VHM LIMITED — Investor Presentation 2024

Aug 6, 2024

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VHM Limited

Shareholder Webinar

7 August 2024

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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On today’s webcast

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 Key highlights

• Accelerating Goschen to production

 Share Purchase Plan

 Goschen Project update

• Next six months

• Market outlook

• Positioning the Company for development

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Ron Douglas, CEO, VHM Limited

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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 (Base Plant).

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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 2025

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

5

5

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Share Purchase Plan and Placement overview

Offer Structure and Size

Offer Price

Use of Proceeds

Placement strongly supported by existing top shareholders raised $1.8 million before costs (4.3 million new shares) – pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1. $0.42, a 20% discount to the 5-day VWAP prior to the announcement of the Placement Proceeds will be used to underpin ongoing work programs to advance the development of the Goschen Project in anticipation of the ministerial approval for the Environment Effects Statement and to allow the Company to make its Final Investment Decision on the 100% owned Goschen Project.

Share Purchase Plan

• Eligible VHM shareholders as at the record date of 7:00pm AEST on Wednesday, 24 July 2024 with a registered address in Australia or New Zealand have the opportunity to apply for VHM shares. • Offer price of $0.42 per share, the same offer price as the Placement. • Up to $30,000 per Eligible Shareholder.

Broker

Canaccord Genuity (Australia) Limited acted as Lead Manager to the Placement.

Overview

Note : See ASX release dated 25 July 2024

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Share Purchase Plan and Placement overview

	Event	Date(2024)
SPPRecord Date(7:00 pm AEST) Wednesday, 24 July Announcement of SPP Thursday 25 July SPP Offer opens and dispatch of SPP Booklet (Open Date) Wednesday, 31 July SPP Offer closes (Closing Date) (7.00pm AEST) Wednesday, 14 August Announcement of results of SPP Monday, 19 August Issue and trading of New Shares under SPP (other than SPP Shortfall Shares, if any) Tuesday, 20 August

*The Company reserves the right to vary these times and dates (other than in respect of events that have already occurred) in its absolute discretion by sending a revised timetable to ASX. All times are AEST.

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Overview

Note : See ASX release dated 25 July 2024

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Goschen Project - Delivering globally significant critical minerals in Victoria

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 and next steps[4] 27 June 2024 Approval stage: Ministerial approval

(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

Mining Licence application assessed by Earth Resources Regulator

(4) See ASX release dated 3 July 2024

Notes:

Approvals

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Dual commodity stream

VHM enerates revenue from two inde endent roduct streams g p p

VHM[1] Forecast Revenue Composition (%) Diversifed revenue

Image[2] and Lynas[3] Revenue Composition (%) Non-diversified

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Rare earths
44.0%
Mineral sands
56.0%
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Mineral sands 100.0%
Rare earths 100.0%
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Notes:

• (1) Rare earth forecast price Wood Mackenzie Q1 2024 price outlook; Mineral sand forecast price TZMI Q3 2023 price outlook.

• (2) Source: Image Resources website - www.imageres.com.au

• (3) Source: Lynas Rare Earths website – www.lynasrareearths.com

Commercial

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Rare earth peer comparison

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Victoria has rare earth elements – heavies and li hts g

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70
Dy Tb
Nd Pr
60
Victorian projects
50
Dy and Tb are sourced
almost entirely from ionic
40 clays in China and
Myanmar.
There is an opportunity
30
for Victorian projects to
be an alternative source
20
of supply.
10
0
Hastings VHM Astron Arafura Peak
Yangibana Goschen Donald Nolans Ngualla
US$ of magnet REO per kg of REO
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Strategy

Note: See peer comparison table for source data in Appendix B

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The strength of dual commodity streams

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NdPr oxide price (US$/kg)
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250
200
150
100
50
0
Woodmac Q1-24 Adamas Q1-24 Adamas Q1-23 Canaccord Q1-24 Historical
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
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• Wood Mackenzie forecasts magnet REO prices will stabilise throughout 2024 with demand gradually picking up

• 2026-28 pricing forecast for NdPr oxide (~US$80/kg)

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

Sources: Wood Mackenzie Q1 2024, Adamas Intelligence Q1 2024, Adamas Intelligence Q1 2023 and Canaccord Q1 2024

Global Trade

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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

Financing

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The next six months

Activit Status y Environmental Approval Recommendation report with Planning Minister for review and approval Mining Licence Approval Mining Licence application is with the Earth Resources Regulator for assessment Work Plan Approval Draft Work Plan exhibited as part of the Environment Effects Statement (EES) Selection of preferred Engineering contractor for the Process Plant Engineering Services Non-Process Infrastructure Selection of contractors to deliver Non-Process Infrasctrucutre work packages Project Debt Export Credit agencies and commercial banks for project debt Develop corporate approach Project Equity

Environmental Approval Mining Licence Approval Work Plan Approval Engineering Services Non-Process Infrastructure Project Debt Project Equity

Overview

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Timeline to roduction p

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Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Pre-FID Post-FID
Task 1
Export Credit Agencies - Debt
Corporate
Commercial Banks
Equity Raise
Primary Permit
FID
Work Plans/Management Plans
Operations
Mining Licence
First production
Preliminary Engineering and Mining Design Construction and Commissioning
Phase I
Phase II
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*Subject to Ministerial approval

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Development

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Markets for Critical Minerals

Rare earths driving the energy transition

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End uses

32% Electric vehicles 28% Wind turbines and industry motors 14% Mobile phones and other communication devices 12% Laptops and digital cameras 10% Electromagnetic relay electronic controller sensor 4% Medical devices and other medical equipment

Source:

Markets

IEA: The Role of Critical Minerals in Clean Energy Transitions (2021) S&P Global Insights: Chemical Economics Handbook cited by KEGS Renewals Energy

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Heavy rare earths are important

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Critical elements in technology advancements in the journey to net zero

Adding Dysprosium or Terbium to Nd-Fe-B magnets results in a greater resistance to demagnetisation at higher temperatures

Advantages of direct-drive wind turbine over traditional turbines:

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• Removes the requirement of electrical magnetisation to power the turbine

• Smaller mechanical systems like the drive train and generator

• Elimination of the gearbox

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Sources:

Markets

German Renewable Energy Agency (2010) cited from Respiratory of Mines website REE applications in NdFeB Magnets comparison illustration, TSC-Malaco website

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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

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Market driven by “physicals” Forecasted demand for magnet rare earth oxides

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Forecast demand and price for NdPr

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• Adamas projects by 2040 the global demand for magnet rare earth oxides will reach 330,000 tonnes – triple the global consumption in 2023



• Demand is driven by offshore wind power installations, passenger electric vehicle, industrial robots and consumer appliances

Source: Adamas Q2 2023 Rare Earth Market Outlook to 2040

Markets

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Government to Government – Bilateral a reements g

Department of Foreign Affairs and Trade

Australia’s Critical Minerals Office

Facilitates government-to-government agreements that build investor confidence and commercial arrangements for the critical minerals sector.

France

Japan

• Critical Minerals Dialogue (established

  • Critical Minerals Partnership (established October 2022)

• 2021)

• France Australia Critical Minerals working

  • Supported by Joint Working Group (May 2023)

• group

• Ministerial statement

United States

Germany

• Statement of Intent on Climate, Critical Minerals and Clean Energy

• Australian – German Working Group for Critical Minerals (established 2017)

• Transformation

United Kingdom

• Australia-US Climate, Critical Minerals and Clean Energy Transformation Compact (both signed May 2023)

• Critical Minerals Working Group (established 2020)

Supports research and developing in partnership with CSIRO, ANSTO and Geoscience Australia, whilst ensuring Australia’s policy and regulatory settings support investment and unlock downstream opportunities.

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Global Trade

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Who’s interested in Australia’s critical minerals?

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Recent foreign trade interest

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General
POSCO Mitsui Siemens Stellantis Alkemy Tata
Motors - Tees Valley Lithium
Engaged in a joint Attended Austrade Signed a collaboration Entered into a binding Entered into a non- Entered into a supply Technology Metals and
venture with Pilbara outbound delegation to agreement with QPN for equity subscription binding offtake and agreement to process Tata entered into a MoU
Minerals to jointly Japan for critical the supply of equipment agreement with QMP. equity investment lithium in Australia for for discussions
construct and operate a minerals. and engineering and agreement with final processing at Tees regarding offtake and
43ktpa lithium hydroxide construction services for Element 25. Valley in the UK. vanadium pentoxide
monohydrate chemical QPM’s TECH Project. and other downstream
processing facility. products.
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Global Trade

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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

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Positionin the Com an for develo ment g p y p

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Reduce expenditure Capital costs reduced by 30%[1] Preserve value in our balance sheet Ready the business to respond to approvals Rigorous approach to cost optimisation Maintain strong relationships with government stakeholders

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Note (1): See ASX release dated 17 June 2024

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Appendix A. Corporate Overview

VHM Limited (ASX:VHM) overview

Corporate Snapshot

Market Cap[1]

Top 20 Shareholders Top 20: 34% Ellison WA: 9.1%

A$88.56 million

Cash[2]

Share Price

A$6.2 million

A$0.40

Issued Shares

Share Options

9,026,936

210,865,024

Notes:

(1): Market data at 6 August 2024 and sourced from the ASX

(2): Cash position reported 26 July 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

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

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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%

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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

BEng Mining, MAusIMM

BA, FAICD

Non-Executive Director

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

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

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

Other Directorships:

• Director of Talbot Investments

• WA Division Director, Australian Institute of Company Directors

• • Co-founder and Director of Energy Access Services

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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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Ms Carly O’Regan

MBA, GDipCom Executive General Manager, Strategy and Investor Relations

Significant business and operational experience in a diverse range of industries, including finance, commercial, mining, oil and gas, both in Australia and internationally including Barclays Global Investors (iShares), Chevron Australia Gorgon and Wheatstone Projects, KPMG, Newcrest, and Shell Australia.

Mr Bernie Hyde Executive General Manager, Operations Readiness

25+ 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.

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Appendix B. Peer Comparison Data

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Pro ect com arison table data for rare earth basket value j p

			Magnet Rare	Earth Oxide % Distribution of Rare Earth Product	Earth Oxide % Distribution of Rare Earth Product	Earth Oxide % Distribution of Rare Earth Product
Name	Project	Product	Neodymium (Nd)	Praseodymium (Pr)	Dysprosium (Dy)	Terbium (Tb)	Stage of Development	Location	Market Cap ($A)*
Arafura1	Nolans	Oxide	20.5	5.9	0.3	0.1	DFS	N.T.	$371.85
Hastings2	Yangibana	Concentrate	32.6	8.0	0.3	0.1	DFS	W.A.	$48.82M
Peak3	Ngualla	Concentrate	16.5	4.8	0.1	0.1	BFS	Tanzania	$53.28M
VHM4	Goschen	Concentrate & Carbonate	16.5	4.1	1.9	0.3	DFS	VIC	$85.51M
Astron5	Donald	Concentrate	16.4	4.6	1.8	0.3	DFS	VIC	$123.27M

Source data:

1. Arafura (ARU:ASX) data sourced from ASX release “Nolans Project Definitive Feasibility Study” published on 7 February 2019.

2. Hastings (HAS:ASX) data sourced from ASX release “Yangibana Project NPV increases 84% to A$1Billion (post tax)” published on 21 February 2022.

3. Peak (PEK:ASX) data sourced from ASX release “2023 Annual Report” published on 26 October 2023.

4. VHM (VHM:ASX) data sourced from ASX release “ANSTO Testwork Demonstrates High Extraction of Rare Earth Minerals” published on 17 January 2023. 5. Astron (ATR:ASX) data sourced from ASX release “Investor Presentation – Donald Project DFS” published on 17 May 2023. *Market capital data at 6 August 2024 and sourced from the ASX

5. All data is subject to change without notice

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Appendix C. 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