VBX LIMITED — Capital/Financing Update 2026

Jan 28, 2026

ASX Announcement

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29 January 2026

Material Improvements to Wuudagu DFS Scope

• An increased mining rate from 6 Mtpa to between 8 and 9 Mtpa and a higher product mass recovery to be incorporated in the DFS following an increase in the size and confidence of the Wuudagu Mineral Resource Estimate and improved beneficiation results

• Hydrogeological drilling and pump testing results provide support for a bore field to be selected as the preferred water solution at a lower capital and operating cost

• BLF and MOF to be co-located at Guy Point to minimise capital costs

• $2 million non-dilutive, low-cost funding solution provided by Managing Director to fund expansion of DFS scope and provide additional working capital while DFS is completed

• Working with a leading global investment bank to finalise funding and offtake discussions with potential strategic partners

VBX Limited (ASX: VBX) (“ VBX ” or the “ Company ”) is pleased to provide an update on progress towards development of the Wuudagu bauxite project (“ Wuudagu ” or the “ Project ”) in northern Western Australia.

VBX Founder and Managing Director Ryan de Franck said:

“Increasing the size and confidence in the Wuudagu Mineral Resource Estimate and an improved product mass recovery in the beneficiation process provide a pathway to significantly expand production capacity at Wuudagu.”

“Increasing the mining rate from 6 Mtpa to between 8 and 9 Mtpa and realising a higher product mass recovery will enable our product transport infrastructure and equipment to be utilised more efficiently. This is important because it is expected to reduce the capital intensity and operating costs of product transport at Wuudagu.”

“Additionally, the opportunity to minimise capital costs through a bore field development and colocating the BLF and MOF at Guy Point are positive improvements to the scope of the Project for the DFS. We have worked collaboratively with Ausenco and agreed to modify the scope of the DFS to take advantage of these opportunities.”

“To allow us to progress the changes in the DFS scope immediately and to provide additional working capital while the DFS is completed, I am pleased to provide $2 million in funding on favourable terms to the Company. This will protect the Company’s tight capital structure through an important period of project de-risking and value creation while we progress funding and offtake discussions with potential strategic partners.”

“Wuudagu’s attractive low-silica product quality, short and efficient logistics, expanding scale and northern Australian location are highly desirable attributes for a bauxite supply source in the global aluminium industry. On this basis and due to the high reliance and instability of bauxite supply from Guinea in West Africa, we are seeing strong interest from groups who want to buy or market Wuudagu bauxite and are willing to provide funding solutions to secure these rights.”

address | F3, 661 Newcastle Street, Leederville, WA, 6007 postal | PO Box 589, Leederville, WA, 6902

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ASX Announcement

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Introduction

The Wuudagu Bauxite Project is located on Wunambal Gaambera country approximately 15 km west of the community of Kalumburu in the Shire of Wyndham East Kimberley, in the north Kimberley region of Western Australia. Kalumburu is located approximately 270 km north-west of Kununurra, which is the closest regional centre. Kalumburu is accessible by road from Kununurra, with a transit distance of 563 km. A regional map showing the deposit locations is presented in Figure 1 below.

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Figure 1: Wuudagu Project Location

The Pre-Feasibility Study (“ PFS ”) completed in 2025 was based on mining the Wuudagu C deposit only at a 6 million tonne per annum (“ Mtpa ”) mining rate to produce 3.6 Mtpa of high quality, low silica beneficiated product with a grade of 45.4% Al2O3 and 3.6% SiO2 over an initial 10 year mine life based on a product mass recovery of 59.5%.

Based on Wuudagu’s unique combination of an attractive, low silica product quality and short, efficient logistics, the PFS demonstrated strong results including:

• Pre-tax NPV8 of $821m

• Pre-tax IRR of 136%

• Average annual EBITDA of $143m, and

• 16-month payback.

Materially Improved DFS Scope

In 2025, VBX completed a 6,000 m infill and exploration drilling program to increase the size and confidence of the Wuudagu resource and appointed Ausenco Services Pty Ltd (“ Ausenco ”) as the Study Manager to oversee the completion of the Wuudagu Definitive Feasibility Study (“ DFS ”).

address | F3, 661 Newcastle Street, Leederville, WA, 6007 postal | PO Box 589, Leederville, WA, 6902

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ASX Announcement

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As the results of the various work streams supporting the DFS have become available and the DFS has progressed, a number of opportunities to materially improve the scope of the DFS have been identified and considered. We have worked collaboratively with Ausenco and agreed to modify the scope of the Project in the DFS in three key areas:

• Higher mining rate and product mass recovery

• Borefield as the preferred water solution, and

• Co-locating the barge loading facility (“ BLF ”) and materials offloading facility (“ MOF ”) at Guy Point.

Higher Mining and Beneficiation Rate and Product Mass Recovery

The 2025 infill drilling program delivered a 51% increase in the Wuudagu Measured and Indicated Mineral Resource Estimate to 95.8 Mt at 39.5% Al2O3 and 13.7% SiO2 from the Wuudagu B and C deposits only.

Assay results from the 2025 exploration drilling program conducted at the Wuudagu D, E and F plateaus, which had not previously been drilled, confirmed the presence of a thicker, higher Al2O3 and lower SiO2 bauxite profile than is present at the Wuudagu B and C deposits. Resource modelling of the Wuudagu D, E and F deposits has commenced and an initial Mineral Resource Estimate is expected to be completed in the coming weeks.

Based on the significant increase in the size and confidence of the Wuudagu Mineral Resource Estimate at the Wuudagu B and C deposits and our expectation of a further increase once the resource modelling and estimation work on Wuudagu D, E and F is completed, a decision has been made to utilise a higher mining rate and increase the beneficiation plant capacity at Wuudagu as part of the DFS.

Importantly, it is expected that a higher mining rate at Wuudagu can be achieved from higher utilisation of the proposed surface mining fleet. In the PFS, it was envisaged that three surface mining units, with utilisation rates of 67%, 67% and 33% respectively, would be used to mine at a total rate of 6 Mtpa. Based on discussions with surface mining unit manufacturers and specialist contractors and the characteristics of Wuudagu bauxite material, an 8 to 9 Mtpa mining rate is considered achievable from the same fleet of three surface mining units.

Combined with the increase in product mass recovery, this is expected to result in a material increase in the annual production rate at Wuudagu. Product mass recoveries of 73% at a +3.35mm screen size and 80% at a +1 mm screen size, based on a 55% solids ratio and 2 minute residence time, have been achieved in the metallurgical optimisation test work being completed as part of the DFS.

A higher annual production rate would enable a more efficient and cost-effective use of the Project’s product transport infrastructure. This is expected to reduce the capital intensity and operating costs of product transport at Wuudagu.

Various indicative annual production rates at different mining and beneficiation rate and product mass recovery combinations are shown in Table 1 below.

		Product Mass Recovery (%)
		60% 65% 70% 75% 80%
Mining Rate (Mtpa)	6.0	3.6 3.9 4.2 4.5 4.8
	7.0	4.2 4.6 4.9 5.3 5.6
	8.0	4.8 5.2 5.6 6.0 6.4
	9.0	5.4 5.9 6.3 6.8 7.2

Table 1: Indicative Annual Production Rates (Mtpa) based on Mining and Beneficiation Rate and Product Mass Recovery

address | F3, 661 Newcastle Street, Leederville, WA, 6007 postal | PO Box 589, Leederville, WA, 6902

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ASX Announcement

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Bore Field

In 2025, the Company also undertook a hydrogeological drilling program to support hydrogeological studies as part of the DFS and the Wuudagu Environmental Review Document (“ ERD ”).

A total of 21 holes and 1,280m of hydrogeological drilling was completed across the Wuudagu project area in 2025. Bores located at three groundwater target areas within the Wuudagu project area, with airlift yields above 5 litres per second, were developed to enable pump testing to be undertaken.

Hydrogeological modelling of the pump testing results has been positive and the Company has been advised that the Project’s water requirements can be met in a socially and environmentally responsible manner from multiple bore fields developed adjacent to the water demand centres across the Wuudagu project area.

On this basis, a distributed bore field has been chosen as the preferred water sourcing strategy for the Project in the DFS at a significantly lower capital and operating cost than a seawater desalination plant.

Co-Located BLF and MOF

It is proposed that a BLF will be established at Guy Point to enable the loading of barges for transhipping bauxite product to Cape size vessels at anchorage in Napier Broome Bay.

A MOF will also be required to bring in provisions, fuel and equipment for the Project. Three potential locations near and adjacent to Guy Point were being considered for the MOF as part of the DFS. Initial design and engineering work completed on the establishment of a separate BLF and MOF has highlighted an opportunity to reduce capital costs by co-locating the BLF and MOF at Guy Point where there is access to deeper water closer to shore. As part of the DFS, the BLF and MOF will now be co-located at Guy Point.

Funding and Offtake

To provide the additional funding required to immediately progress the expansion of the DFS scope, and additional working capital while the DFS is completed, Managing Director Ryan de Franck as Trustee for the Valperlon Trust has subscribed for $2 million in unsecured loan notes to be issued by the Company. The loan notes will accrue interest at the rate of 4.5% per annum and are repayable by 31 December 2026.

The terms and conditions of the loan notes were approved by the Board, excluding Ryan de Franck, and are considered to be the most appropriate funding solution to allow the DFS to progress efficiently and be completed by the end of H1 2026.

Wuudagu’s attractive low-silica product quality, short and efficient logistics, expanding scale and northern Australian location are highly desirable attributes for a bauxite supply source in the global aluminium industry. On this basis, and due to the high reliance and instability of bauxite supply from Guinea in West Africa, we are seeing strong interest from groups who want to buy or market Wuudagu bauxite.

Over the last few months, we have been advancing discussions with strategic groups who are willing to provide funding solutions to secure Wuudagu product marketing or offtake rights. The Company is working with a leading global investment bank to finalise funding and offtake discussions with potential strategic partners.

address | F3, 661 Newcastle Street, Leederville, WA, 6007 postal | PO Box 589, Leederville, WA, 6902

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ASX Announcement

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Authorised for release by the Board of Directors of VBX Limited.

For further information, please contact:

INVESTORS MEDIA Ryan de Franck Russell Quinn Managing Director Sodali & Co ryand@vbx.limited russell.quinn@sodali.com +61 403 322 097

About VBX Limited

VBX Limited is a responsible and near-term producer of high-quality, low-silica Australian bauxite, unlocking the potential of scalable assets to supply a rapidly growing market.

Established in 2013, VBX is focused on the near-term development of high-grade, low-silica bauxite resources at its flagship project, Wuudagu, in northern Western Australia. The Project boasts a flat orebody with a low strip ratio and is located 30 km from the coast. A Pre-Feasibility Study was completed in 2025 demonstrating strong project economics based on an initial mine life of 10 years.

VBX is poised for growth, with over 6,000 m of infill and exploration drilling at Wuudagu completed in H2 2025 and a Definitive Feasibility Study due for completion in H1 2026. Additional exploration prospectivity exists at Wuudagu and at the large-scale Takapinga project in the Northern Territory.

The VBX team is committed to a socially and environmentally responsible approach to exploration, and building strong relationships with Traditional Owners and local communities. VBX aspires to having a positive community and regional influence that lasts beyond the Company’s operations.

What is Bauxite?

Bauxite is the primary raw material for aluminium, a metal that has become essential for modern industries, national security, technological development, and global decarbonisation efforts.

Mined bauxite ore is refined into alumina, and then smelted to extract aluminium metal, which can then be formed into a variety of semi-fabricated or complete products for use across a range of sectors including renewable energy generation, electric vehicles, energy transmission, packaging and consumer products.

Aluminium demand is forecast to grow by 30Mt, or 29% by 2030. A global focus on decarbonization, sustainability and technological innovation is expected to have a substantial impact on aluminium demand, with accelerated supply requirements driven by rapid growth in China, South East Asia and North America.

Chinese bauxite imports have increased at a compound annual growth rate of 25% for 20 years, with an additional 39Mtpa required by 2035. Due to ongoing drivers of bauxite supply risk, including resource nationalism, sovereign risk, resource depletion and environmental issues, new mines are required in low-sovereign risk nations to meet rising demand.

address | F3, 661 Newcastle Street, Leederville, WA, 6007 postal | PO Box 589, Leederville, WA, 6902

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ASX Announcement

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Forward Looking Statements

This announcement contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", “should”, "could", "estimates", “target”, “likely”, “plan”, "expects", "may", “intend”, "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forwardlooking statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

Competent Persons Statement

The information in this announcement that relates to the Wuudagu Mineral Resource Estimate is extracted from the Company's ASX announcement on 20 January 2026 "Wuudagu B and C Mineral Resource Estimate".

The Company confirms that it is not aware of any new information or data that materially affects this information included in the relevant market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings that are presented have not been materially modified.

Compliance Statement

Production targets and forecast financial information referred to in this announcement are extracted from the Wuudagu Independent Technical Assessment Report dated May 2025 and included in the Company’s Prospectus lodged with ASIC on 16 May 2025 which is available on the Company’s website www.vbx.limited and the ASX website (ASX code: VBX). The Company confirms that all material assumptions underpinning the production targets, or the forecast financial information derived from the production targets, continue to apply and have not materially changed.

address | F3, 661 Newcastle Street, Leederville, WA, 6007 postal | PO Box 589, Leederville, WA, 6902

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