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VHM (VHM) investor relations material

VHM Q2 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 TU earnings summary20 Jan, 2026

Executive summary

  • Secured a Letter of Interest from US EXIM Bank for up to US$200 million in project financing for the Goschen Project, with a 15-year repayment term.

  • Received a non-binding Letter of Support from Export Finance Australia for up to A$75 million, reinforcing the project's strategic importance.

  • Terminated the offtake agreement with Shenghe Resources to maximize future offtake optionality.

  • Achieved key regulatory milestones, including approval of the Cultural Heritage Management Plan and the final Work Plan, clearing the path to a Financial Investment Decision in H1 CY2026.

  • Completed a successful capital raise of $11.6 million through placement and share purchase plan.

Financial highlights

  • Ended the quarter with $13.2 million in cash and cash equivalents.

  • Raised $10.3 million from a placement and $1.3 million from a share purchase plan.

  • Net cash used in operating activities was $1.8 million for the quarter.

  • Net cash used in investing activities was $1.2 million for the quarter.

  • Net cash from financing activities was $11.3 million for the quarter.

Outlook and guidance

  • Fully permitted to mine, with all major approvals secured, reducing regulatory risk and accelerating development.

  • Targeting first production in 2027, aiming to be among the earliest new rare earths producers.

  • Advancing towards a Final Investment Decision in the first half of CY2026.

How will new offtake partners be prioritized?
What is the total Goschen project funding need?
Future mine plan for remaining resources?
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Frequently asked questions

VHM Limited is a resource company focused on the exploration and development of mineral sands and rare earth elements. The company’s primary project is located in Australia, where it targets valuable resources such as zircon, titanium, and rare earth minerals used in various industrial applications, including electronics, renewable energy, and advanced manufacturing. The company is headquartered in Melbourne, Victoria, and its shares are listed on the Australian Securities Exchange (ASX).

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