VHM LIMITED — Investor Presentation 2024

Nov 14, 2024

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Securing supply of critical minerals for the global energy transition TZMI Congress 2024 I Kuala Lumpur

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 Area 2 Mineral Resource estimate was reported in the ASX announcement dated 9 April 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.

VHM Limited (ASX:VHM) overview

Corporate Snapshot

Market Cap[1]

Top 20 Shareholders

A$86.6 million

Top 20: 34%

Cash[2]

Share Price

A$5.4 million

A$0.40

Issued Shares

Share Options

8,127,186

216,460,297

Notes:

(1): Market data at 29 October 2024 and sourced from the ASX

(2): Cash position reported 28 October 2024 to the ASX

(3): See Company ASX release dated 28 March 2023

(4): See Company ASX release dated 16 May 2023 (5): See Company ASX release dated 29 September 2023

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Australian owned rare earths and mineral sands mine and processing developer

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Melbourne
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GOSCHEN PROJECT[3]

98.8Mt ORE @ 4.0% THM Zircon 23.6%, Rutile 9.9%, Mon 3.7%, Xen 0.7%

CANNIE PROJECT[4]

192Mt MRE @ 3.1% THM, Zircon 24.5%, Rutile 15.5%, Mon 4.1%, Xen 0.8%

AREA 4 ORION PROJECT[5]

11.5Mt ORE @ 5.6% THM, Zircon 19.6%, Rutile 12.2%, Mon 3.0%, Xen 0.7%

NOWIE PROJECT[6]

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

(6): See Company ASX release dated 24 January 2024

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Key highlights

Emerging Tier 1 integrated rare earth and minerals sands project with globally significant mineral assemblage

Construction ready with pathway to production: in anticipation of primary approval.

Simple operating methodologies: Shallow-pit mined via truck-shovel with conventional processing flowsheet for Phase 1.

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Dual commodity asset: generates revenue from two independent product streams with rare earths and zircon and titanium.

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Compelling mineral assemblage and mineralisation: a unique orebody with both light (NdPr) and heavy (DyTb) rare earths mineralised in sands.

Advanced Approvals: All Goschen environmental and social assessments complete I EES public inquiry and evaluation stages complete I Recommendation report prepared for the . Minister for Planning to determine an outcome[1]

. 100% land ownership: VHM has acquired all land required for the Goschen Project footprint[2]

(2) See Company ASX release dated 3 October 2023

Notes:

(1) See Company ASX release dated 17 June 2024

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Accelerating Goschen towards production

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Extensive develo ment works com lete p p

Goschen Environment

Definitive Feasibility Study Refreshed 20–25-year Life of Mine I NPV A$1.525B I IRR 44% I Low Capex I Payback 2.8 years[1]

Approval

Report with the Minister Independent recommendations report on the Goschen primary approval assessment[3]

Accelerating Goschen to targeted first production in 2026

First Binding Offtake Secured

Pilot-scale Hydromet Plant Produced high-purity rare earth carbonate Market leading recoveries achieved at ANSTO, producing a mixed rare earth carbonate product[2]

For Base Plant products (Phase 1) Indicating quality of Goschen Project’s commercial products[4]

30% Capex Reduction for Goschen Base Plant

Achieved With inputs from Base Plant detailed engineering design & principal mining services partners.[5]

Goschen is now Australia’s lowest capital rare earths project

Mining Services Partner Appointed Victoria-based Yellow Iron Fleet[6]

Extensive Exploration Drill Program

Discovered a major new Critical Minerals Province

55km stretch of contiguous resource confirmed in north west Victoria[7] .

Deposit scale offers future upside.

(1) See Company ASX release dated 28 March 2023

(2) See Company ASX release dated 6 June 2023

(3) See Company ASX release dated 17 June 2024

(4) See Company ASX release dated 31January 2024

(5) See Company ASX release dated 17 June 2024

(6) See Company ASX release dated 28 May 2024

(7) See Company ASX release dated 16 May 2023

Notes:

Overview

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5

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

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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

(3) See ASX release dated 24 January 2024 (4) See ASX release dated 3 July 2024

Approvals

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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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892 Mt [1]
Mineral Resource
estimate
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650 Kt[1] TREO + Y O 2 3

210 Mt[2] Ore Reserve

Notes:

(1): See ASX Announcement dated 9 April 2024 (2): Company Global Reserves last updated and released 29 September 2023

Geology Overview

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Conventional low-cost processing

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Simple, low-risk, proven flowsheet: multiple commodity streams with demonstrated high recoveries

High recoveries: Continuous improvements achieved through multiple bulk sample drill programs and metallurgical testwork programs has delivered high recoveries of valuable rare earth, zircon and titanium products.

• Low-cost truck shovel operation: No drilling or blasting due to minerals being fully liberated in sand.



Logistics: Ultima rail terminal (45km from the processing facility) will provide intermodal rail solution, to reach the shipping export ports. Products can be safely transported via rail and ship.

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134,500tpa 9,400tpa
Zircon-titania REMC
HMC at 61% TREO
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8,500tpa
MREC
at 61% TREO
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Development

Infrastructure rich area Optimally positioned to access existing local infrastructure

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Rail
Water
RL6806
Power
(Solar farms)
Ports
Power
(Transmission lines)
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Development

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Secure Supply of Light and Heavy Rare Earths Australia’s critical minerals are fundamental elements required for decarbonising global economies

87% of Goschen basket value is derived from the critical rare earths crucial for electric vehicles and the green energy transition[1] .

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Notes: (1) Rare Earth Market Outlook, Independent Analysis for VHM Limited (Q1 2023) Adamas Intelligence

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.

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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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• The Australian Government is backing the critical minerals sector

Export Finance Australia

Critical Minerals Office Commonwealth Scientific and Industrial Research Organisation Australian Nuclear Science and Technology Organisation Cooperative Research Centres Geoscience Australia

National Reconstruction Fund Clean Energy Finance Corporation International Critical Minerals Partnership Fund

Department of Foreign Affairs and Trade Major Projects Facilitation Agency Foreign Investment Review Board Australian Trade and Investment Commission

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Funding strategy

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Multifaceted funding strategy comprising debt, equity and government funding

VHM is progressing its multifaceted funding strategy for the Goschen Project with a view to finalising the funding pathway ahead of Final Investment Decision.

We anticipate the Project will be funded using a combination of funding options and are well advanced in discussions in all categories.

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GOSCHEN
PROJECT
FUNDING
DEBT
- commercial account
– A$4 billion fund
A$30.5 billion fund
g
- A$15 billion
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EQUITY
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Strategic Partnerships

Commercial Banks

Exploring potential strategic investments and/or joint venture arrangements with global industry leaders

Process underway with domestic and international commercial banks for project debt funding

Potential equity investments alongside off-take arrangements

Export Credit & Other Agencies

Discussions commenced with Australian Export Credit Agency

Public Equity Capital Markets

• Export Finance Australia - commercial account

• Critical Minerals Facility – A$4 billion fund

Access to global public equity capital markets

• Clean Energy Finance- A$30.5 billion fund

Offtake Financing

Progressing discussions with offtake partners, including associated financing:

• Pre-payments from off-take partners

Government Fundin g

• National Reconstruction Fund - A$15 billion funding in loans, equity and guarantees

Finance

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Development benefits Stakeholders

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Community

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Exploration Delivering

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Area 4 Orion Strandline - Maiden Probable Ore Reserve

Added 11.5 Mt @ 5.6% THM to Company Probable Ore Reserve[1] .

Within this Ore Reserve a high-grade mineable horizon of 2.6 Mt @ 9.6% THM exists at the top of the ore body 6m from surface, including:

• 245,500 tonnes of mineable THM

• Average in-situ grade of TREO 2300ppm

• 67,700 tonnes of zircon at an in-situ grade of 2.6%

Area 4 is situated 8km to the north of the proposed Goschen Rare Earths and Mineral Sands process plant.

Significant high-grade ore body located near surface

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Exploration

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Note: (1) See ASX release dated 29 September 2023

Future opportunities High-grade strandlines

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New South Wales
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• 21 strandlines identified by processing historic data[1] .

• VHM drilling in targeted strandlines identified high-

• grade, near-surface THM.

• As part of its future exploration program, VHM will continue to target identified high-grade strandlines.

Several high-grade strandline prospects exist in VHM tenements

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Exploration

Note: (1) See ASX release dated 21 September 2023

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%).

.

1. 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 Ron.Douglas@vhmltd.com.au