Slide 1: IMARC: Goschen Rare Earths & Mineral Sands project
IMARC Goschen Rare Earths & Mineral Sands project 21st October 2025 ASX:VHM 1
Slide 2: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements Important Information Statements to reflect any changes. Recipients should form their own views as to these matters and any assumptions on which any of the Forward Statements are based and not place reliance on such statements. This presentation has been pre
Slide 3: Global spotlight on rare earths
Global spotlight on rare earths Recent rare earths export control Lessons from the past Global responses imposed by China >A$3.5bn in private capital raised Sep 2010 for rare earths development since July 2025 (April 2025) MP Material – DoW Public Private Partnership for rare earths (June 2025) US$1
Slide 4: Goschen project highlights
Goschen project highlights Tier 1 rare earths and minerals sands project with globally significant mineral assemblage 1 Long life and dual revenue streams: Long life mine producing rare earths & zircon / titania heavy mineral concentrate. 4
Slide 5: Goschen project and exploration overview
Goschen project and exploration overview Tier 1 rare earths and minerals sands project in Victoria Australia o Northwestern Victoria Location o Infrastructure rich (rail, roads, power and water) o Two major regional towns nearby o 220Mt Ore Reserve1 o 890Mt Mineral Resource2 Current Reserve / Resour
Slide 6: Goschen project highlights
Goschen project highlights Tier 1 rare earths and minerals sands project with globally significant mineral assemblage 1 Long life and dual revenue streams: Long life mine producing rare earths & zircon / titania heavy mineral concentrate. Compelling rare earths mineral assemblage: Unique orebody wit
Slide 7: Goschen project highlights
Goschen project highlights Tier 1 rare earths and minerals sands project with globally significant mineral assemblage 1 Long life and dual revenue streams: Long life mine producing rare earths & zircon / titania heavy mineral concentrate. Compelling rare earths mineral assemblage: Unique orebody wit
Slide 8: Regulatory approvals
Regulatory approvals Significant progress through the approval process Key approval Status Approval date Victorian Minister for Planning approved public exhibition November 2023 Public hearing March – April 2024 Environment Effects Statement (EES) December 2024 Mining Licence April 2025 Environmenta
Slide 9: Goschen project highlights
Goschen project highlights Tier 1 rare earths and minerals sands project with globally significant mineral assemblage 1 Long life and dual revenue streams: Long life mine producing rare earths & zircon / titania heavy mineral concentrate. Compelling rare earths mineral assemblage: Unique orebody wit
Slide 10: Goschen project highlights
Goschen project highlights Tier 1 rare earths and minerals sands project with globally significant mineral assemblage 1 Long life and dual revenue streams: Long life mine producing rare earths & zircon / titania heavy mineral concentrate. Compelling rare earths mineral assemblage: Unique orebody wit
Slide 11: Recent offtake agreements & financing status
Recent offtake agreements & financing status Status Date Memorandum of Understanding (MOU) entered with Currumbin Minerals for supply and delivery of a April 2025 high-grade zircon-titania heavy mineral concentrate (HMC) from the Goschen Project1 Non-binding offtake Letter of Interest (LOI) with Mit
Slide 12: Goschen project highlights
Goschen project highlights Tier 1 rare earths and minerals sands project with globally significant mineral assemblage 1 Long life and dual revenue streams: Long life mine producing rare earths & zircon / titania heavy mineral concentrate. Compelling rare earths mineral assemblage: Unique orebody wit
Slide 13: Appendix | JORC Table
VHM Limited Appendix | JORC Table
Slide 14: Resources - Company mineral resources
Resources - Company mineral resources 890 Mt mineral resource estimate Total Heavy Bulk Oversize THM Assemblage(4) Rare Earth Oxides Mineral Resource Material In Situ THM Mineral Slimes Area Density material Zircon Rutile Leucoxene Ilmenite Monazite Xenotime VHM La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 G
Slide 15: Company Ore Reserves
Company Ore Reserves 1 220Mt Ore Reserve Ore THM THM Zircon Rutile Leucoxene Ilmenite Area Class. Monazite (%) Xenotime (%) (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 0.6 Are
Slide 16: 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 16