Supply Risks in Guinea Spotlight VBX’s Low-Silica Bauxite Advantage

Strategic Team Strengthening

VBX Limited has bolstered its Definitive Feasibility Study (DFS) and approvals team with several key appointments during the September quarter. Notably, Lloyd Dolman joined as General Manager – Development, bringing extensive experience in study, operations, and maintenance. The company also engaged Dr Paul Vogel AM as a Strategic Advisor to navigate environmental approvals and stakeholder engagement, while Ausenco Services Pty Ltd was appointed as DFS Manager following a competitive tender. These moves reflect VBX's commitment to advancing the Wuudagu Bauxite Project with a robust and experienced leadership team.

Extensive Drilling Programs Completed

VBX completed a comprehensive drilling campaign comprising 623 holes totaling 5,871 meters across the Wuudagu and East Kalumburu project areas. This included exploration drilling on multiple plateaus and infill drilling aimed at increasing resource confidence within the existing 96 million tonne Indicated and Inferred Resource. Early assay results from East Kalumburu A have revealed promising low-silica, ferruginous bauxite mineralisation, supporting further investigation. The hydrogeological drilling program, with 21 holes and 1,280 meters completed, will underpin environmental studies and support the Environmental Review Document (ERD) lodgement.

Market Dynamics and Product Positioning

The bauxite market remains favourable, driven by record Chinese imports which reached 157 million tonnes in the first nine months of 2025. Chinese reliance on Guinean bauxite has increased to 75%, heightening supply risk amid Guinea's ongoing challenges. VBX's Wuudagu bauxite offers a competitive edge as a low-silica Australian source, with an average alumina content of 45.4% and silica at 3.6%, closely matching the premium Guinean product. Independent market experts anticipate Wuudagu bauxite will command a price premium over other Australian bauxites, which typically have higher silica content and discounted pricing.

Financial Position and Outlook

As of 30 September 2025, VBX reported a healthy cash balance of $6.3 million and no debt, with exploration expenditures aligning with prospectus forecasts. The company did not undertake any mining production during the quarter, focusing instead on advancing preparatory work including metallurgical testing, process optimisation, and finalising environmental documentation. With 52% of Wuudagu's target areas still undrilled and additional prospects at the Takapinga project in the Northern Territory, VBX is well-positioned for growth and resource expansion.

Community and Environmental Commitment

VBX continues to emphasise a socially and environmentally responsible approach, working closely with the Wunambal Gaambera traditional owners and local stakeholders. The company aspires to create a lasting positive impact on the community and region beyond its operational lifespan, aligning with broader sustainability and governance expectations in the mining sector.