VHM LIMITED — AGM Information 2025

Nov 17, 2025

ASX Release

18 November 2025

2025 Annual General Meeting Chair Address and Presentation

VHM Limited (ASX: VHM) (the “ Company ”) advises in accordance with ASX Listing Rule 3.13.3, a copy of the address by Chair, Ian Smith and slides to be presented at today’s Annual General Meeting are attached.

ENDS

This announcement has been approved by the VHM Limited Board of Directors.

For Further Information Contact:

Andrew King Ben McCormick Chief Executive Officer Chief Financial Officer E: investor@vhmltd.com.au E : investor@vhmltd.com.au

About VHM Limited (ASX: VHM)

https://www.vhmltd.com.au

ABN 58 601 004 102 I Suite 1, Level 11, 330 Collins St, Melbourne VIC 3000 I www.vhmltd.com.au

Chair’s Address

Dear Shareholders,

Good afternoon and thank you for joining us at our 2025 Annual General Meeting.

This year marks a defining period in VHM’s history. We have now secured all primary project approvals for the Goschen Rare Earths and Mineral Sands Project in northwest Victoria, including the Environment Effects Statement endorsement, Mining Licence and more recently, the EPBC approval from the Commonwealth Government, and the Cultural Heritage Management Plan approval.

These approvals represent the culmination of years of rigorous assessment and engagement with the government and community. This now provides VHM with a clear regulatory pathway to development and significantly de-risks the project as we advance toward construction and production.

In parallel with these achievements, we have advanced our financing strategy with a Letter of Support with Export Finance Australia (EFA) and a Letter of Interest with U.S. Export-Import Bank (EXIM). These partnerships demonstrate strong government-confidence in the Goschen Project and in VHM’s capacity to contribute to secure and sustainable global supply chains for critical minerals. They also provide a critical component for project funding and enables the transition into the pre-construction phase and FID in 2026.

The rare earths sector has continued to attract strategic global attention. China’s introduction of export controls earlier this year, and the United States’ recent Department of Defence (War) price-support agreement for NdPr, have underscored the growing importance of secure, diversified rare earth supply.

Equally significant is the recently announced cooperation framework between Australia and the United States to strengthen the supply of critical minerals, a partnership that directly aligns with VHM’s strategic objectives. This agreement further highlights the essential role that projects like Goschen will play in ensuring a reliable, ethical, and resilient global supply of rare earth elements.

Over the past year, we have strengthened our executive team with the appointment of Andrew King as Chief Executive Officer and Ben McCormick as Chief Financial Officer who are both based in Victoria. These appointments bring strong commercial and operational expertise to lead VHM through the project funding, contractual engagements (including offtake) and delivery phases.

I would also like to acknowledge Ron Douglas, who has returned to his non-executive role on the Board after providing invaluable leadership as CEO. This evolution of our leadership structure reflects a company preparing for execution while balancing governance, technical excellence and commercial capability.

The Goschen Project remains the foundation of our value creation strategy. Hosting both rare earths and heavy minerals, it is uniquely positioned to supply the materials essential to clean energy technologies, defence, and advanced manufacturing, all whilst driving regional investment and employment across the Loddon Mallee region.

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

Over the past year, we have advanced multiple offtake negotiations, refined our technical design including a starter project concept, and built strong partnerships with leading Australian engineering, construction and mining firms.

We continue to maintain close collaboration with state and federal governments and agencies and remain committed to the highest standards of environmental stewardship, community engagement, and sustainable development.

In summary, the past twelve months have transformed VHM from a company with strong potential into a company with a clear pathway to production, backed by regulatory approvals, financing partnerships, and strategic market positioning.

To our shareholders, thank you for your continued confidence and support. Together, we are building an Australian critical minerals company that will play a key role in the global transition to a cleaner and more secure future.

Thank you for your ongoing support. We are all looking forward to a very exciting 2026 and beyond.

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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 2025 Annual General Meeting

18 November 2025

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ASX:VHM
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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.

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VHM Limited Board

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IAN SMITH Non-Executive Chairman

BEng Mining (Honours), BFinAdmin, FAusIMM, FIEAust

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.

Mr Smith’s previous senior and executive positions include those with Rio Tinto, WMC Resources, CRA Limited and Pasminco.

2 years involvement with VHM.

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RON DOUGLAS Non-Executive Director

BE, FAIM, MAusIMM, MAICD

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

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.

2 years involvement with VHM.

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MAREE ARNASON

Non-Executive Director

BA, FAICD

Ms Arnason has over 35 years’ executive experience across the natural resources, energy and manufacturing sectors and now

serves as an independent nonexecutive director of several listed mining companies including those in the critical minerals space. Ms Arnason has worked across a broad range of commodities from exploration to full production environments, is a co-founder and director of Energy Access Services, who operate an innovative digital trading platform for wholesale gas buyers and sellers in WA and also serves on the AICD Board as a WA Division Director and is a WA Division Councillor.

• 2 years involvement with VHM.

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DON RUNGE Non-Executive Director

BEng Mining, MAusIMM

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

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

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

• 8 years involvement with VHM.

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COLIN MOORHEAD Non-Executive Director

BSc (Honours) Geology & Geophysics, FAusIMM CP, FSEG, GAICD

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.

• 1 year involvement with VHM.

Other ASX Directorships:

• NED of Ramelius Resources Limited

• NED of Aeris Resources Limited

• NED of Mineral Resources Limited

Other ASX Directorships:

• NED of Ardea Resources Limited

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Agenda

1 Chair’s Address 2 CEO Presentation 3 Questions and Voting Procedure 4 Formal Business 5 General Questions

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Chair’s Address

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Ian Smith

Non-Executive Chair

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CEO Presentation

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Andrew King

Chief Executive Officer

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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 .

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.

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 COVID-19 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 et 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 have not been materially modified.

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 forward looking statements.

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Company update

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Lessons from the past

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Sep 2010
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Dec 2010

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Recent rare earths export control imposed by China

(April 2025) (June 2025) (October 2025)

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Global responses

>A$3.5bn in private capital raised for rare earths development since July 2025

MP Material – DoW Public Private Partnership for rare earths US$1.5 Trillion Critical Minerals Security Initiative with US Government

Australian Government to establish A$1.2bn critical minerals reserve

Japan, EU to explore joint rare earths procurement US$200m EXIM LOI for development of Goschen project[1] A$75m EFA LoS for development of Goschen project[2]

Investment highlights

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Victorian rare earths project with a diversified assemblage, strategic location near critical infrastructure, attractive project economics, future upside potential and a short pathway to production

Strong project economics with diversified assemblage across light and heavy rare 1 earth elements, with mineral sands co-products boosting profitability and providing a hedge against potential future volatility in rare earth elements pricing

Well-positioned asset in Northwestern Victoria in close proximity to critical 2 infrastructure and regional centres, Swan Hill and Kerang

Short path to 1.5Mtpa production, with flexibility to fast-track to 5Mtpa, with all 3 substantive approvals obtained

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Simple and proven operating methodologies to minimise execution complexity and risk

Strong forecast growth in demand, an expected growing supply deficit and increased strategic focus from Australian and US governments for rare earth 5 elements, along with continued growth forecast in Zircon and Titania demand, to provide long-term support for project funding and economics

Notes:

(1) See Company ASX release dated 15 October 2025. (2) See Company ASX release dated 16 May 2023. (3) See Company ASX release dated 24 January 2024.

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Melbourne
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GOSCHEN PROJECT
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(Area 1, Area 3 and Area 4)[1]

220Mt ORE @ 3.6% THM, Zircon 22%, Rutile 10%, Mon 3.5%, Xen 0.7%

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CANNIE PROJECT [2]
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192Mt MRE @ 3.1% THM, Zircon 24.5%, Rutile 15.5%, Mon 4.1%, Xen 0.8%

NOWIE PROJECT[3]

16.4Mt MRE @ 3.8% THM, Zircon 16.1%, Rutile 15.6%, Mon 2.1%, Xen 0.5%

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All substantive approvals obtained

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Work plan approvals expected in Q4 2025

Key approval	Status	Approval date
MOU with Gannawarra Shire Council1	✓	March 2023
MOU with Swan Hill Rural City Council2	✓	May 2023
Victorian Minister for Planning approved public exhibition	✓	November 2023
Public hearing	✓	March – April 2024
Environment Effects Statement (EES)3	✓	December 2024
Major Project Status4	✓	February 2025
Mining Licence5	✓	April 2025
Environmental Protection and Biodiversity (EPBC) Act 1999 Approval6	✓	September 2025
Cultural Heritage Management Plan7	✓	October 2025
Work Plan	Submitted	Expected Q4 2025

Notes:

(1) See Company ASX release dated 20 April 2023. (2) See Company ASX release dated 1 May 2023. (3) See Company ASX release dated 10 December 2024. (4) See Company ASX release dated 20 February 2025. (5) See Company ASX release dated 11 April 2025. (6) See Company ASX release dated 19 September 2025. (7) See Company ASX release dated 30 October 2025.

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Short path to 1.5Mtpa production, with flexibility to fast-track to

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5Mtpa

Targeting FID in 1H 2026 and first production in Q2 2027

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CY 2025 CY 2026 CY 2027
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Approvals Mining licence EPBC CHMP Work Plan Planning Scheme
granted approved approved approval Amendment approval
Process plant
Engineering complete Procurement complete Construction complete Commissioning complete
Non process infrastructure
Engineering complete Procurement complete Construction complete
Raw water pipeline
Project
Engineering complete Construction complete
execution
Offsite road upgrades
Engineering complete Construction complete
Pre-production mining
Staged approach
First Production
On going offtake and funding engagements FID Financial close
Project
financing
Letter of Interest from EXIM (USA) and Export Finance Australia (EFA) [1]
Option to
Fast-track
5Mtpa First
to 5Mtpa [2] Production
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This timeline is indicative only and subject to final approvals in place and financial close Notes:

(1) See ASX announcement dated 21 October 2025. (2) Subject to FID.

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Increased strategic focus from Australian and US governments

Historic US-Australia framework to provide support for Goschen with the project identified as a candidate to contribute to su l chain securit under the bilateral framework pp y y

US-Australia rare earths framework

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• Landmark agreement to secure rare earth supply chains

• Joint investment of at least US$1bn per country in the nearterm, unlocking a US$8.5bn pipeline of identified projects

Key outcomes for VHM[1]

• ✓ EXIM and EFA recognised as the key financial delivery partners of the US-Australia rare earths framework

✓

  - **Letter of Interest from EXIM for up to US$200 million and Letter of Support from EFA for up to A$75 million** in project financing support for Goschen

• Focus areas include:

• accelerating permitting and streamlining approvals;

• ✓ Goschen identified as a candidate to contribute to supply chain security under the US-Australia rare earths framework

• government-backed financing, guarantees and equity support;

‒ offtake coordination; and

• price stabilisation mechanisms

Notes:

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(1) See Company ASX releases dated 6 October 2025 and 21 October 2025.

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Community engagement and sponsorship

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Education
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• Teacher Earth Science Education Program (TESEP)

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Social
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• Swan Hill Rotary Club’s Kerang Art Show

• Golden Rivers and Central Murray Football-Netball Leagues

• Kerang Football-Netball Club

• Mallee Eagles Football Netball Club

• Wandella Cricket Club

• A Good Kitchen Swan Hill

• Kerang Neighbourhood House Food Assistance Program

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Local Industry
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  - Cross-Border Industry Taskforce - a Victoria, New South Wales and South Australia government initiative

  - Victorian Mine Rescue Competition (Minerals Council of Australia)

  - 2025 Women in Resources Awards (Minerals Council of Australia)

• Yamagata / Swan Hill student Exchange

• Murray Mallee Local Learning & Education Network - L2P

• Learner Driver Project

• Swan Hill Christmas Lights Competition

Pictured (L-R): VHM personnel with James Sorahan MCA Victoria at a student careers day in Swan Hill, Kerang Art Show, Golden Rivers Grand Final presentation.

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Appendix A | JORC Tables

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Resources - Company mineral resources

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890 Mt mineral resource estimate

Area 1 Area	Measured Mineral Resource Category	Material	Material	In Situ THM	Bulk Density	Bulk Density	Total Heavy Mineral ~~(THM)~~	Slimes	Oversize material	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides
										Zircon		Rutile	Leucoxene	Ilmenite	Monazite		Xenotime	VHM	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb4O7	Dy2O3	Er2O3	Tm2O3	Yb2O3	Y2O3	TREO + Y2O3
		(Mt) 25		(Mt) 0.90	(t/m3) 1.73		(%) 3.6	(%) 17	(%) 2	(%) 28		(%) 13	(%) 10	(%) 27	(%) 4.1		(%) 0.81	(%) 82	(%) 0.45	(%) 0.95	(%) 0.11	(%) 0.40	(%) 0.070	(%) 0.0036	(%) 0.060	(%) 0.006	(%) 0.068	(%) 0.048	(%) 0.0076	(%) 0.041	(%) 0.46	(%) 2.7
	Indicated	69		1.7	1.72		2.5	18	2	26		11	10	26	4.4		0.82	77	0.50	1.03	0.12	0.44	0.079	0.0037	0.059	0.008	0.067	0.046	0.0072	0.038	0.45	2.9
	Total(1)	94		2.6	1.72		2.8	17	2	27		12	10	26	4.3		0.82	79	0.48	1.01	0.12	0.43	0.080	0.0037	0.059	0.008	0.068	0.047	0.0073	0.039	0.46	2.8
Area 3	Indicated	200		6.9	1.73		3.4	19	3	19		9.0	8.0	25	3.2		0.59	65	0.36	0.78	0.09	0.33	0.060	0.0030	0.050	0.010	0.050	0.040	0.010	0.038	0.37	2.2
	Inferred	290		6.7	1.72		2.3	18	3	17		8.7	7.5	23	2.9		0.53	60	0.35	0.76	0.08	0.31	0.060	0.0030	0.050	0.010	0.050	0.030	0.010	0.034	0.36	2.1
	Total(1)	490		14	1.73		2.8	18	3	18		8.9	7.7	24	3.0		0.56	62	0.36	0.77	0.09	0.32	0.060	0.0030	0.050	0.010	0.050	0.030	0.010	0.035	0.36	2.1
Area 2	Indicated	76		2.4	1.73		3.2	21	7	21		13	10	23	3.4		0.67	70	0.41	0.88	0.10	0.37	0.069	0.0034	0.060	0.010	0.062	0.042	0.0066	0.046	0.42	2.5
	Inferred	5.7		0.18	1.73		3.1	21	8	19		10	7.6	22	3.6		0.60	63	0.45	0.95	0.11	0.39	0.074	0.0034	0.063	0.010	0.061	0.040	0.0063	0.044	0.40	2.6
	Total(3)	81		2.6	1.73		3.2	21	7	20		12	9.4	23	3.4		0.66	69	0.41	0.88	0.10	0.37	0.069	0.0034	0.061	0.010	0.062	0.042	0.0066	0.046	0.42	2.5
Area 4	Indicated	18		0.80	1.74		4.6	20	5	19		11	10	24	3.0		1.00	68	0.32	0.67	0.07	0.28	0.051	0.0025	0.047	0.008	0.050	0.035	0.0056	0.037	0.33	1.9
	Total(3)	18		0.80	1.74		4.6	20	5	19		11	10	24	3.0		1.00	68	0.32	0.67	0.07	0.28	0.051	0.0025	0.047	0.008	0.050	0.035	0.0056	0.037	0.33	1.9
Cannie	Inferred	190		5.9	1.70		3.1	19	6	24		15	24	2.1	4.1		0.85	71	0.49	1.06	0.12	0.45	0.082	0.0040	0.072	0.012	0.075	0.051	0.0081	0.053	0.49	3.0
	Total(2)	190		5.9	1.70		3.1	19	6	24		15	24	2.1	4.1		0.85	71	0.49	1.06	0.12	0.45	0.082	0.0040	0.072	0.012	0.075	0.051	0.0081	0.053	0.49	3.0
Nowie	Inferred	16		0.63	1.73		3.8	19	5	16		16	24	5.0	2.1		0.53	64	0.28	0.61	0.07	0.26	0.050	0.0030	0.040	0.010	0.050	0.040	0.0100	0.040	0.33	1.8
	Total(3)	16		0.63	1.73		3.8	19	5	16		16	24	5.0	2.1		0.53	64	0.28	0.61	0.07	0.26	0.050	0.0030	0.040	0.010	0.050	0.040	0.0100	0.040	0.33	1.8
Grand Total	Measured	25		0.90	1.73		3.6	17	2	28		13	10	27	4.1		0.81	83	0.45	0.95	0.11	0.40	0.070	0.0036	0.060	0.006	0.068	0.048	0.0076	0.041	0.46	2.7
	Indicated	360		12	1.74		3.3	19	4	20		10	8.7	25	3.4		0.67	69	0.39	0.83	0.10	0.35	0.064	0.0031	0.053	0.010	0.055	0.041	0.0086	0.040	0.39	2.3
	Inferred	500		13	1.72		2.7	18	4	20		12	16	13	3.4		0.67	62	0.41	0.89	0.10	0.37	0.069	0.0034	0.059	0.011	0.061	0.040	0.0091	0.043	0.42	2.5
	TOTAL(6)	890		26	1.73		2.9	19	4	21		11	12	19	3.4		0.67	65	0.40	0.86	0.10	0.36	0.067	0.0033	0.057	0.010	0.059	0.041	0.0088	0.041	0.41	2.4
Area			Category			Material					In-Situ TREO + Y2O3 Grade(5)					In-Situ TREO + Y2O3
						(t)					(%)					(t)
Area 1, Area 2, Area 3, Area 4, Cannie and Nowie			Mineral Resource (M+Ind+Inf)			890,000,000					0.071					630,000

Notes: Any discrepancies in totals are a function of rounding. Results have been rounded to 2 significant figures

• (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. 1.75% THM for Cannie and 1% TVHM for Nowie, Area 2 and Area 4.

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The Mineral Resource estimate was updated and disclosed in the ASX release published 15 October 2025.

Company Ore Reserves[1]

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220Mt Ore Reserve

Area	Area	Class.		Ore (Mt)	Ore (Mt)	THM (Mt)	THM (Mt)	THM (Mt)	THM (%)	THM (%)	Zircon (%)	Zircon (%)	Zircon (%)	Rutile (%)	Rutile (%)	Leucoxene (%)	Leucoxene (%)	Leucoxene (%)	Ilmenite (%)	Ilmenite (%)	Monazite (%)	Monazite (%)	Monazite (%)	Xenotime (%)	Xenotime (%)
Area 1		Proven		16		0.7			4.1		28			13		11			27		4.0			0.8
Area 1		Probable		31		0.9			2.9		28			12		9.2			26		4.6			0.8
Area 3		Probable		160		5.6			3.5		20			9.4		8.1			26		3.4			0.6
Area 4		Probable		12		0.6			5.6		20			12		10			25		3.0			0.7
Total		Proven		16		0.7			4.1		28			13		11			27		4.0			0.8
		Probable		200		7.1			3.5		21			10		8.5			26		3.5			0.7
Grand Total				220		7.8			3.6		22			10		8.6			26		3.5			0.7
Area	Classification		Rare Earth Oxides(2)
			CeO2 %		Dy2O3 %		Er2O3 %	Eu2O3 %		Gd2O3 %		La2O3 %	Nd2O3 %		Pr6O11 %		Sm2O3 %	Tb4O7 %		Tm2O3 %		Y2O3 %	Yb2O3 %		TREO %
Area 1	Proven		0.88		0.065		0.047	0.003		0.055		0.42	0.38		0.10		0.064	0.004		0.007		0.46	0.036		2.1
Area 1	Probable		1.0		0.070		0.048	0.003		0.064		0.52	0.46		0.12		0.081	0.008		0.007		0.48	0.033		2.5
Area 3	Probable		0.81		0.057		0.039	0.003		0.056		0.38	0.34		0.093		0.064	0.009		0.006		0.39	0.040		2.3
Area 4	Probable		0.66		0.049		0.035	0.002		0.046		0.31	0.28		0.073		0.050	0.008		0.006		0.34	0.037		1.9
Total	Proven		0.88		0.065		0.047	0.003		0.055		0.42	0.38		0.100		0.064	0.004		0.007		0.46	0.036		2.1
	Probable		0.82		0.058		0.039	0.003		0.056		0.39	0.35		0.094		0.065	0.009		0.006		0.39	0.039		2.3
Grand Total			0.83		0.059		0.040	0.003		0.056		0.39	0.35		0.095		0.065	0.008		0.006		0.40	0.039		2.3

Note:

(1) All values are reported to 2 significant figures. Any discrepancies in totals are due to rounding.

(2) THM Assemblage and Rare Earth Oxides are reported as a percentage of in-situ THM content. The Global Ore Reserves were disclosed to the ASX in a release dated 15 October 2025

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