View Future GrowthVHM 과거 순이익 실적과거 기준 점검 0/6VHM은 연평균 16.4%의 비율로 수입이 증가해 온 반면, Metals and Mining 산업은 연평균 15.2%의 비율로 증가했습니다. 매출은 연평균 87.6%의 비율로 감소했습니다.핵심 정보16.36%순이익 성장률28.66%주당순이익(EPS) 성장률Metals and Mining 산업 성장률22.33%매출 성장률-87.62%자기자본이익률-8.70%순이익률-127,700.00%최근 순이익 업데이트31 Dec 2025최근 과거 실적 업데이트업데이트 없음모든 업데이트 보기Recent updates공시 • Apr 24VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Security Name: ordinary Shares Security Type: Common Stock Securities Offered: 19,230,769 Price\Range: AUD 0.26 Discount Per Security: AUD 0.013 Transaction Features: Subsequent Direct Listing공시 • Apr 23VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million.VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million. Security Name: ordinary Shares Security Type: Common Stock Securities Offered: 19,230,769 Price\Range: AUD 0.26 Discount Per Security: AUD 0.013 Transaction Features: Subsequent Direct ListingNew Risk • Dec 10New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (AU$5.0k revenue, or US$3.3k). Minor Risk Market cap is less than US$100m (AU$102.5m market cap, or US$68.1m).New Risk • Nov 28New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (AU$5.0k revenue, or US$3.3k). Minor Risk Market cap is less than US$100m (AU$102.5m market cap, or US$66.9m).공시 • Nov 24VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 10.337012 million.VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 10.337012 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 29,534,321 Price\Range: AUD 0.35 Discount Per Security: AUD 0.0175 Transaction Features: Subsequent Direct Listing공시 • Nov 21+ 1 more updateVHM Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million.VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 2,857,142 Price\Range: AUD 0.35공시 • Oct 18VHM Limited, Annual General Meeting, Nov 18, 2025VHM Limited, Annual General Meeting, Nov 18, 2025. Location: baker mckenzie, level 19, 181 william street, melbourne vic 3000 AustraliaNew Risk • Oct 07New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 19% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Revenue is less than US$1m (AU$5.0k revenue, or US$3.3k). Minor Risks Share price has been volatile over the past 3 months (19% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$94.3m market cap, or US$62.2m).New Risk • Sep 25New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Revenue is less than US$1m (AU$184k revenue, or US$121k). Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$59.9m market cap, or US$39.5m).New Risk • Sep 23New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$58.6m market cap, or US$38.6m).공시 • Jun 13VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 0.355 million.VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 0.355 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 1,420,000 Price\Range: AUD 0.25New Risk • May 21New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (AU$58.0m market cap, or US$37.4m).공시 • May 13VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million.VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 8,000,000 Price\Range: AUD 0.25공시 • May 12VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 8.25 million.VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 8.25 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 29,000,000 Price\Range: AUD 0.25 Discount Per Security: AUD 0.025 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 4,000,000 Price\Range: AUD 0.25 Discount Per Security: AUD 0.025 Transaction Features: Subsequent Direct ListingNew Risk • Apr 17New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$13m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$82.5m market cap, or US$52.4m).공시 • Apr 04VHM Limited Announces Bronagh Freeman Steps Down as Company SecretaryVHM Limited announced that following a review of the Company's governance requirements, it has been determined that only one Company Secretary is required at this time. As a result, Ms. Bronagh Freeman has stepped down from her role as Company Secretary, effective immediately. Ms Freeman will continue to work closely with the Company in a supporting capacity to Mr. Michael Sapountzis, who will remain as the sole Company Secretary.New Risk • Mar 08New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$13m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$13m free cash flow). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$63.9m market cap, or US$40.3m).Price Target Changed • Feb 25Price target decreased by 24% to AU$1.15Down from AU$1.51, the current price target is provided by 1 analyst. New target price is 277% above last closing price of AU$0.30. Stock is down 40% over the past year. The company posted a net loss per share of AU$0.035 last year.Recent Insider Transactions • Jan 13Executive Director & CEO recently bought AU$100k worth of stockOn the 9th of January, Ronald Douglas bought around 250k shares on-market at roughly AU$0.40 per share. This transaction increased Ronald's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ronald's only on-market trade for the last 12 months.Recent Insider Transactions • Oct 03Non-Executive Director recently bought AU$56k worth of stockOn the 26th of September, Colin Moorhead bought around 100k shares on-market at roughly AU$0.56 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$87k more in shares than they have sold in the last 12 months.공시 • Sep 27VHM Limited, Annual General Meeting, Nov 01, 2024VHM Limited, Annual General Meeting, Nov 01, 2024. Location: the meeting is a hybrid meeting, elevate 11, the westin, 111 mary street, brisbane qld, 4000 Australia공시 • Sep 03VHM Limited Announces the Appointment of Cameron Knox as Chief Financial OfficerVHM Limited announced the appointment of Cameron Knox as its new Chief Financial Officer effective immediately. Mr. Knox will initially be engaged on a part-time basis with a view to this increasing in line with the Company's growth. Mr. Knox has held several senior finance positions during the past 20 years, primarily in the mining and resource sector for both listed and unlisted companies. He has a wealth of experience raising capital, financing projects, negotiating offtake agreements, and achieving governance and compliance objectives.New Risk • Aug 02New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Revenue is less than US$1m (AU$88k revenue, or US$57k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$22m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (AU$87.3m market cap, or US$56.9m).공시 • Jul 26+ 1 more updateVHM Limited has filed a Follow-on Equity Offering in the amount of AUD 1.8 million.VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 1.8 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 4,285,715 Price\Range: AUD 0.42 Discount Per Security: AUD 0.0231 Transaction Features: Subsequent Direct ListingBreakeven Date Change • Jul 10No longer forecast to breakevenThe analyst covering VHM no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$3.00m in 2025. New forecast suggests the company will make a loss of AU$34.0m in 2026.Board Change • Jul 06Less than half of directors are independentThere are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Non-Executive Director Don Runge is the most experienced director on the board, commencing their role in 2017. Independent Non-Executive Chairman of the Board Ian Smith was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors.분석 기사 • Jun 12Here's Why VHM (ASX:VHM) Must Use Its Cash WiselyWe can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made...New Risk • May 11New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$26m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$26m free cash flow). Revenue is less than US$1m (AU$88k revenue, or US$58k). Minor Risk Market cap is less than US$100m (AU$99.8m market cap, or US$65.9m).Board Change • Nov 29Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Chairman of the Board Ian Smith was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.분석 기사 • Nov 15Here's Why We're A Bit Worried About VHM's (ASX:VHM) Cash Burn SituationThere's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...공시 • Sep 15+ 2 more updatesVHM Limited, Annual General Meeting, Nov 20, 2023VHM Limited, Annual General Meeting, Nov 20, 2023.Board Change • Aug 25Less than half of directors are independentFollowing the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Chairman Don Runge was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.공시 • Aug 22VHM Limited Announces executive ChangesVHM Limited Board has now prioritised the appointment of a Managing Director or Chief Executive Officer with project development experience to assume responsibility from Mr. Graham Howard who will resign from the Managing Director role by 30 September 2023. Following this appointment, Mr. Howard will continue to serve as a Non-Executive Director of VHM in which role he will continue to provide oversight of the critical approvals process that is approaching Public Exhibition stage. This transition will position the company in readiness for its next stage of project build and ongoing operations.공시 • Aug 21VHM Limited Announces Management ChangesVHM Limited announced the appointment of three new directors, Mr. Ian Smith, Mr. Ron Douglas, and Ms Maree Arnason to the Board of Directors. All three bring a strong history of resource project development and operational experience that will add crucial oversight capability as VHM enters the next stage of development for the Goschen Rare Earths and Minerals Sands Project ("Goschen Project"). The operational knowledge that the new directors bring to the table will be invaluable to guide the executive team through the build, commissioning and operation phases required to produce and sell rare earth mineral products from Goschen. Mr. Ian Smith has an extensive background as a Managing Director of major resources companies and as a consultant to the industry. Mr. Smith brings highly relevant development and operational experience to the Board. While at Newcrest he oversaw a significant expansion of the business which drove a large increase in shareholder value. Mr. Smith will commence as a Non-Executive Director of the Board immediately. Mr. Douglas' extensive experience in roles with both mining and engineering/construction companies has meaningfully added value through his project development experience and facilitations of successful corporate transactions. Mr. Douglas will commence as a Non- Executive Director of the Board immediately. Ms Maree Arnason, FAICD is a highly regarded director and senior executive with 35 years' experience in natural resources, energy and manufacturing and has worked across commodities including iron ore, gold, copper, timber, coal, mineral sands and natural gas. Ms Arnason has expertise in the areas of governance, corporate affairs, risk and sustainability from exploration to full production environments and will commence as a Non-Executive Director of the Board immediately. Mr. Michael Allen and Mr. Gamini Colless have retired from the Board to make way for Mr. Douglas, Mr. Smith, and Ms Arnason. Mr. Allen has ceased his role as an executive of the Company and has taken a redundancy. This restructure of the Board and Executive is consistent with the Company plan to position VHM with the requisite skills to construct and operate the Goschen Project. The VHM Board has now prioritised the appointment of a Managing Director or Chief Executive Officer with project development experience to assume responsibility from Mr. Graham Howard who will resign from the Managing Director role by 30 September 2023. Following this appointment, Mr. Howard will continue to serve as a Non-Executive Director of VHM in which role he will continue to provide oversight of the critical approvals process that is approaching Public Exhibition stage. This transition will position the company in readiness for its next stage of project build and ongoing operations.New Risk • Jul 03New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Revenue is less than US$1m (AU$40k revenue, or US$27k). Minor Risk Market cap is less than US$100m (AU$128.0m market cap, or US$85.2m).공시 • Jan 25VHM Limited Announces Metallurgical Results and Commencement of DrillingVHM Limited announces the results from Area 4 Metallurgical testwork, confirming high THM grades and amenability to the Goschen Project (Areas 1 and 3) processing through the conventional flowsheet. Area 4 is located outside of the Goschen Project footprint and is part of a high grade strandline deposit defined by resource definition drilling in 2018 and 2019. The Company also announces the commencement of drilling at the Cannie and Nowie Prospects. As part of VHM's extensive metallurgical testwork program, 1.6 tonnes of material sourced from four geological domains of interest within Area 4 was characterized by Mineral Technologies and treated though the Goschen Project mineral sands process flowsheet. The material used for the trial comprised drill sample retains generated during the 2019 drilling program. The material from Area 4 is not currently included in the Goschen Project footprint but will serve as a source of future feedstock. The testwork confirms the Area 4 material is amenable to processing through the flowsheet proposed for the Goschen Project and has significantly higher THM grades. The testwork demonstrated that material from Area 4 was successfully processed through the Goschen process flowsheet. Losses of recoverable valuable heavy minerals to the slimes was minimal as evidenced by good alignment between the distribution of titania (TiO2), zircon (ZrO2) and cerium (CeO2) to slimes when compared with the characterizationresults.High recoveries of high value heavy minerals were observed across the gravity concentration circuit and is consistent with the use of shaking tables. Typical separation observed for Area 4 material.공시 • Jan 17VHM Limited, Announces Metallurgical Test Results from Static TrialsVHM Limited, announced the metallurgical test results from static trials conducted by leading rare earth research and testwork facility Australian Nuclear Science and Technology Organisation. The results have confirmed exceptional leach extraction rates are possible from the Rare Earth Mineral Concentrate at the Goschen Project deposit. The testwork is being undertaken to finalise the plans and inform final assessment of the Hydromet Plant at the Goschen Project. The samples used at ANSTO for metallurgical testwork are based on a sonic bulk sample drill program that the Company undertook during 2022, within Area 1 and Area 3 Extended. A total of 223 holes in Area 1 and 65 holes in Area 3 Extended were drilled, totalling 8,310.4m, using sonic and diamond drill rigs. The intent of the bulk sampling program was to generate sufficient REMC for pilot plant testwork to support the Hydromet Plant process development. VHM has completed comprehensive testwork previously at ANSTO as well as flowsheet evaluation testwork in 2018 on a typical sample of REMC from the Goschen Project. The recent work demonstrated that the Goshen REMC is highly amenable to processing through to a high value upgraded Mixed Rare Earth Carbonate product as set out in the Prospectus dated 21 November 2022 as supplemented by the supplementary prospectus dated 5 December 2022, lodged with ASX on 5 January 2023. Based on the ANSTO testwork the Company selected the Sulphate Bake route, as it provides the highest extractions and most robust economic case. In preparation for pilot plant testwork, ANSTO has undertaken pre-pilot testwork using the industry standard acid baking and water leach route. The purpose of this work is to define piloting conditions such as acid addition, kiln temperature and reaction time. The pre-pilot testwork has demonstrated exceptional extractions >99% for the critical light rare earth metals and >98% for the critical heavy rare earth metals. Testwork for the subsequent stages of the Hydromet Plant is ongoing. Projected commercial recoveries will be further defined at the pilot plant testwork stage. ANSTO continues with pre-pilot optimisation in parallel with the design and procurement of equipment for the pilot due to commence in First Quarter of 2023. When complete, the pilot will demonstrate the entire flowsheet from REMC to the MREC product and include water and reagent recycle. The pilot plant flowsheet that has been developed by ANSTO for the Goschen REMC. The REMC is considered industry leading not only in its exceptionally high rare earth grade, but also in the very high proportion of high value critical rare earths Pr, Nd, Tb and Dy. These rare earths are essential to the automotive industries transition from internal combustion engine vehicles to battery electric vehicles and plug-in hybrid electric vehicles. The combination of the exceptionally high grade REMC in conjunction with demonstrated high extraction rates is expected to result in low capex and opex to produce the MREC product. As a result of the purity, there are expected to be lower reagent costs, smaller kiln, and lower energy costs, adding to VHM's competitive proposition. The Company will commence pilot plant testwork in First Quarter 2023 with ANSTO, the results of which will inform a future engineering study scheduled thereafter. Piloting will give VHM detailed engineering solutions, the ability to order long-lead items for the Hydromet Plant and provide product offtake for marketing.매출 및 비용 세부 내역VHM가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이ASX:VHM 매출, 비용 및 순이익 (AUD Millions)날짜매출순이익일반관리비연구개발비31 Dec 250-65030 Sep 250-65030 Jun 250-65031 Mar 250-65031 Dec 240-65030 Sep 240-76030 Jun 240-76031 Mar 240-109031 Dec 230-1211030 Sep 230-1511030 Jun 230-1812031 Mar 230-1710031 Dec 220-158030 Sep 220-127030 Jun 220-97030 Jun 210-750양질의 수익: VHM 은(는) 현재 수익성이 없습니다.이익 마진 증가: VHM는 현재 수익성이 없습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: VHM는 수익성이 없지만 지난 5년 동안 연평균 16.4%의 속도로 손실을 줄였습니다.성장 가속화: 현재 수익성이 없어 지난 1년간 VHM의 수익 성장률을 5년 평균과 비교할 수 없습니다.수익 대 산업: VHM은 수익성이 없어 지난 해 수익 성장률을 Metals and Mining 업계(59.9%)와 비교하기 어렵습니다.자기자본이익률높은 ROE: VHM는 현재 수익성이 없으므로 자본 수익률이 음수(-8.7%)입니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YMaterials 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/21 14:10종가2026/05/21 00:00수익2025/12/31연간 수익2025/06/30데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스VHM Limited는 1명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Thomas PrendivilleCanaccord Genuity
공시 • Apr 24VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Security Name: ordinary Shares Security Type: Common Stock Securities Offered: 19,230,769 Price\Range: AUD 0.26 Discount Per Security: AUD 0.013 Transaction Features: Subsequent Direct Listing
공시 • Apr 23VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million.VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million. Security Name: ordinary Shares Security Type: Common Stock Securities Offered: 19,230,769 Price\Range: AUD 0.26 Discount Per Security: AUD 0.013 Transaction Features: Subsequent Direct Listing
New Risk • Dec 10New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (AU$5.0k revenue, or US$3.3k). Minor Risk Market cap is less than US$100m (AU$102.5m market cap, or US$68.1m).
New Risk • Nov 28New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (AU$5.0k revenue, or US$3.3k). Minor Risk Market cap is less than US$100m (AU$102.5m market cap, or US$66.9m).
공시 • Nov 24VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 10.337012 million.VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 10.337012 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 29,534,321 Price\Range: AUD 0.35 Discount Per Security: AUD 0.0175 Transaction Features: Subsequent Direct Listing
공시 • Nov 21+ 1 more updateVHM Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million.VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 2,857,142 Price\Range: AUD 0.35
공시 • Oct 18VHM Limited, Annual General Meeting, Nov 18, 2025VHM Limited, Annual General Meeting, Nov 18, 2025. Location: baker mckenzie, level 19, 181 william street, melbourne vic 3000 Australia
New Risk • Oct 07New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 19% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Revenue is less than US$1m (AU$5.0k revenue, or US$3.3k). Minor Risks Share price has been volatile over the past 3 months (19% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$94.3m market cap, or US$62.2m).
New Risk • Sep 25New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Revenue is less than US$1m (AU$184k revenue, or US$121k). Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$59.9m market cap, or US$39.5m).
New Risk • Sep 23New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$58.6m market cap, or US$38.6m).
공시 • Jun 13VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 0.355 million.VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 0.355 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 1,420,000 Price\Range: AUD 0.25
New Risk • May 21New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (AU$58.0m market cap, or US$37.4m).
공시 • May 13VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million.VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 8,000,000 Price\Range: AUD 0.25
공시 • May 12VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 8.25 million.VHM Limited has completed a Follow-on Equity Offering in the amount of AUD 8.25 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 29,000,000 Price\Range: AUD 0.25 Discount Per Security: AUD 0.025 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 4,000,000 Price\Range: AUD 0.25 Discount Per Security: AUD 0.025 Transaction Features: Subsequent Direct Listing
New Risk • Apr 17New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$13m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$82.5m market cap, or US$52.4m).
공시 • Apr 04VHM Limited Announces Bronagh Freeman Steps Down as Company SecretaryVHM Limited announced that following a review of the Company's governance requirements, it has been determined that only one Company Secretary is required at this time. As a result, Ms. Bronagh Freeman has stepped down from her role as Company Secretary, effective immediately. Ms Freeman will continue to work closely with the Company in a supporting capacity to Mr. Michael Sapountzis, who will remain as the sole Company Secretary.
New Risk • Mar 08New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$13m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$13m free cash flow). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$63.9m market cap, or US$40.3m).
Price Target Changed • Feb 25Price target decreased by 24% to AU$1.15Down from AU$1.51, the current price target is provided by 1 analyst. New target price is 277% above last closing price of AU$0.30. Stock is down 40% over the past year. The company posted a net loss per share of AU$0.035 last year.
Recent Insider Transactions • Jan 13Executive Director & CEO recently bought AU$100k worth of stockOn the 9th of January, Ronald Douglas bought around 250k shares on-market at roughly AU$0.40 per share. This transaction increased Ronald's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ronald's only on-market trade for the last 12 months.
Recent Insider Transactions • Oct 03Non-Executive Director recently bought AU$56k worth of stockOn the 26th of September, Colin Moorhead bought around 100k shares on-market at roughly AU$0.56 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$87k more in shares than they have sold in the last 12 months.
공시 • Sep 27VHM Limited, Annual General Meeting, Nov 01, 2024VHM Limited, Annual General Meeting, Nov 01, 2024. Location: the meeting is a hybrid meeting, elevate 11, the westin, 111 mary street, brisbane qld, 4000 Australia
공시 • Sep 03VHM Limited Announces the Appointment of Cameron Knox as Chief Financial OfficerVHM Limited announced the appointment of Cameron Knox as its new Chief Financial Officer effective immediately. Mr. Knox will initially be engaged on a part-time basis with a view to this increasing in line with the Company's growth. Mr. Knox has held several senior finance positions during the past 20 years, primarily in the mining and resource sector for both listed and unlisted companies. He has a wealth of experience raising capital, financing projects, negotiating offtake agreements, and achieving governance and compliance objectives.
New Risk • Aug 02New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Revenue is less than US$1m (AU$88k revenue, or US$57k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$22m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (AU$87.3m market cap, or US$56.9m).
공시 • Jul 26+ 1 more updateVHM Limited has filed a Follow-on Equity Offering in the amount of AUD 1.8 million.VHM Limited has filed a Follow-on Equity Offering in the amount of AUD 1.8 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 4,285,715 Price\Range: AUD 0.42 Discount Per Security: AUD 0.0231 Transaction Features: Subsequent Direct Listing
Breakeven Date Change • Jul 10No longer forecast to breakevenThe analyst covering VHM no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$3.00m in 2025. New forecast suggests the company will make a loss of AU$34.0m in 2026.
Board Change • Jul 06Less than half of directors are independentThere are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Non-Executive Director Don Runge is the most experienced director on the board, commencing their role in 2017. Independent Non-Executive Chairman of the Board Ian Smith was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors.
분석 기사 • Jun 12Here's Why VHM (ASX:VHM) Must Use Its Cash WiselyWe can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made...
New Risk • May 11New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$26m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$26m free cash flow). Revenue is less than US$1m (AU$88k revenue, or US$58k). Minor Risk Market cap is less than US$100m (AU$99.8m market cap, or US$65.9m).
Board Change • Nov 29Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Chairman of the Board Ian Smith was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
분석 기사 • Nov 15Here's Why We're A Bit Worried About VHM's (ASX:VHM) Cash Burn SituationThere's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...
공시 • Sep 15+ 2 more updatesVHM Limited, Annual General Meeting, Nov 20, 2023VHM Limited, Annual General Meeting, Nov 20, 2023.
Board Change • Aug 25Less than half of directors are independentFollowing the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Chairman Don Runge was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
공시 • Aug 22VHM Limited Announces executive ChangesVHM Limited Board has now prioritised the appointment of a Managing Director or Chief Executive Officer with project development experience to assume responsibility from Mr. Graham Howard who will resign from the Managing Director role by 30 September 2023. Following this appointment, Mr. Howard will continue to serve as a Non-Executive Director of VHM in which role he will continue to provide oversight of the critical approvals process that is approaching Public Exhibition stage. This transition will position the company in readiness for its next stage of project build and ongoing operations.
공시 • Aug 21VHM Limited Announces Management ChangesVHM Limited announced the appointment of three new directors, Mr. Ian Smith, Mr. Ron Douglas, and Ms Maree Arnason to the Board of Directors. All three bring a strong history of resource project development and operational experience that will add crucial oversight capability as VHM enters the next stage of development for the Goschen Rare Earths and Minerals Sands Project ("Goschen Project"). The operational knowledge that the new directors bring to the table will be invaluable to guide the executive team through the build, commissioning and operation phases required to produce and sell rare earth mineral products from Goschen. Mr. Ian Smith has an extensive background as a Managing Director of major resources companies and as a consultant to the industry. Mr. Smith brings highly relevant development and operational experience to the Board. While at Newcrest he oversaw a significant expansion of the business which drove a large increase in shareholder value. Mr. Smith will commence as a Non-Executive Director of the Board immediately. Mr. Douglas' extensive experience in roles with both mining and engineering/construction companies has meaningfully added value through his project development experience and facilitations of successful corporate transactions. Mr. Douglas will commence as a Non- Executive Director of the Board immediately. Ms Maree Arnason, FAICD is a highly regarded director and senior executive with 35 years' experience in natural resources, energy and manufacturing and has worked across commodities including iron ore, gold, copper, timber, coal, mineral sands and natural gas. Ms Arnason has expertise in the areas of governance, corporate affairs, risk and sustainability from exploration to full production environments and will commence as a Non-Executive Director of the Board immediately. Mr. Michael Allen and Mr. Gamini Colless have retired from the Board to make way for Mr. Douglas, Mr. Smith, and Ms Arnason. Mr. Allen has ceased his role as an executive of the Company and has taken a redundancy. This restructure of the Board and Executive is consistent with the Company plan to position VHM with the requisite skills to construct and operate the Goschen Project. The VHM Board has now prioritised the appointment of a Managing Director or Chief Executive Officer with project development experience to assume responsibility from Mr. Graham Howard who will resign from the Managing Director role by 30 September 2023. Following this appointment, Mr. Howard will continue to serve as a Non-Executive Director of VHM in which role he will continue to provide oversight of the critical approvals process that is approaching Public Exhibition stage. This transition will position the company in readiness for its next stage of project build and ongoing operations.
New Risk • Jul 03New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$28m free cash flow). Revenue is less than US$1m (AU$40k revenue, or US$27k). Minor Risk Market cap is less than US$100m (AU$128.0m market cap, or US$85.2m).
공시 • Jan 25VHM Limited Announces Metallurgical Results and Commencement of DrillingVHM Limited announces the results from Area 4 Metallurgical testwork, confirming high THM grades and amenability to the Goschen Project (Areas 1 and 3) processing through the conventional flowsheet. Area 4 is located outside of the Goschen Project footprint and is part of a high grade strandline deposit defined by resource definition drilling in 2018 and 2019. The Company also announces the commencement of drilling at the Cannie and Nowie Prospects. As part of VHM's extensive metallurgical testwork program, 1.6 tonnes of material sourced from four geological domains of interest within Area 4 was characterized by Mineral Technologies and treated though the Goschen Project mineral sands process flowsheet. The material used for the trial comprised drill sample retains generated during the 2019 drilling program. The material from Area 4 is not currently included in the Goschen Project footprint but will serve as a source of future feedstock. The testwork confirms the Area 4 material is amenable to processing through the flowsheet proposed for the Goschen Project and has significantly higher THM grades. The testwork demonstrated that material from Area 4 was successfully processed through the Goschen process flowsheet. Losses of recoverable valuable heavy minerals to the slimes was minimal as evidenced by good alignment between the distribution of titania (TiO2), zircon (ZrO2) and cerium (CeO2) to slimes when compared with the characterizationresults.High recoveries of high value heavy minerals were observed across the gravity concentration circuit and is consistent with the use of shaking tables. Typical separation observed for Area 4 material.
공시 • Jan 17VHM Limited, Announces Metallurgical Test Results from Static TrialsVHM Limited, announced the metallurgical test results from static trials conducted by leading rare earth research and testwork facility Australian Nuclear Science and Technology Organisation. The results have confirmed exceptional leach extraction rates are possible from the Rare Earth Mineral Concentrate at the Goschen Project deposit. The testwork is being undertaken to finalise the plans and inform final assessment of the Hydromet Plant at the Goschen Project. The samples used at ANSTO for metallurgical testwork are based on a sonic bulk sample drill program that the Company undertook during 2022, within Area 1 and Area 3 Extended. A total of 223 holes in Area 1 and 65 holes in Area 3 Extended were drilled, totalling 8,310.4m, using sonic and diamond drill rigs. The intent of the bulk sampling program was to generate sufficient REMC for pilot plant testwork to support the Hydromet Plant process development. VHM has completed comprehensive testwork previously at ANSTO as well as flowsheet evaluation testwork in 2018 on a typical sample of REMC from the Goschen Project. The recent work demonstrated that the Goshen REMC is highly amenable to processing through to a high value upgraded Mixed Rare Earth Carbonate product as set out in the Prospectus dated 21 November 2022 as supplemented by the supplementary prospectus dated 5 December 2022, lodged with ASX on 5 January 2023. Based on the ANSTO testwork the Company selected the Sulphate Bake route, as it provides the highest extractions and most robust economic case. In preparation for pilot plant testwork, ANSTO has undertaken pre-pilot testwork using the industry standard acid baking and water leach route. The purpose of this work is to define piloting conditions such as acid addition, kiln temperature and reaction time. The pre-pilot testwork has demonstrated exceptional extractions >99% for the critical light rare earth metals and >98% for the critical heavy rare earth metals. Testwork for the subsequent stages of the Hydromet Plant is ongoing. Projected commercial recoveries will be further defined at the pilot plant testwork stage. ANSTO continues with pre-pilot optimisation in parallel with the design and procurement of equipment for the pilot due to commence in First Quarter of 2023. When complete, the pilot will demonstrate the entire flowsheet from REMC to the MREC product and include water and reagent recycle. The pilot plant flowsheet that has been developed by ANSTO for the Goschen REMC. The REMC is considered industry leading not only in its exceptionally high rare earth grade, but also in the very high proportion of high value critical rare earths Pr, Nd, Tb and Dy. These rare earths are essential to the automotive industries transition from internal combustion engine vehicles to battery electric vehicles and plug-in hybrid electric vehicles. The combination of the exceptionally high grade REMC in conjunction with demonstrated high extraction rates is expected to result in low capex and opex to produce the MREC product. As a result of the purity, there are expected to be lower reagent costs, smaller kiln, and lower energy costs, adding to VHM's competitive proposition. The Company will commence pilot plant testwork in First Quarter 2023 with ANSTO, the results of which will inform a future engineering study scheduled thereafter. Piloting will give VHM detailed engineering solutions, the ability to order long-lead items for the Hydromet Plant and provide product offtake for marketing.