1 November 2024

VHM Limited Annual General Meeting Chairman’s Address

Dear Shareholders,

The last 12 months has seen your company progress towards development of our world class Goschen Project, however unfortunately not everything is in our control. At this date we are yet to receive formal endorsement of our Environment Effects Statement, the primary approval required to commence construction.

I do re-iterate that our EES is the culmination of considerable technical studies and active engagement with community and government over several years and is accordingly being reviewed with due diligence. Discussions with government stakeholders indicate there are no fundamental issues, however we are not approved to proceed until authorised.

None the less, despite this timing disappointment, the company achieved a number of development milestones that put us in a strong position to become a producer in 2026:

VHM finalised acquiring 100% of the land required for the mine footprint. This indicates the team has developed a constructive working relationships with the landowners and neighbours in the Loddon-Mallee Region.
The Company also secured the first binding offtake arrangement for Goschen products which provides the assurance that the quality of the Goschen products is attractive to major international customers. This was a fundamental milestone for VHM as the agreement is a strong endorsement of our world-class rare earths and mineral sands resources.
Yellow Iron Fleet was selected as our mining partner. They are an Australian business and headquartered in Bendigo, Victoria. Their expertise and strong networks in regional Victoria have demonstrated immediate value to VHM in advancing procurement strategies and helped consolidate our cost estimates for the Project.
A cost optimisation review on the Project was also conducted. The review established a 30% capital cost reduction for the Goschen Base Plant as described in the 2023 Definitive Feasibility Study. This positions Goschen as one of the lowest capital intensive rare earths and mineral sands projects.
Extensions were awarded for the Company’s existing tenement licence holdings in the Loddon-Mallee for a further five years. This allows continued building of our resource inventory in north west Victoria, such as Area 4, Cannie and Nowie discoveries, and indicates the Victorian Government’s support for VHM’s substantial exploration achievements in the Region to date.
We also welcomed Mr Colin Moorhead to our Board, and he brings valuable market and technical skills to the business, as we set ourself for the development of this great asset.

These achievements have established FY2024 as a defining year for advancing and further de-risking the Goschen Project for all our stakeholders.

ABN 58 601 004 102 I Suite1, Level 11, 330 Collins St, Melbourne VIC 3000 I www.vhmltd.com.au

Despite these being challenging times for developing critical minerals projects in Australia, we have established a strategy which enables production in the near future. Any upside on expected commodity prices only enhances what will be a robust future.

Lastly, I would like to thank our longstanding shareholders for your continued support of VHM. To our new investors – welcome. Your belief in our vision to produce critical minerals in Victoria is appreciated. I am looking forward to sharing further Company achievements with you over the upcoming year.

Yours sincerely

Ian Smith

Chairman VHM Limited

ABN 58 601 004 102 I Suite1, Level 11, 330 Collins St, Melbourne VIC 3000 I www.vhmltd.com.au

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VHM Limited Annual General Meeting

1 November 2024 I THE WESTIN BRISBANE, 111 Mary Street, Brisbane Queensland

ASX:VHM

Acknowledgement of Country VHM acknowledges the Australian Aboriginal and Torres Strait Islander peoples as the first inhabitants of the nation and the traditional custodians of the lands where we live, learn and work. We pay our respects to past, present and emerging Elders.

Disclaimer and forward-looking statements

Important Information

This presentation has been prepared by VHM Limited ACN 601 004 102 (Company). It contains general background information only which is current at the date of this presentation unless otherwise specified. It is not intended to be an investor presentation. It contains selected summary information only and does not purport to be all-inclusive or to contain all the information that may be relevant to a prospective investor or stakeholder.

The Company, its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). No representation or warranty is made as to the Presentation’s accuracy or completeness. Recipients must satisfy themselves as to the accuracy of all such information. The presentation has been prepared based on information available at the time of preparation and is subject to change without notice. In receiving this presentation, each recipient agrees to the terms and conditions stated in this slide, including any modification to them.

This presentation does not constitute investment or financial product advice. it is not intended to be used as the basis for making an investment decision, nor is it intended to constitute legal, tax, accounting or other advice. Any references to or explanations of legislation, regulatory issues, benefits or other legal commentary (if any) are indicative only, do not summarise all relevant issues and are not intended to be a full explanation of a particular matter. The information has been obtained from and based on sources believed by the Company to be reliable. Past performance is not an indication of future performance.

This presentation may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate (Forward Statements). Forward Statements can generally be identified by the use of forward-looking words such as "anticipate",

"estimates", "will", "should", "could", "may", "expects", "plans", "forecast", "target" or similar expressions. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. To the extent that certain statements contained in this presentation may constitute 'Forward Statements' or statements about forward-looking matters, then the information reflects the Company's (and no other party's) intent, belief or expectations as at the date of this presentation. No independent third party has reviewed the reasonableness of any such statements or assumptions. None of the Company, its related bodies corporate and its officers, directors, employees, advisers, partners, affiliates and agents (together, the VHM Parties) represent or warrant that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, the Company assumes no obligation to release updates or revisions to Forward .

Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond VHM Limited’s control that could cause actual results, performance or achievements of VHM Limited to be materially different from future results, performance, or achievements expressed or implied by such forwardlooking statements.

Forward-looking statements are based on numerous assumptions regarding VHM Limited’s present and future business strategies and the environment in which VHM Limited will operate in the future. Among the important factors that could cause VHM Limited actual results, performance or achievements to differ materially from those in the forward-looking statements in this Presentation (without limitation) a significant change in VHM’s performance (financial or otherwise) or operating environment, a material change to law or regulation (including changes to the regulatory policy or interpretation), and risks and uncertainties associated with the ongoing impacts of the COVID19 pandemic, the conflict between Russia and Ukraine, and the Australian and global economic environment and capital market conditions.

These forward-looking statements speak only as at the date of this Presentation. Save as required by applicable law or regulation the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements in this Presentation may not occur.

No party other than the Company has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statement, representation or undertaking in this presentation and there is no statement in this presentation that is based on any statement by any other party. No person, either as a director, partner of or in the employment of the Company has any authority to make, imply, or give any representation or warranty whatsoever in relation to the information contained in this presentation. None of the VHM Parties take any responsibility for any information in this presentation or any action taken by you on the basis of such information.

To the maximum extent permitted by law, the VHM Parties:

exclude and disclaim all liability, including (without limitation) any liability or negligence, for any expenses, losses, damages or costs incurred either as a result of the information in this presentation being inaccurate or incomplete in any way for any reason, or otherwise arising in connection with this presentation; and
make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation.

Compliance Statement

The information in this presentation that relates to the Goschen DFS refresh and the Mineral Resource and Ore Reserve estimates were reported in the ASX announcement dated 28 March 2023. The Cannie Mineral Resource estimate was reported in the ASX announcement dated 16 May 2023 and the Area 4 Ore Reserve estimate was reported in the ASX announcement dated 29 September 2023. The Nowie Mineral Resource estimate was first reported in the ASX announcement dated 24 January 2024. The Company confirms that it is not aware of any new information or data that materially affects the matters previously reported and that all material assumptions and technical parameters underpinning the Mineral Resources and Ore Reserves estimates and forecast financial information derived from the production target in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented and have not been materially modified.

Statements to reflect any changes. Recipients should form their own views as to these matters and any assumptions on which any of the Forward Statements are based and not place reliance on such statements.

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Agenda

1	Board Introduction
2	Chairman's Address
3	2024 Highlights
4	Review of Operations
5	Market Outlook
Appendices
A	JORC Tables

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Board and mana ement team g

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Ian Smith

BEng Mining (Honours), BFinAdmin, FAusIMM, FIEAust

Non-Executive Chairman

40+ years executive and board experience with a career spanning domestic and international mining and mining services companies.

Mr Smith’s technical, operational and commercial disciplines have been attributes of his successful delivery of major capital projects and business growth for several listed companies and has held managing director and chief executive officer positions for Orica and Newcrest Mining.

Other Directorships:

Chair of Rex Minerals Limited
• NED of Kestrel Coal Limited
• NED of Raven Gold Limited

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Don Runge

Ron Douglas BE, FAIM, MAusIMM, MAICD

Maree Arnason BA, FAICD

BEng Mining, MAusIMM

Non-Executive Director

Executive Director and CEO

Extensive executive and operations delivery experience gained over a 40-year career with publicly listed global mining, energy, and manufacturing companies.

40+ years’ operational and project experience including industrial minerals where he managed the development of the Uley Graphite Project in South Australia.

35 years’ experience across the resources, energy and manufacturing sectors and is highly experienced in the areas of governance, strategy, sustainability, risk, corporate affairs,

Mr Runge has held management positions for Newcrest Mining Limited, including Manager for Ridgeway Underground Project Development and General Manager of Cracow Gold Mine.

stakeholder relations, transformations, divestments and integrations. Her broad commodity experience includes iron ore, gold, copper, timber, coal, mineral sands, and natural gas.

Mr Douglas expertise is in executive operations delivery positions with strengths in major capital program execution, and running corporate profit/loss centres, involving strategic program directorship, safety leadership and corporate transaction negotiation.

Managed the team advising Philix Mining Corporation on development of its Silangan Au/Cu Project.

Other Directorships:

NED of Gold Road Resources Limited
• NED of Ardea Resources Limited
• WA Division Director, Australian Institute of Company Directors
• Co-founder and Director of Energy Access Services

Other Directorships:

Director of Talbot Investments

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Colin Moorhead

BSc (Honours) Geology & Geophysics, FAusIMM CP, FSEG, GAICD Non-Executive Director

30+ years’ experience in

the global mining industry with his foundation expertise in Geology.

Mr Moorhead has a demonstrated track record of developing value in mining companies in both board and executive positions through innovation, discovery, project development, and safe, efficient operations.

Other Directorships:

Chair of Sihayo Gold Limited
• Chair of Xanadu Mines Limited
• NED of Ramelius Resources Limited
• NED of Aeris Resources Limited

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Mr Cameron Knox Chief Financial Officer Cameron has held a number of senior finance roles over the last 20 years, mainly in the mining and resource sector across listed and unlisted companies, with experience in capital raising, project financing, concentrate sale contracts and offtake agreements, governance and compliance and project modelling.

Mr Bernie Hyde Executive General Manager, Operations Readiness

30+ years supervisory and management experience in operations and maintenance roles in the mining industry. Mr Hyde is the current Chair of the MCA (Vic) Safety and Health Working Group and is the inaugural Chair of the CrossBorder Industry Taskforce.

Chairman’s address

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Ian Smith Non-Executive Chairman

Chairman’s address

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Company Update

Highlights

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Highlights published in the 2024 Annual Report

Review of Operations

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Approvals

Completion of all public stages of the Environment Effects Statement review

Public exhibition stage: Executed from 20 November 2023 – to 17 January 2024[1] on authority by the Victorian Minister for Planning[2]
Hearing stage: Directions Hearing (13 February 2024) was followed by the Public Hearing (25 March 2024 – 30 April 2024)[3]
Report stage: The Inquiry & Advisory Committee submitted their independent recommendations reports to the Department for Planning on 27 June 2024 for the Minister’s review and decision[4]
Completion of Mining Licence application statutory public advertising[5]

Development

First binding offtake secured for first production products with global leaders in rare earths processing indicating the quality of Goschen Project’s commercial products[6]
Appointed Victoria-based Mining Services partner Yellow Iron Fleet[7]
Achieved 30% capex reduction for Goschen base plant with inputs from detailed engineering design & principal mining services partners[8]

Company Exploration Results

Secured the Company’s four tenement holdings in north west into 2028[9]
Increased the Company Reserves with 11.5 Mt @ 5.6% THM in Probable Ore Reserve from Area 4[10]
Lifted the Company’s total inventory to 892.1 Million tonnes with the maiden Mineral Resource estimate (MRE) at Nowie[11] and an update to the Area 2 MRE[12]

Notes:

(1) See ASX release dated 14 November 2024
(7) See ASX release dated 28 March 2024
(2) See ASX release dated 1 November 2023
(8) See ASX release dated 17 June 2024
(3) See ASX release dated 17 June 2024
(9) See ASX release dated 3 October 2023
(4) See ASX release dated 3 July 2024
(10) See ASX release dated 29 September 2023
(5) See ASX release dated 19 January 2024
(11) See ASX release dated 17 June 2024
(6) See ASX release dated 31 January 2024
(12) See ASX release dated 9 April 2024

Operations

Goschen permitting pathway

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Approvals milestones achieved

Primary Approval (EES)

Q4 2023

Source: Engage Victoria website

Victorian Minister for Planning approved public exhibition for Goschen EES[1] Exhibition stage: Public Submissions[2] Monday 20 November 2023 – Wednesday 17 January 2024

Q1 2024 Hearing stage: Directions Hearing Tuesday 13 February 2024

Hearing stage: Public Hearing[3] 25 March 2024 – 30 April 2024 Q2 2024 Report stage: IAC Panel reports back to Planning Minister[4] 27 June 2024

Approval stage: Ministerial recommendation

Notes:

(1) See ASX release dated 1 November 2023

(2) See ASX release dated 14 November 2023

(3) See ASX release dated 24 January 2024

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Secondary Approvals (Work Plans, Mining Licence)

Statutory advertising for the Goschen Mining Licence application executed January 2024[3]

We are here

Work Plan Development (inc. compliance requirements with any conditions determined by the Minister)

Mining Licence application assessed by Earth Resources Regulator

(4) See ASX release dated 3 July 2024

Approvals

Goschen Project highlights

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The DFS Refresh[1] demonstrates the Goschen Project economics to be compelling

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5Mtpa
9.4ktpa
>20 years REMC
Conventional open cut
Target annual production rates for
mining methods
rare earth mineral concentrate
excavation, load and
(REMC)
haul
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8.5ktpa 134.5ktpa MREC HMC Target annual production Target annual production rates rates for mixed rare earth for zircon/titania heavy mineral carbonate (MREC) concentrate (HMC)

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Commercial

Note: (1) See Company ASX release on 28 March 2023. Goschen Project Financial Metrics for Phase 1 estimated to +/- 10-15% accuracy and Phase 1A completed to a Class 5 level of accuracy.

Capital Raise for finance to F.I.D.

Placement Offer • Placement strongly supported by existing top shareholders raised $1.8 million before Structure and Size[1] costs (4.3 million new shares).
• $0.42, a 20% discount to the 5-day VWAP prior to the announcement of the Placement
Eligible VHM shareholders as at the record date.
• Offer price of $0.42 per share, the same offer price as the Placement.
• Up to $30,000 per Eligible Shareholder.

Share Purchase Plan Offer[2]

Institutional Investment[3]

Agreement secured with Bulk Commodity Holdings, LLC (BCH) for up to $5,000,000, in up to three tranches.

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Use of proceeds To underpin ongoing work programs to advance the development of the 100% owned Goschen Project in anticipation of the Minister’s recommendation on the Environment Effects Statement and to allow the Company to make its Final Investment Decision.

Notes:

(1) See ASX release dated 25 July 2024 (2) See ASX release dated 19 August 2024

Finance

(3) See ASX release dated 7 October 2024

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Goschen timeline to production – derisk Final Investment Decision
2024 2024 2025 2025 2026 2026
Oct Apr Jul Oct Jan Apr Jul Oct
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Pre-FID Post-FID
Task 1
Export Credit Agencies - Debt
Corporate
Commercial Banks Finalise debt
Equity raise
FID
Primary Permit
Finalise Work
Work Plans/Management Plans
Plans
Mining Licence
Operations
Preliminary Engineering and Mining Design Construction and Commissioning
Commence Mining
Production
Subject to Ministerial approval
Phase I
Phase II
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Development
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Company Mineral Resources & Reserves VHM’s assets in Victoria’s critical minerals province at 30 June 2024

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4
3
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892 Mt[1]

Mineral Resource estimate

650 Kt[1] TREO + Y O 2 3

210 Mt[2] Ore Reserve

Notes:

(1) Company Mineral Resources estimate at 30 June 2024

(2) Company Global Reserves last updated and released 29 September 2023

Geology Overview

Community engagement and sponsorship

Social

Education

Swan Hill Housing Summit
Swan Hill Rotary Club’s Kerang Art Show
Golden Rivers and Central Murray FootballNetball Leagues
Kerang Football-Netball Club
A Good Kitchen Swan Hill
Kerang Neighbourhood House Food
Teacher Earth Science Education Program (TESEP)
Murray-Mallee Local Learning and Employment Network (MMLLEN) Swan Hill Careers Day

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Local Industry
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Cross-Border Future Industry Workforce Forum - a Victoria and New South Wales government initiative

 Victorian Mine Rescue Competition (Minerals Council of Australia)

2024 Women in Resources Awards (Minerals Council of Australia)

Mallee Machinery Field Days

Assistance Program

Community

Note: (1) See ASX release dated 27 February 2024 Pictured (L-R): Kerang Art Show, Teachers with TESEP Geology Consultant Dr Rodney Boucher, Cross-Border Future Industry Workforce Forum in action

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Market outlook

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Rare earth price outlook

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NdPr oxide price has recovered from this year’s low and has steadily increased in 2H 2024.
Wood Mackenzie projects the price to keep rising towards end of 2024 largely due to increased restocking demand from the magnet industry.
Wood Mackenzie forecasts NdPr oxide price ~US$80/kg from 2026-28.

All forecast prices in the charts are stated in real 2024 US dollar term

Sources: Wood Mackenzie Q2 2024, Adamas Intelligence Q3 2024 and Canaccord Q3 2024

Global Trade

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Urbanisation has a long way to go Forecasted demand zircon

Forecast demand for zircon sands by region

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Zircon prices have remained relatively stable at ~US$2,000/tonne.
TZMI expects long-term global zircon demand to grow at 2.6% per annum with India, the Americas and other Asia Pacific markets expected to be the long-term key growth drivers.
Growth drivers include urbanization in emerging economies such as India and Southeast Asia, decarbonisation and renovation trends for developed economies.

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Source: TZMI Minerals Outlook (November 2023) and approved for VHM use

Markets

De-risking development

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The next six months

Activit Status y

Environmental Approval Mining Licence Approval Work Plan Approval Mining Engineering Services Non-Process Infrastructure Finance

Awaiting recommendation from Planning Minister on Environmental Effects Statement (EES) Earth Resources Regulator to assess Mining Licence application submitted (March 2023), with assessment subject to EES approval Draft Work Plan exhibited as part of the Environment Effects Statement (EES) Develop detailed Mining Plan Selection and award of preferred Engineering contractor for the Process Plant Selection and award of contractors to deliver Non-Process Infrastructure work packages Approach export credit agencies and commercial banks for project debt, and develo cor orate a roach for e uit raise p p pp q y

*Subject to Ministerial approval

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Appendix A. JORC Tables

Company Mineral Resources

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892.1 Mt Mineral Resource estimate

Notes: Any discrepancies in totals are a function of rounding. (1) Mineral resources reported at a cut-off grade of 1.0% THM.

(2) Mineral resources reported at a cut-off grade of 1.75% THM.

(3) Mineral resources reported at a cut-off grade of 1.0% TVHM (THM * VHM)

(4) Mineral assemblage, via QEMScan Particle Analysis, is reported as a percentage of in situ THM content.

(5) In-Situ TREO Grade is calculated by THM Grade (2.95%) multiplied by TREO Grade (2.43%).

(6) Combined mineral resource at a cut-off grade of 1% THM for Area1 and Area 3 and 1% TVHM for Nowie, Area 2 and Area 4. The Mineral Resource estimate was updated and disclosed in the ASX release published 9 April 2024

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Company Ore Reserves 210.2Mt Ore Reserve

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Note: (1) Any discrepancies in totals are a function of rounding. THM Assemblage and Rare Earth Oxides are reported as a percentage of in-situ THM content. The Ore Reserve was updated and disclosed under the JORC Code (2012) in the ASX release published 29 September 2023.

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Goschen DFS Ore Reserve

98.8Mt Ore Reserve – Subset of lobal Com an Ore Reserves g p y

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Note: (1) Any discrepancies in totals are a function of rounding. THM Assemblage and Rare Earth Oxides are reported as a percentage of in-situ THM content. The Ore Reserve was disclosed under the JORC Code (2012) in the Company Prospectus 5 January 2023.

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Level 11, 330 Collins Street, Victoria 3000 vhmltd.com.au

For further information contact:

Ron Douglas Chief Executive Officer [email protected]

AI assistant

VHM LIMITED — AGM Information 2024

66004_rns_2024-10-31_9fa0101e-7502-4e4f-bbaa-bb1b37d6349b.pdf

1 November 2024

VHM Limited Annual General Meeting Chairman’s Address

Dear Shareholders,

Ian Smith

ASX:VHM

Disclaimer and forward-looking statements

Important Information

To the maximum extent permitted by law, the VHM Parties:

Compliance Statement

Agenda

Board and mana ement team g

Ian Smith

Non-Executive Chairman

Other Directorships:

Non-Executive Director

Non-Executive Director

Executive Director and CEO

Other Directorships:

Other Directorships:

Colin Moorhead

Other Directorships:

Chairman’s address

Company Update

Highlights

Review of Operations

Approvals

Completion of all public stages of the Environment Effects Statement review

Development

Company Exploration Results

Notes:

Goschen permitting pathway

Approvals milestones achieved

Primary Approval (EES)

Secondary Approvals (Work Plans, Mining Licence)

We are here

Goschen Project highlights

The DFS Refresh[1] demonstrates the Goschen Project economics to be compelling

Capital Raise for finance to F.I.D.

892 Mt[1]

Community engagement and sponsorship

Social

Education

Market outlook

Rare earth price outlook

Urbanisation has a long way to go Forecasted demand zircon

Forecast demand for zircon sands by region

De-risking development

The next six months

Company Mineral Resources

892.1 Mt Mineral Resource estimate

Company Ore Reserves 210.2Mt Ore Reserve

Goschen DFS Ore Reserve

98.8Mt Ore Reserve – Subset of lobal Com an Ore Reserves g p y

More from VHM LIMITED

VHM LIMITED AGM Information 2024