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ABN 58 601 004 102 I Suite 1, Level 11, 330 Collins St, Melbourne VIC 3000 I www.vhmltd.com.au ASX Release 19 October 2026 2026 Annual General Meeting Chair Address and Presentation VHM Limited (ASX: VHM) (the “Company”) advises in accordance with ASX Listing Rule 3.13.3, a copy of the address by Chair, Ian Smith and slides to be presented at today’s Annual General Meeting are attached. ENDS This announcement has been approved by the VHM Limited Board of Directors. For Further Information Contact: Andrew King Chief Executive Officer E: investor@vhmltd.com.au Ben McCormick Chief Financial Officer E: investor@vhmltd.com.au About VHM Limited (ASX: VHM) https://www.vhmltd.com.au
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2 ABN 58 601 004 102 I Suite1, Level 11, 330 Collins St, Melbourne VIC 3000 I www.vhmltd.com.au Chair’s Address Dear Shareholders, On behalf of the Board of VHM Limited, I am pleased to present the Company’s 2026 Annual Report. Before I brief you on the many and varied accomplishments the team has achieved and delivered during the year I would like to address the matter I know is front of mind for many shareholders - our share price. Despite VHM’s position at the forefront of critical minerals developments in Australia, our share price has remained subdued. We have a fully approved project in a low sovereign risk location close to infrastructure with a technology that is proven. The deposit is close to surface in material that requires no blasting, is easily extracted and leaves no tailings or surface expression at the end of mine life. The costs of recovery are at the low end of the cost curve. We now have offtake agreements for our critical minerals and a substantial proportion of our heavy minerals. The refreshed and updated DFS displays a very healthy NPV, IRR and payback period. The missing element is surety on pricing and/or access to funds in an industry that has historically relied on government involvement to act as an assurance point against the presence of an extremely dominant existing supplier. Ongoing discussions with government authorities are progressing positively and while these processes necessarily require sufficient time for proper due diligence to be completed, the Board remains confident in the direction of these discussions. This is frustrating to our shareholders, executive and board members. Please be assured that we are pursuing a positive outcome with gusto. VHM wants to be an integral part of Australia being able to demonstrate a full supply profile for critical minerals from mining to market delivery. The demand for our products is expected to continue to grow. We intend to be a fundamental part of the supply change for minerals that will support the 21 st century and beyond. Turning to the accomplishments of 2026 - through the completion of key approvals, advancement of financing initiatives and the strategic partnership with Iluka Resources we have materially de-risked the Goschen Project’s pathway towards a Final Investment Decision and construction. As noted above, Goschen is strategically positioned to contribute to Australia’s sovereign rare earth industry and broader critical minerals strategy, while creating long-term value for shareholders. One of the most significant milestones in the Company’s progress was achieved shortly after year end through the announcement of a strategic partnership with Iluka Resources. This landmark transaction included a long-term binding rare earth concentrate offtake agreement and a cornerstone A$40 million funding package to support project development.
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3 ABN 58 601 004 102 I Suite1, Level 11, 330 Collins St, Melbourne VIC 3000 I www.vhmltd.com.au The partnership establishes an integrated Australian rare earths supply chain, linking Goschen with Iluka’s Eneabba Rare Earths Refinery and delivering a powerful endorsement of the Project’s strategic value and long-term potential. The Eneabba Refinery will be Australia’s first producer of rare earth oxides and the partnership positions VHM and the Goschen Project as key contributors to the Australian Critical Minerals Strategy and to the Future Made in Australia federal industrial policy initiative. The Board believes the Iluka partnership materially enhances project certainty, supports financing initiatives, validates the quality of Goschen’s rare earth products and significantly strengthens the Company’s pathway towards financing and development. Most importantly, it positions VHM to participate in building a sovereign Australian critical minerals industry at a time when secure supply chains have become a global priority. The Company delivered significant progress across project approvals, financing, stakeholder engagement and development readiness activities, further de-risking the Goschen Project and strengthening the pathway towards development. Key progress included: 1. Securing the remaining key project approvals, including Commonwealth Environment Protection and Biodiversity Conservation Act approval, together with approval of the Cultural Heritage Management Plan and Goschen Work Plan. Subsequent to year end, the Company also received the Planning Scheme Amendment, meaning the Goschen Project now holds all site and supporting infrastructure approvals required to commence construction and mining. 2. Completing work to update the Mineral Resource and Ore Reserves and define the Projects significant exploration target. All of which further enhances the company’s understanding of the Goschen reserve and supports ongoing mine planning and project optimisation. 3. Successfully running a competitive process to secure offtake of the Projects rare earth concentrate with Iluka and secured a nonbinding offtake from Mitsui for the Project’s Heavy Minerals Concentrate. 4. Progression of debt and export credit agency engagement including the securing a level of endorsement of the Project with letters of interest from the Export Import Bank of the United States of up to US$200m and Export Finance Australia of up to A$75m. The strategic value of the Project was further demonstrated with the $40m of funding support that came with the agreement with Iluka. 5. Board endorsement of the plan to develop the Goschen Project to its licenced processing capacity of 5mtpa rather that a staged approach and thereby enhancing strategic relevance and operating leverage for the Project and aligning further with Government and customer supply chain strategy. These activities have materially improved the Project’s level of readiness and continue to build confidence in the development pathway. Global market conditions continue to reinforce the strategic importance of new rare earth supply particularly for projects like Goschen with a strong component of heavy rare earths (Dysprosium, Terbium and Yttrium). Ongoing export controls on certain rare earth elements,
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4 ABN 58 601 004 102 I Suite1, Level 11, 330 Collins St, Melbourne VIC 3000 I www.vhmltd.com.au together with increasing government support for critical minerals supply chains in Australia, the United States and other allied jurisdictions, have highlighted the need for diversified and secure sources of supply. Goschen is well positioned within this environment. The Project’s combination of rare earths and mineral sands provides exposure to multiple commodity markets while supporting industries that are critical to clean energy, defence, robotics, advanced manufacturing and broader industrial applications. VHM remains committed to responsible development and maintaining a strong social licence to operate. Throughout the year, the Company continued engagement with Traditional Owners, local communities, regional stakeholders and government agencies as we progressed development planning for the Goschen Project. The VHM Board recently visited Kerang and Swan Hill for a comprehensive project review and on-site Board meeting. The visit provided an important opportunity for the Board to spend time in the region, meet with our local Kerang-based team, inspect the project site, and hear directly from community stakeholders about local priorities, perspectives and aspirations. Over dinner with the VHM Board and local stakeholders, I shared this reflection: “The strongest rural communities across Australia often display a balance of farming, mining and tourism as three pillars of long-term success. Western Victoria’s farming communities are incredibly important, and we recognise that mining introduces change. However, for broader regional prosperity, a balanced and diversified local economy is important.” I believe that long-term project success is closely linked to meaningful engagement, local participation and the delivery of lasting economic benefits to the Loddon Mallee region. With the Goschen Project now fully permitted and supported by strategic industry partnerships, VHM enters the next phase of development with momentum. Looking ahead, VHM’s priorities are clear. The Company remains focused on securing project financing, completing remaining execution-readiness activities and progressing towards a Final Investment Decision. Achievement of these milestones are expected to position VHM as we transition from project developer to producer which will unlock the next stage of value creation for shareholders. The Board is confident that the work completed over the past year has established a strong foundation for the Company’s future. Goschen represents a significant opportunity for Australia to expand its contribution to global critical minerals supply chains while creating long-term value for shareholders. On behalf of the Board, I would like to thank our shareholders for their continued support, our employees and contractors for their dedication, and our government, community and industry partners for their ongoing engagement. We look forward to updating shareholders as we continue to advance the Goschen Project towards production
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Acknowledgement of Country VHM acknowledges the Australian Aboriginal and Torres Strait Islander peoples as the first inhabitants of the nation and the traditional custodians of the lands where we live, learn and work. We pay our respects to past, present and emerging Elders. ASX:VHM VHM Limited 2026 Annual General Meeting 19 October 2026
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VHM Limited Board Mr Runge has over 40 years operational and project experience including industrial minerals where he managed the development of the Uley Graphite Project in South Australia. He has previously held management positions for Newcrest Mining Limited, including Manager for Ridgeway Underground Project Development and General Manager of Cracow Gold Mine. He has also managed a team of expats advising Philix Mining Corporation on development of their Silangan Au/Cu Project. 9 years involvement with VHM. DON RUNGE Non-Executive Director BEng Mining, MAusIMM IAN SMITH Non-Executive Chairman BEng Mining (Honours), BFinAdmin, FAusIMM, FIEAust Mr Smith is a highly experienced executive and board member with a career spanning over 40 years in domestic and international mining and mining services companies. Mr Smith’s technical, operational and commercial disciplines have been attributes of his successful delivery of major capital projects and business growth for a number of listed companies including Orica Limited, Rio Tinto and Newcrest Limited. 3 years involvement with VHM. MAREE ARNASON Non-Executive Director BA, FAICD Ms Arnason is a highly experienced director and has over 35 years’ experience across the resources, energy and manufacturing sectors. Her broad commodity experience includes iron ore, gold, copper, timber, coal, nickel, mineral sands, and natural gas in exploration to full production environments. Ms Arnason also has a significant record of board service in the not-for-profit sector and serves on the Australian Institute of Company Directors (AICD) Board as a WA Division Director and is a member of their National Nominations and Governance Committee. 3 years involvement with VHM. Other ASX Directorships: ▪ NED of Ardea Resources Limited RON DOUGLAS Non-Executive Director BE, FAIM, FAusIMM, MAICD Mr Douglas has extensive executive and operations delivery experience gained over a 45 year career with publicly listed global mining, energy, and manufacturing companies. Mr Douglas expertise is in executive operations delivery positions with strengths in major capital program execution, and running corporate profit/loss centres, involving strategic program directorship, safety leadership and corporate transaction negotiation. 3 years involvement with VHM. COLIN MOORHEAD Non-Executive Director BSc (Honours) Geology & Geophysics, FAusIMM CP , FSEG, GAICD Other ASX Directorships: ▪ NED of Ramelius Resources Limited ▪ NED of Aeris Resources Limited ▪ NED of Mineral Resources Limited Mr Moorhead is an accomplished industry executive with a career spanning over 40 years in the global mining industry, with his foundation expertise in Geology. Mr Moorhead has a demonstrated track record of developing value in mining companies through innovation, discovery, project development, and safe, efficient operations. 2 years involvement with VHM. Other ASX Directorships: ▪ NED of Southern Cross Gold Consolidated Ltd Other ASX Directorships: ▪ NED of Parkway Corporate Ltd
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Agenda 3 Chair’s Address CEO Presentation Questions and Voting Procedure Formal Business General Questions 1 2 3 4 5
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Chair’s Address 4 Ian Smith Non-Executive Chair
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CEO Presentation 5 Andrew King Chief Executive Officer
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6 Disclaimer and forward-looking statements Important Information This presentation has been prepared by VHM Limited ACN 601 004 102 (Company). It contains general background information only which is current at the date of this presentation unless otherwise specified. It is not intended to be an investor presentation. It contains selected summary information only and does not purport to be all-inclusive or to contain all the information that may be relevant to a prospective investor or stakeholder. The Company, its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). No representation or warranty is made as to the Presentation’s accuracy or completeness. Recipients must satisfy themselves as to the accuracy of all such information. The presentation has been prepared based on information available at the time of preparation and is subject to change without notice. In receiving this presentation, each recipient agrees to the terms and conditions stated in this slide, including any modification to them. This presentation does not constitute investment or financial product advice. it is not intended to be used as the basis for making an investment decision, nor is it intended to constitute legal, tax, accounting or other advice. Any references to or explanations of legislation, regulatory issues, benefits or other legal commentary (if any) are indicative only, do not summarise all relevant issues and are not intended to be a full explanation of a particular matter. The information has been obtained from and based on sources believed by the Company to be reliable. Past performance is not an indication of future performance. This presentation may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate (Forward Statements). Forward Statements can generally be identified by the use of forward-looking words such as "anticipate" , "estimates" , "will" , "should" , "could" , "may" , "expects" , "plans" , "forecast" , "target" or similar expressions. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. To the extent that certain statements contained in this presentation may constitute 'Forward Statements' or statements about forward-looking matters, then the information reflects the Company's (and no other party's) intent, belief or expectations as at the date of this presentation. No independent third party has reviewed the reasonableness of any such statements or assumptions. None of the Company, its related bodies corporate and its officers, directors, employees, advisers, partners, affiliates and agents (together, the VHM Parties) represent or warrant that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, the Company assumes no obligation to release updates or revisions to Forward. Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond VHM Limited’s control that could cause actual results, performance or achievements of VHM Limited to be materially different from future results, performance, or achievements expressed or implied bysuch forward looking statements. Statements to reflect any changes. Recipients should form their own views as to these matters and any assumptions on which any of the Forward Statements are based and not place reliance on such statements. Forward looking statements are based on numerous assumptions regarding VHM Limited’s present and future business strategies and the environment in which VHM Limited will operate in the future. Among the important factors that could cause VHM Limited actual results, performance or achievements to differ materially from those in the forward- looking statements in this Presentation (without limitation) a significant change in VHM’s performance (financial or otherwise) or operating environment, a material change to law or regulation (including changes to the regulatory policy or interpretation), and risks and uncertainties associated with the ongoing impacts of the COVID-19 pandemic, the conflict between Russia and Ukraine, and the Australian and global economic environment and capital market conditions. These forward-looking statements speak only as at the date of this Presentation. Save as required by applicable law or regulation the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements in this Presentation may not occur. No party other than the Company has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statement, representation or undertaking in this presentation and there is no statement in this presentation that is based on any statement by any other party. No person, either as a director, partner of or in the employment of the Company has any authority to make, imply, or give any representation or warranty whatsoever in relation to the information contained in this presentation. None of the VHM Parties take any responsibility for any information in this presentation or any action taken by you on the basis of such information. To the maximum extent permitted by law, the VHM Parties: • exclude and disclaim all liability, including (without limitation) any liability or negligence, for any expenses, losses, damages or costs incurred either as a result of the information in this presentation being inaccurate or incomplete in any way for any reason, or otherwise arising in connection with this presentation; and • make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation. Compliance Statement The information in this presentation that et announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified.
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7 Company update
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8 Delivering on our commitments What we said we would do 2025/2026 What we delivered Finalise approvals ✓ Approvals and Permits to commence build and operate on site and supporting infra all secured Secure offtake ✓ Iluka Resources offtake 100% Rare Earths Concentrate (REC) Mitsui & Co. Ltd. 50% of Heavy Mineral Concentrate (HMC) Update DFS ✓ Published refreshed DFS reaffirming strong project economics Secure project funding ✓ Cornerstone $40m from Iluka Resources Strong engagement with Export Credit partners and commercial financiers Prepare for construction and production ✓ Full tender and contractor review Drill program with analysis ongoing Continue to build community engagement and trust ✓ Community newsletter x 4 Community information sessions x 2 Local sponsorships and resourcing First formal Community Reference Group Looking back at the year
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9 All substantive approvals obtained Notes: (1) See Company ASX release dated 20 April 2023. (2) See Company ASX release dated 1 May 2023. (3) See Company ASX release dated 10 December 2024. (4) See Company ASX release dated 20 February 2025. (5) See Company ASX release dated 11 April 2025. (6) See Company ASX release dated 19 September 2025. (7) See Company ASX release dated 30 October 2025 (8) See Company ASX release dated 28 November 2025. (9) See Company ASX release dated 4 September 2026. Key approval Status Approval date MOU with Gannawarra Shire Council1 ✓ March 2023 MOU with Swan Hill Rural City Council2 ✓ May 2023 Victorian Minister for Planning approved public exhibition ✓ November 2023 Public hearing ✓ March – April 2024 Environment Effects Statement (EES)3 ✓ December 2024 Major Project Status4 ✓ February 2025 Mining Licence5 ✓ April 2025 Environmental Protection and Biodiversity (EPBC) Act 1999 Approval6 ✓ September 2025 Cultural Heritage Management Plan7 ✓ October 2025 Work Plan8 ✓ November 2025 Planning Scheme Amendment9 ✓ September 2026 With all major approvals received, this enables VHM to progress towards project FID
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10 Rare Earths & Heavy Mineral Concentrate Offtake Long-term offtake secured ▪ Iluka to purchase 100% of Goschen’s REC, providing offtake certainty for approximately 18 years Significant production commitment ▪ Approximately 145,620 tonnes of REC over the life of the project, equivalent to around 4,900 tonnes per annum of contained rare earth oxides Strengthens Australia’s critical minerals supply chain ▪ Establishes a long-term pathway for Goschen’s rare earths to enter an Australian-based downstream supply chain, supporting Australia’s ambition to develop sovereign critical minerals capability and reduce reliance on overseas supply Strategic partnership and funding ▪ Iluka’s commitment provides an important commercial foundation for the project, including a A$40 million convertible note funding package, ROFR supporting future expansion Supply chain resilience ▪ Creates a secure, long-term source of Australian rare earths for global markets and supports the development of more diversified and resilient critical minerals supply chains Strategic long-term offtake with Iluka Resources1 11 Building long-term commercial partnerships to support Goschen’s development Major offtake pathway ▪ Detailed non-binding term sheet with Mitsui, one of Japan’s leading global trading and investment organisations, for 50% of Goschen’s HMC production, up to 65,000 tonnes per annum Defined commercial framework ▪ Proposed three year initial term, with an option for a further three years, and market-linked pricing based on zircon and titanium dioxide prices Progressing towards binding agreement ▪ Builds on the previously announced LOI with Mitsui, progressing towards a binding offtake agreement Potential funding support ▪ Subject to due diligence, Mitsui negotiations include a possible trade finance facility, supporting VHM’s working capital requirements Potential to increase coverage ▪ VHM continues discussions with Mitsui regarding increased volumes, with the objective of securing commitments for up to 100% of Goschen’s HMC production Non-binding offtake term sheet with Mitsui & Co. Ltd.2 Notes: (1) See company ASX release dated 2 July 2026. (2) See company ASX release dated 12 October 2026.
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11 Goschen project delivers compelling economics1 5Mtpa, 3 year payback with extensive expansion upside ✓ 5Mtpa plant throughput with strong project economics and cash flow ✓ Dual revenue stream with competitive unit opex of US$7/kg REO (net of HMC credit) ✓ Rare earth contains balanced mix of both light (Nd-Pr) and heavy (Tb and Dy) ✓ Pathway to extend mining licence beyond 20 years ✓ The current project plan utilises less than 50% of ore reserves and less than 12% of mineral resources Project returns (pre-tax, pre-corporate) NPV8 A$807 million IRR 33% Payback from commencement of production 3 years Capital and funding Project execution capital A$283 million Total funding required A$482 million Operational metrics (life-of-mine annual average) Mine throughput 5 Mtpa Initial mine life 18 years Rare earth mineral concentrate 8,300 tpa NdPr (in concentrate) 990 t pa DyTb (in concentrate) 115 t pa Zircon / Titania Heavy Mineral Concentrate 131,000 tpa Financial metrics (life-of-mine annual average) Revenue A$326 million Operating cost A$171 million Royalties A$8 million EBITDA before corporate costs A$146 million REO full basket value (real 2026) US$58 / kg REO Unit operating cost net of HMC credit (real 2026) US$7 / kg REO (1) See company ASX release dated 21 September 2026.
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12 Preparing for construction and production Road, rail and port access with secure water and energy infrastructure located near Swan Hill, Kerang and Ultima Robinvale Railway Line Gannawarra Solar Farm Piangil Railway Line 66kV Transmission Line 220kV Transmission Line Swan Hill Solar Farm Murray River QUAMBATOOK LALBERT KANGAROO LAKE KERANG LAKE BOGAULTIMA SWAN HILL Victoria New South Wales Legend Transmission Lines 220kV 66kV Solar farm Railway Water pipeline VHM RL6806 Tenement boundary Mining License Main roads Towns / localities VIC / NSW Border VHM RL6806 tenement Goschen project Established road access to the Ultima intermodal facility Direct rail link from Ultima to the Port of Melbourne Secure water supply from Kangaroo Lake via a 38 km pipeline Transmission infrastructure in close proximity for grid connection Nearby solar farms enabling future renewable integration Strategically positioned near the regional centers of Swan Hill and Kerang, providing a readily available workforce and existing social infrastructure
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13 Community A transparent, community-first approach: partnering with landowners, councils and First Nations ▪ An active presence in the region ▪ engaging regularly with landowners, councils, government agencies ▪ First Nations groups and community stakeholders to build and retain social licence throughout all project stages ▪ A Goschen Community Reference Group will be established to support transparent dialogue, provide a structured channel for community input and strengthen long-term relationships ▪ VHM is working with the Wamba Wemba (Registered Aboriginal Party) and local Barapa Barapa representatives, ensuring cultural considerations, consultation and partnership remain central to project development ▪ A community benefits program is being developed alongside the Neighbour Agreement program for landowners adjacent to the Project to acknowledge amenity impacts Local engagement
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14Source: Adamas Intelligence, “Rare Earth Magnet Market Outlook to 2040”, Q4 2025 Rare earths are the cornerstone for transition to clean energy & efficiency, robotics and advanced technologies Reminder of why rare earths are important Rare earth demand more than triple to ~432kt by 2040, with commercial EVs growing 15.9% and passenger EVs 7.9% a year. Permanent magnets account for ~95% of the value of rare earth consumption, and the fastest-growing applications – robotics, air mobility and defence – need dysprosium and terbium. Governments are funding new Western supply chains, but it is short of feed. Goschen rare earth supply to Eneabba forms part of Australian Critical Minerals Strategy 127 204 288 389 134 204 302 432 2025 2030 2035 2040 Forecast global rare earth supply & demand (kt) Supply Demand Supply deficit of ~43kt in 2040 25% 22% 15% 10% 8% 7% 5% 4% 4% Forecast 2035 rare earth demand by end use EVs Other automotive Consumer goods Robotics Other Other e-mobility Wind turbines Industrial applications Advanced air mobility
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15 ▪ Full spectrum of magnet critical rare earths with significant light (Nd, Pr) and heavy (Dy, Tb, Y) rare earths ▪ Dy and Tb are the most supply-constrained segment of the rare earths market ▪ Mineral sands co-products boost profitability and provide a hedge against potential volatility in REE pricing Diversified assemblage supplying the western world Heavy rare earths (Dy, Tb, Y) contribute a significant (39%) to the basket value of Goschen Goschen REO assemblage1 Goschen REO basket value2 Other REE (Rare Earth Element) Pr Praseodymium Nd Neodymium La Lanthanum Ce Cerium Tb Terbium Dy Dysprosium Sm Samarium Eu Europium Gd Gadolinium Ho Holmium Er Erbium Tm Thulium Yb Ytterbium Lu Lutetium Y Yttrium Magnet Rare Earth Element Notes: (1) Goschen Rare Earth Mineral Concentrate has an average REO grade of 58.9%. (2) Calculated from Goschen REO assemblage and Adamas Q2-2026 forecast REO prices in CY2030. La & Ce 55.9% Nd-Pr 20.3% Tb 0.4% Dy 2.0% Y 13.2% Other REE 8.3% La & Ce 3.7% Nd-Pr 46.8% Tb 13.5% Dy 18.9% Y 6.9% Other REE 10.1% Part of a supply chain to the western world 1 Goschen, Victoria: about 8,300 tonnes a year of rare earth concentrate, rail to Melbourne and shipped to Western Australia 2 Eneabba, WA: Iluka’s refinery, Australia’s first fully integrated rare earths refinery backed by Australian Government finance 3 Allied markets: separated rare earths can be sold to the US, Europe, Japan and Korea for magnets in electric vehicles, wind turbines, robotics, consumer electronics and advanced defence applications
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16 Next steps Continuing to progress the Goschen Project • Secure Project Financing • Final Investment Decision • Commence Construction • Develop the Regional Workforce • To prepare for construction and production • Continue Building Community Partnerships • Define extension and expansion opportunities in Mining Licence, Retention Licence and Exploration Tenements
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17 Goschen project highlights Well-positioned Tier 1 rare earths and minerals sands project with globally significant mineral assemblage Dual revenue streams & future development upside: Producing rare earths mineral concentrate and heavy mineral concentrate (HMC), the project’s initial 20-year mine life utilises less than 50% of ore reserves and 12% of mineral resources1 Compelling rare earths mineral assemblage: Orebody contains both heavy (Dysprosium, Terbium, Yttrium) and light (Neodymium, Praseodymium) rare earths2 Mined and processed in Australia: Key to the Australian Critical Minerals Strategy and the Future Made in Australia for critical minerals of the future5 Offtake and funding support: Iluka Resources 100% rare earths offtake and A$40m funding executed; Non Binding HMC offtake term sheet with Mitsui ; Letters of Support from Export Credit Agencies4 Low-cost operating model: Utilises simple, proven operating methods that deliver industry-leading unit costs per kilogram of annual REO production, net of mineral sands credits6 Fully permitted and 100% land ownership: A clear pathway to funding, FID, construction and production3
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18 Appendix A | JORC Tables
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19 Company Mineral Resources 890 Mt mineral resource estimate Note: All values reported to 2 significant figures. Any discrepancies in totals are a function of rounding. (1) Mineral resources reported at a cut-off grade of 1.0% THM. (2) Mineral resources reported at a cut-off grade of 1.75% THM. (3) Mineral resources reported at a cut-off grade of 1.0% TVHM (THM * VHM). (4) Mineral assemblage, via QEMScan Particle Analysis, is reported as a percentage of in situ THM content. (5) In-Situ TREO Grade is calculated by THM Grade (2.95%) multiplied by TREO Grade (2.43%). (6) Combined mineral resource at a cut-off grade of 1% THM for Area1 and Area 3 and 1% TVHM for Nowie, Area 2 and Area 4. Area Mineral Resource Category Material (Mt) In Situ THM (Mt) Bulk Density (gcm3) Total Heavy Mineral (THM) (%) Slimes (%) Oversize material >2mm (%) THM Assemblage(4) Rare Earth Oxides Zircon (%) Rutile (%) Leucoxen e (%) Ilmenite (%) Monazite (%) Xenotime (%) La2O3 (%) CeO2 (%) Pr6O11 (%) Nd2O3 (%) Sm2O3 (%) Eu2O3 (%) Gd2O3 (%) Tb4O7 (%) Dy2O3 (%) Er2O3 (%) Tm2O3 (%) Yb2O3 (%) Y2O3 (%) TREO + Y2O3 (%) Area 1 Measured 25 0.90 1.7 3.6 17 2.1 28 13 10 27 4.1 0.81 0.45 0.95 0.11 0.40 0.070 0.004 0.060 0.006 0.068 0.048 0.008 0.041 0.46 2.7 Indicated 69 1.7 1.7 2.5 18 2.4 26 11 9.6 26 4.4 0.82 0.50 1.03 0.12 0.44 0.079 0.004 0.059 0.008 0.067 0.046 0.007 0.038 0.45 2.9 Total(1) 94 2.6 1.7 2.8 17 2.3 27 12 9.9 26 4.3 0.82 0.48 1.01 0.12 0.43 0.076 0.004 0.059 0.008 0.068 0.047 0.007 0.039 0.46 2.8 Area 3 Indicated 200 6.9 1.7 3.4 19 3.1 19 9.0 8.0 25 3.2 0.59 0.36 0.78 0.09 0.33 0.060 0.003 0.050 0.010 0.050 0.040 0.010 0.038 0.37 2.2 Inferred 290 6.7 1.7 2.3 18 3.3 17 8.7 7.5 23 2.9 0.53 0.35 0.76 0.08 0.31 0.060 0.003 0.050 0.010 0.050 0.030 0.010 0.034 0.36 2.1 Total(1) 490 14 1.7 2.8 18 3.2 18 8.9 7.7 24 3.0 0.56 0.36 0.77 0.09 0.32 0.060 0.003 0.050 0.010 0.050 0.030 0.010 0.035 0.36 2.1 Area 2 Indicated 76 2.4 1.7 3.2 21 6.5 21 13 9.5 23 3.4 0.67 0.41 0.88 0.10 0.37 0.069 0.003 0.060 0.010 0.062 0.042 0.007 0.046 0.42 2.5 Inferred 6 0.2 1.7 3.1 21 7.9 19 10 7.6 22 3.6 0.60 0.45 0.95 0.11 0.39 0.074 0.003 0.063 0.010 0.061 0.040 0.006 0.044 0.40 2.6 Total(3) 81 2.6 1.7 3.2 21 6.6 20 12 9.4 23 3.4 0.66 0.41 0.88 0.102 0.37 0.069 0.003 0.061 0.010 0.062 0.042 0.007 0.046 0.42 2.5 Area 4 Indicated 18 0.8 1.7 4.6 20 5.0 19 11 10 24 3.0 1.00 0.32 0.67 0.075 0.28 0.051 0.002 0.047 0.008 0.050 0.035 0.006 0.037 0.33 1.9 Total(3) 18 0.8 1.7 4.6 20 5.0 19 11 10 24 3.0 1.00 0.32 0.67 0.075 0.28 0.051 0.002 0.047 0.008 0.050 0.035 0.006 0.037 0.33 1.9 Cannie Inferred 190 5.9 1.7 3.1 19 5.9 24 15 24 2 4.1 0.85 0.49 1.06 0.12 0.45 0.082 0.004 0.072 0.012 0.075 0.051 0.008 0.053 0.49 3.0 Total(2) 190 5.9 1.7 3.1 19 5.9 24 15 24 2 4.1 0.85 0.49 1.06 0.12 0.45 0.082 0.004 0.072 0.012 0.075 0.051 0.008 0.053 0.49 3.0 Nowie Inferred 16 0.63 1.7 3.8 19 5.4 16 16 24 5 2.1 0.53 0.28 0.61 0.070 0.26 0.050 0.003 0.040 0.010 0.050 0.040 0.010 0.040 0.33 1.8 Total(3) 16 0.63 1.7 3.8 19 5.4 16 16 24 5 2.1 0.53 0.28 0.61 0.070 0.26 0.050 0.003 0.040 0.010 0.050 0.040 0.010 0.040 0.33 1.8 Grand Total Measured 25 0.90 1.7 3.6 17 2.1 28 13 10 27 4.1 0.81 0.45 0.95 0.108 0.40 0.070 0.004 0.060 0.006 0.068 0.048 0.008 0.041 0.46 2.7 Indicated 360 12 1.7 3.3 19 3.8 20 10 8.7 25 3.4 0.67 0.39 0.83 0.096 0.35 0.064 0.003 0.053 0.010 0.055 0.041 0.009 0.040 0.39 2.3 Inferred 500 13 1.7 2.7 18 4.4 20 12 16 13 3.4 0.67 0.41 0.89 0.099 0.37 0.069 0.003 0.059 0.011 0.061 0.040 0.009 0.043 0.42 2.5 TOTAL(6) 890 26 1.7 2.9 19 4.1 21 11 12 19 3.4 0.67 0.40 0.86 0.098 0.36 0.067 0.003 0.057 0.010 0.059 0.041 0.009 0.041 0.41 2.4 Material (t) In-Situ TREO + Y2O3 Grade(5) (%) In-Situ TREO + Y2O3 (t) Area 1, Area 2, Area 3, Area 4, Cannie, Nowie 890,000,000 0.071 630,000
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20 Company Ore Reserves1 220Mt Ore Reserve Note: (1) All values are reported to 2 significant figures. Any discrepancies in totals are due to rounding. (2) THM Assemblage and Rare Earth Oxides are reported as a percentage of in-situ THM content. Area Classification Rare Earth Oxides(2) CeO2 % Dy2O3 % Er2O3 % Eu2O3 % Gd2O3 % La2O3 % Nd2O3 % Pr6O11 % Sm2O3 % Tb4O7 % Tm2O3 % Y2O3 % Yb2O3 % TREO % Area 1 Proven 0.88 0.065 0.047 0.003 0.055 0.42 0.38 0.10 0.064 0.004 0.007 0.46 0.036 2.1 Area 1 Probable 1.0 0.070 0.048 0.003 0.064 0.52 0.46 0.12 0.081 0.008 0.007 0.48 0.033 2.5 Area 3 Probable 0.81 0.057 0.039 0.003 0.056 0.38 0.34 0.093 0.064 0.009 0.006 0.39 0.040 2.3 Area 4 Probable 0.66 0.049 0.035 0.002 0.046 0.31 0.28 0.073 0.050 0.008 0.006 0.34 0.037 1.9 Total Proven 0.88 0.065 0.047 0.003 0.055 0.42 0.38 0.100 0.064 0.004 0.007 0.46 0.036 2.1 Probable 0.82 0.058 0.039 0.003 0.056 0.39 0.35 0.094 0.065 0.009 0.006 0.39 0.039 2.3 Grand Total 0.83 0.059 0.040 0.003 0.056 0.39 0.35 0.095 0.065 0.008 0.006 0.40 0.039 2.3 Area Classification Ore (Mt) THM (Mt) THM (%) Zircon (%) Rutile (%) Leucoxene (%) Ilmenite (%) Monazite (%) Xenotime (%) Area 1 Proven 16 0.7 4.1 28 13 11 27 4.0 0.8 Area 1 Probable 31 0.9 2.9 28 12 9.2 26 4.6 0.8 Area 3 Probable 160 5.6 3.5 20 9.4 8.1 26 3.4 0.6 Area 4 Probable 12 0.6 5.6 20 12 10 25 3.0 0.7 Total Proven 16 0.7 4.1 28 13 11 27 4.0 0.8 Probable 200 7.1 3.5 21 10 8.5 26 3.5 0.7 Grand Total 220 7.8 3.6 22 10 8.6 26 3.5 0.7
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