New Risk • May 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% 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 Risk Revenue is less than US$1m (AU$5.0k revenue, or US$3.6k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (AU$85.7m market cap, or US$61.5m). Tillkännagivande • Apr 24
VHM 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 Tillkännagivande • Apr 23
VHM 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 10
New major risk - Shareholder dilution The 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 28
New major risk - Shareholder dilution The 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). Tillkännagivande • Nov 24
VHM 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 Tillkännagivande • Oct 18
VHM Limited, Annual General Meeting, Nov 18, 2025 VHM Limited, Annual General Meeting, Nov 18, 2025. Location: baker mckenzie, level 19, 181 william street, melbourne vic 3000 Australia New Risk • Oct 07
New minor risk - Share price stability The 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 25
New major risk - Financial position The 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 23
New minor risk - Financial data availability The 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). Tillkännagivande • Jun 13
VHM 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 21
New minor risk - Shareholder dilution The 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). Tillkännagivande • May 13
VHM 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 Tillkännagivande • May 12
VHM 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 17
New major risk - Share price stability The 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). Tillkännagivande • Apr 04
VHM Limited Announces Bronagh Freeman Steps Down as Company Secretary VHM 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 08
New major risk - Financial position The 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 25
Price target decreased by 24% to AU$1.15 Down 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 13
Executive Director & CEO recently bought AU$100k worth of stock On 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 03
Non-Executive Director recently bought AU$56k worth of stock On 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. Tillkännagivande • Sep 27
VHM Limited, Annual General Meeting, Nov 01, 2024 VHM 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 Tillkännagivande • Sep 03
VHM Limited Announces the Appointment of Cameron Knox as Chief Financial Officer VHM 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 02
New minor risk - Shareholder dilution The 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). Breakeven Date Change • Jul 10
No longer forecast to breakeven The 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 06
Less than half of directors are independent There 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. New Risk • May 11
New major risk - Financial position The 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 29
Less than half of directors are independent Following 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. Board Change • Aug 25
Less than half of directors are independent Following 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. Tillkännagivande • Aug 22
VHM Limited Announces executive Changes VHM 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. Tillkännagivande • Aug 21
VHM Limited Announces Management Changes VHM 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 03
New major risk - Financial position The 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). Tillkännagivande • Jan 25
VHM Limited Announces Metallurgical Results and Commencement of Drilling VHM 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. Tillkännagivande • Jan 17
VHM Limited, Announces Metallurgical Test Results from Static Trials VHM 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. 
