmenite Monazite Xenotime Area Classification (Mt) (Mt) (%) (%) (%) (%) (%) (%) (%) Area 1 Proved 24.5 1.3 5.4 29.9 10.8 9.0 24.7 4.3 0.8 Area 1 Probable 14.6 0.5 3.2 29.2 11.7 9.2 25.5 4.5 0.9 Area
Slide 23: Goschen DFS Ore Reserve
Goschen DFS Ore Reserve 98.8Mt Ore Reserve – Subset of global Company Ore Reserves Ore THM Zircon Rutile Leucoxene Ilmenite Monazite Xenotime Area Date Classification (Mt) (%) (%) (%) (%) (%) (%) (%) Area 1 Mar-21 Proved 25.5 5.6 29.6 10.8 9.1 24.7 4.3 0.8 Area 1 Mar-21 Probable 7.6 2.2 27.6 12.7 10
Slide 24: Appendix C | Key risks & International offer restrictions
Appendix C | Key risks & International offer restrictions 24
Slide 25: Risks specific to VHM
Risks specific to VHM ▪ Financing risks: VHM will need to raise substantial additional funds to finance the development of the Goschen Project through any one, or a combination of, equity, debt and pre-paid offtake from the project. No final decision has been made in this regard. There is no guarant
Slide 26: Risks specific to VHM (continued)
Risks specific to VHM (continued) ▪ Economic conditions: Adverse changes in economic conditions such as interest rates, exchange rates, inflation, government policy, international economic conditions and employment rates amongst others are outside VHM's control and have the potential to have an adve
Slide 27: 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 28: International offer restrictions
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
Slide 29: 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 30: Level 11, 330 Collins Street, Victoria 3000
Level 11, 330 Collins Street, Victoria 3000 vhmltd.com.au For further information contact: Ron Douglas Chief Executive Officer Ron.Douglas@vhmltd.com.au 30