VHM Limited Accelerates Goschen Project with Key Ministerial Endorsement

Ministerial Endorsement Unlocks Development Momentum

VHM Limited (ASX: VHM), an Australian rare earths and mineral sands developer, announced a significant milestone with the receipt of ministerial endorsement for its Environmental Effects Statement (EES) for the Goschen Project in northwest Victoria. This endorsement from the Victorian Minister for Planning, Hon. Sonya Kilkenny, marks a critical regulatory approval that de-risks the project and enables VHM to accelerate its development plans toward a Final Investment Decision (FID).

The EES endorsement follows years of rigorous technical, environmental, and social studies, positioning the Goschen Project favorably for investment discussions and strategic partnerships. It signals government support aligned with Australia's broader Critical Minerals Strategy, underscoring the project's potential to contribute to the national supply of rare earth elements and mineral sands.

Progressing Toward Mining Licence and Production

With the EES endorsement secured, VHM has submitted its mining licence application to Resources Victoria, which is now under formal assessment. The company is concurrently advancing its Work Plan and other development licences necessary to underpin the FID. VHM targets commencing construction in late 2025, aiming for first production in the second half of 2026, contingent on timely approvals and financing.

The Goschen Project boasts a substantial mineral inventory, including an estimated 892 million tonnes of mineral resources and 210 million tonnes of ore reserves, featuring both light and heavy rare earth elements alongside zircon and titanium. Its shallow-pit mining approach and conventional processing methods further enhance its operational simplicity and economic viability.

Financial and Corporate Developments Support Growth

During the quarter, VHM drew down the first tranche of $1.5 million from a $5 million financing facility provided by Bulk Commodity Holdings LLC, reflecting confidence in the project's progression. The company ended the quarter with $4.5 million in cash, bolstered by a $1.59 million tax refund related to research and development activities.

To strengthen its capital strategy, VHM appointed Ben McCormick as Debt and Capital Advisor, signaling a proactive approach to securing the necessary funding for construction and production phases. Additionally, Cameron Knox joined as Chief Financial Officer, bringing extensive mining sector finance experience to support VHM's transition from explorer to developer.

Strategic Positioning in a Stable Jurisdiction

Located in northwest Victoria, the Goschen Project benefits from a stable political environment and ready access to infrastructure. The Victorian government's recent critical minerals roadmap further enhances the project's strategic importance, offering a supportive framework for critical mineral developments.

VHM's full ownership of the land required for the project footprint and adherence to rigorous environmental and social standards through the EES process demonstrate its commitment to sustainable development practices.

Looking Ahead

As VHM advances toward its FID, the company remains focused on securing mining licence approval and finalising financing arrangements. The next 12 months will be pivotal as early engineering works progress and construction preparations intensify, setting the stage for VHM to emerge as a significant Australian producer of rare earths and mineral sands.