VHM LIMITED — Capital/Financing Update 2025

Jul 1, 2025

ASX Release

02 July 2025

NON-BINDING OFFTAKE LETTER OF INTEREST WITH MITSUI

VHM enters into a Letter of Interest (LOI) with Mitsui for Heavy Mineral Concentrate (HMC) offtake as part of its development strategy for the Goschen Project

HIGHLIGHTS

• LOI with Mitsui establishes a framework for the supply and delivery of 40% of heavy mineral concentrate (HMC) from the Goschen Project

• The LOI contemplates that Mitsui will , at its discretion, propose to provide, subject to due diligence, a trade finance facility to VHM with respect to the potential transaction

• Mitsui is interested in establishing an expanding business relationship with VHM

VHM Limited (ASX: VHM or the “Company”) is pleased to announce that it has entered into a Letter of Interest (LOI) with Mitsui & Co., Ltd. (Mitsui) for the supply of heavy mineral concentrate (HMC) from the Company’s fully-owned Goschen Project located in northwest Victoria, Australia.

The LOI establishes a framework for the parties to work together towards a proposed agreement (Agreement) to enable VHM to sell and Mitsui purchase 40% of its HMC.

The key terms of the LOI are as follows:

Product:	HMC
Quantity:	40% of production.
Term:	Initial period–3 years from production commencement.
Potential	Mitsui will, at its discretion, propose to provide, subject to due diligence, a
Trade	trade finance facility to VHM with respect to the Agreement.
Finance
Facility:
Non-binding:	The LOI is generally non-binding and its terms are subject to entering into
	the Agreement.

VHM Limited Chief Executive Officer Ron Douglas said:

“The partnering with Mitsui, a globally significant Japanese counterparty, not only provides VHM with long term offtake for its HMC it also provides a strategic funding facility. VHM looks forward to establishing a long-term relationship with Mitsui.”

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

About Mitsui

Mitsui & Co. is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries. The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders.

About VHM

VHM Limited (ASX:VHM) is a rare earth and mineral sands company proposing to develop the Goschen Mineral Sands and Rare Earth Project, which is located in the Loddon Mallee Region of Victoria.

The Goschen Project is a Tier 1 integrated rare earth and mineral sands project with globally significant mineral assemblage

The key attributes of the Goschen Project include:

• Advanced Approvals: Primary approval received December 2024[1] , Mining Licence received April 2025[2] , secondary approvals advancing

• Clear pathway to production in Q4 2026 through a staged development strategy[3]

• Dual commodity asset which will generate revenue from two independent product streams with rare earths and Heavy Minerals Concentrates (HMC) including zircon and titanium

• Compelling mineral assemblage and mineralisation

• Simple operating methodologies – shallow-pit mined via truck-shovel with conventional processing flowsheet

• 100% land ownership VHM has acquired all land required for the Goschen Project footprint

ENDS

This announcement is approved by the VHM Board of Directors.

For Further Information Contact:

Ron Douglas Cameron Knox Chief Executive Officer Chief Financial Officer M: +61 (0)407 044 292 M: +61 (0)401 440 698 E: ron.douglas@vhmltd.com.au E: cameron.knox@vhmltd.com.au

About VHM Limited (ASX: VHM)

https://www.vhmltd.com.au

1 See Company ASX release dated 10 December 2024 2 See Company ASX release dated 11 April 2025 3 See Company ASX release dated 13 February 2025

2

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