VHM Ltd

VHM is developing the Goschen Rare Earths and Minerals Sands Project in the emerging critical minerals province of northwest Victoria. Goschen is a strategic rare earths deposit (neodymium, praseodymium, terbium, and dysprosium), as well as a significant zircon and titania resource. The Victorian Government approved the Goschen Project Environment Effects Statement (EES) in December 2024 and the Mining License was approved in April 2025. Current pre-construction milestones include, secondary approvals, financing, and awarding major contracts. VHM has commenced funding, offtake and strategic partner discussions.

The Goschen DFS, completed March 2023 was updated in February 2025 based on a staged development strategy commencing at an initial mine production rate of 1.5Mtpa, with planned expansion to 5Mtpa. The initial phase is expected to generate operational cash flow to largely fund the expansion. Ore will be mined over a 22-year mine life using conventional truck and shovel open pit mining methods employed in a dry strip mining operation, with progressive mining, tailings deposition and rehabilitation. Ore will be processed on-site via a processing plant where a Wet Concentrator plant will upgrade the ore through a series of spirals to produce a heavy mineral concentrate (HMC). The HMC will undergo further processing through a flotation circuit to separate the HMC into the two products; a rare earth mineral concentrate (REMC) and a zircon-titania HMC. VHM has entered a partnership for mining services and has selected contractors for process plant delivery and infrastructure.