VHM LIMITED — Major Shareholding Notification 2026

May 26, 2026

604 page 1/2 15 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	VHM LIMITED
ACN/ARSN	601 004 102

1. Details of substantial holder(1)

Name	ELLISON (WA) PTY LTD
ACN/ARSN (if applicable)	135 966 773
There was a change in the interests of the substantial holder on 14/05/25
The previous notice was given to the company on 06/01/23
The previous notice was dated 06/01/23

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY	18,007,539	9.14%	19,198,016	6.16%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
	SEE ANNEXURE A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
ELLISON (WA) PTY LTD	ELLISON (WA) PTY LTD	ELLISON (WA) PTY LTD	DIRECT	19,198,016 ORD	19,198,016

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A

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6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
ELLISON (WA) PTY LTD	45 SAUNDERS STREET MOSMAN PARK

Signature

print name CHRIS ELLISON capacity DIRECTOR

sign here date 27/05/2026

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) Include details of:

(a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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ANNEXURE A

ELLISON (WA) PTY LTD ACN 135 966 773.

This is Annexure A of 3 pages referred to in the Form 604 – Notice of Change of Interest of Substantial Holder.

Signed:
Print Name:
Date:

3. Changes in relevant interests

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
24/01/2023	ELLISON (WA) PTY LTD	Dilution of interest due to 3,621,763 ordinary shares being issued as a result of options being exercised	N/A	N/A	N/A
13/02/2023	ELLISON (WA) PTY LTD	Dilution of interest due to 587,789 ordinary shares being issued as a result of options being exercised	N/A	N/A	N/A
14/03/2023	ELLISON (WA) PTY LTD	Dilution of interest due to 300,000 ordinary shares being issued as a result of options being exercised	N/A	N/A	N/A
28/09/2023	ELLISON (WA) PTY LTD	Dilution of interest due to 210,635 ordinary shares being issued as a result of options being exercised	N/A	N/A	N/A
11/04/2024	ELLISON (WA) PTY LTD	Dilution of interest due to 284,153 ordinary shares being issued as a result of options being exercised	N/A	N/A	N/A

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2

01/08/2024	ELLISON (WA) PTY LTD	Acquisition of ordinary shares via a placement	0.42 per ordinary share	1,190,477 ORD	1,190,477
01/08/2024	ELLISON (WA) PTY LTD	Dilution of interest due to 826,389 ordinary shares being issued as a result of options being exercised	N/A	N/A	N/A
19/08/2024	ELLISON (WA) PTY LTD	Dilution of interest due to 681,989 ordinary shares being issued as a result of options being exercised	N/A	N/A	N/A
20/08/2024	ELLISON (WA) PTY LTD	Dilution of interest due to 3,882,190 ordinary shares being issued via a securities purchase plan	N/A	N/A	N/A
27/08/2024	ELLISON (WA) PTY LTD	Dilution of interest due to 217,761 ordinary shares being issued as a result of options being exercised	N/A	N/A	N/A
11/10/2024	ELLISON (WA) PTY LTD	Dilution of interest due to 813,333 ordinary shares being issued via a placement	N/A	N/A	N/A
12/02/2025	ELLISON (WA) PTY LTD	Dilution of interest due to 689,655 ordinary shares being issued via a placement	N/A	N/A	N/A
30/04/2025	ELLISON (WA) PTY LTD	Dilution of interest due to 2,000,000 ordinary shares being issued via a placement	N/A	N/A	N/A
14/05/2025	ELLISON (WA) PTY LTD	Dilution of interest due to 33,000,000 ordinary shares being issued via a placement	N/A	N/A	N/A

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3
| 13/06/2025 | ELLISON (WA) PTY LTD | Dilution of interest due to 1,420,000 ordinary shares being issued via a securities purchase plan | N/A | N/A | N/A |
| --- | --- | --- | --- | --- | --- |
| 03/09/2025 | ELLISON (WA) PTY LTD | Dilution of interest due to 1,250,000 ordinary shares being issued via a placement | N/A | N/A | N/A |
| 26/09/2025 | ELLISON (WA) PTY LTD | Dilution of interest due to 1,176,471 ordinary shares being issued via a placement | N/A | N/A | N/A |
| 15/10/2025 | ELLISON (WA) PTY LTD | Dilution of interest due to 3,175,000 ordinary shares being issued via a placement | N/A | N/A | N/A |
| 27/11/2025 | ELLISON (WA) PTY LTD | Dilution of interest due to 29,534,321 ordinary shares being issued via a placement | N/A | N/A | N/A |
| 19/12/2025 | ELLISON (WA) PTY LTD | Dilution of interest due to 3,675,386 ordinary shares being issued via a securities purchase plan | N/A | N/A | N/A |
| 27/04/2026 | ELLISON (WA) PTY LTD | Dilution of interest due to 19,230,769 ordinary shares being issued via a placement | N/A | N/A | N/A |