VHM LIMITED — Share Issue/Capital Change 2026

Apr 20, 2026

Appendix 3B - Proposed issue of securities

Announcement Summary

Entity name
VHM LIMITED

Announcement Type
New announcement

Date of this announcement
21/4/2026

The Proposed issue is:
A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

ASX +security code	+Security description	Maximum Number of +securities to be issued
VHM	ORDINARY FULLY PAID	19,230,769

Proposed +issue date
27/4/2026

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

VHM LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ACN

Registration Number

601004102

1.3 ASX issuer code

VHM

1.4 The announcement is

New announcement

1.5 Date of this announcement

21/4/2026

1.6 The Proposed issue is:

A placement or other type of issue

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis?
No

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?
Existing class

Will the proposed issue of this +security include an offer of attaching +securities?
No

Details of +securities proposed to be issued

ASX +security code and description
VHM : ORDINARY FULLY PAID

Number of +securities proposed to be issued
19,230,769

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration?
Yes

In what currency is the cash consideration being paid?
AUD - Australian Dollar

What is the issue price per +security?
AUD 0.26000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?
Yes

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 7C - Timetable

7C.1 Proposed +issue date
27/4/2026

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1?
No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?
No

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)?
Yes

7D.1c (i) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?
19,230,769

7D.1c (ii) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate
The Company considered the expediency of a share placement, the uncertainty of the current financial environment and advice from external advisers.

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?
No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules?
No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow?
No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue?
Yes

7E.1a Who is the lead manager/broker?
Jarden Australia Pty Ltd acted as Lead Manager to the Placement.

7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?
5% of the Underwritten Amount as consideration for underwriting subscriptions for the Underwritten Securities and lead managing the Placement.

7E.2 Is the proposed issue to be underwritten?
Yes

7E.2a Who are the underwriter(s)?
Jarden Australia Pty Ltd acting as underwriter to the Placement.

7E.2b What is the extent of the underwriting (ie the amount or proportion of the proposed issue that is underwritten)?
100% of Placement.

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

7E.2c What fee, commission or other consideration is payable to them for acting as underwriter(s)?

5% of the Underwritten Amount as consideration for underwriting subscriptions for the Underwritten Securities and lead managing the Placement.

7E.2d Please provide a summary of the significant events that could lead to the underwriting being terminated.

A summary of the significant events that could lead to the underwriting being terminated is provided as a summary of the Underwriting Agreement terms in the Announcement released to the ASX on 21 April 2026.

7E.3 Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed issue?

No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Proceeds from the equity raising will be used to fund Goschen early engineering works and long-lead procurement, and operating costs to finalise offtake and financing arrangements to reach a final investment decision in mid 2026.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds?

No

7F.2 Any other information the entity wishes to provide about the proposed issue

Refer to the Announcement released to the ASX on 21 April 2026.

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:

The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities