VHM: AGM Chairman's Address and Presentation
Original announcement by asx on
- Company
- VHM Limited
- Ticker
- VHM
- Exchange
- ASX
- Region
- Victoria
- Primary commodity
- Rare earths
- Secondary commodities
- Total heavy mineral, Zircon, Titania
- Document categories
- Resource update, Capital raise, Permitting
- Extracted
- 2026-10-19 00:11:10 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
VHM Limited announced significant progress for its Goschen Project during its 2026 Annual General Meeting, including securing all key project approvals and a strategic partnership with Iluka Resources for a binding rare earth concentrate offtake and A$40 million funding. The company also progressed a non-binding heavy mineral concentrate offtake with Mitsui and updated its Mineral Resource and Ore Reserves, reaffirming strong project economics. These achievements de-risk the project and advance it towards a Final Investment Decision and production.
Reasoning: VHM Limited has achieved significant milestones in project approvals, financing, and commercial agreements for its Goschen Project, substantially de-risking its pathway to production and validating its strategic importance in the critical minerals sector, despite a currently subdued share price.
Positive factors
- All key project approvals secured, de-risking the project significantly.
- Binding rare earth concentrate offtake agreement with Iluka Resources provides market certainty.
- A$40 million funding package from Iluka Resources strengthens project financing.
- Updated Definitive Feasibility Study (DFS) reaffirms strong project economics (NPV A$807M, IRR 33%, 3-year payback).
- Progress on debt and export credit agency engagement (US$200M from Export Import Bank of the United States, A$75M from Export Finance Australia).
- Updated Mineral Resource and Ore Reserves enhance understanding and support mine planning.
- Strategic positioning to contribute to Australia's critical minerals supply chain.
Negative factors
- Company acknowledges a subdued share price despite project advancements.
- Non-binding nature of the heavy mineral concentrate offtake term sheet with Mitsui & Co. Ltd.
- Reliance on government involvement for funding surety.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 35
Extracted facts
Stored fact records: 35. Some facts used in scoring do not have a stored record.
Resource Estimates (35)
measuredGoschen Project · total heavy mineralTonnes: 25000000Grade: 3.6Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:9575139e663ebc94a1e2
- Deposit or zone
- Area 1
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 25000000
- Grade
- 3.6
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Measured resource for Area 1 contributes to the overall project confidence and is part of the updated estimate.
Positive factors
- Measured category indicates high geological confidence.
- Part of an updated resource estimate.
Evidence · table
“3.6”
Context: 25
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedGoschen Project · total heavy mineralTonnes: 69000000Grade: 2.5Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:cf40d45b6a167c213f32
- Deposit or zone
- Area 1
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 69000000
- Grade
- 2.5
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Indicated resource for Area 1 contributes to the overall project confidence and is part of the updated estimate.
Positive factors
- Indicated category provides reasonable geological confidence.
- Part of an updated resource estimate.
Evidence · table
“2.5”
Context: 69
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedGoschen Project · total heavy mineralTonnes: 94000000Grade: 2.8Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:b66c3e2849024fd019fe
- Deposit or zone
- Area 1
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 94000000
- Grade
- 2.8
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Combined Measured and Indicated resource for Area 1 contributes to the overall project confidence and is part of the updated estimate.
Positive factors
- Combined Measured and Indicated resource for Area 1 provides a solid base.
- Part of an updated resource estimate.
Evidence · table
“2.8”
Context: 94
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedGoschen Project · total heavy mineralTonnes: 200000000Grade: 3.4Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:a3426976236ee9051547
- Deposit or zone
- Area 3
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 200000000
- Grade
- 3.4
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Indicated resource for Area 3 contributes significantly to the project's overall resource base and is part of the updated estimate.
Positive factors
- Large Indicated resource for Area 3 adds significant tonnage.
- Part of an updated resource estimate.
Evidence · table
“3.4”
Context: 200
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 290000000Grade: 2.3Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:e813a2096fadd43f0949
- Deposit or zone
- Area 3
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 290000000
- Grade
- 2.3
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Inferred resource for Area 3 adds to the project's potential, though with lower confidence, and is part of the updated estimate.
Positive factors
- Large Inferred resource for Area 3 indicates significant exploration potential.
- Part of an updated resource estimate.
Evidence · table
“2.3”
Context: 290
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 490000000Grade: 2.8Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:1f6b148a736d8acfb304
- Deposit or zone
- Area 3
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 490000000
- Grade
- 2.8
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Combined resource for Area 3 adds significant tonnage to the project, with a substantial inferred component, and is part of the updated estimate.
Positive factors
- Combined Indicated and Inferred resource for Area 3 provides substantial tonnage.
- Part of an updated resource estimate.
Evidence · table
“2.8”
Context: 490
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedGoschen Project · total heavy mineralTonnes: 76000000Grade: 3.2Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:6bff8010f6c6a5f8e326
- Deposit or zone
- Area 2
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 76000000
- Grade
- 3.2
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % TVHM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Indicated resource for Area 2 contributes to the overall project confidence and is part of the updated estimate.
Positive factors
- Indicated resource for Area 2 adds to the project's confidence.
- Part of an updated resource estimate.
Evidence · table
“3.2”
Context: 76
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 6000000Grade: 3.1Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:ca667602cd4745594c03
- Deposit or zone
- Area 2
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 6000000
- Grade
- 3.1
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % TVHM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Inferred resource for Area 2 contributes to the project's potential, though with lower confidence, and is part of the updated estimate.
Positive factors
- Inferred resource for Area 2 adds to the project's potential.
- Part of an updated resource estimate.
Evidence · table
“3.1”
Context: 6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 81000000Grade: 3.2Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:5db21ef9fdef31ffbd87
- Deposit or zone
- Area 2
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 81000000
- Grade
- 3.2
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % TVHM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Combined resource for Area 2 contributes to the project's overall resource base, with a significant inferred component, and is part of the updated estimate.
Positive factors
- Combined resource for Area 2 adds to the project's overall resource base.
- Part of an updated resource estimate.
Evidence · table
“3.2”
Context: 81
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedGoschen Project · total heavy mineralTonnes: 18000000Grade: 4.6Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:56243b53f7fb9bbe64e0
- Deposit or zone
- Area 4
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 18000000
- Grade
- 4.6
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % TVHM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Indicated resource for Area 4 contributes to the overall project confidence and is part of the updated estimate.
Positive factors
- Indicated resource for Area 4 adds to the project's confidence.
- Part of an updated resource estimate.
Evidence · table
“4.6”
Context: 18
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedGoschen Project · total heavy mineralTonnes: 18000000Grade: 4.6Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:56243b53f7fb9bbe64e0
- Deposit or zone
- Area 4
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 18000000
- Grade
- 4.6
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % TVHM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Total Indicated resource for Area 4 contributes to the overall project confidence and is part of the updated estimate.
Positive factors
- Total Indicated resource for Area 4 adds to the project's confidence.
- Part of an updated resource estimate.
Evidence · table
“4.6”
Context: 18
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 190000000Grade: 3.1Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:939919515ef1cd7ae73a
- Deposit or zone
- Cannie
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 190000000
- Grade
- 3.1
- Grade Unit
- %
- Cutoff Grade
- 1.75
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Inferred resource for Cannie contributes significantly to the project's potential, though with lower confidence, and is part of the updated estimate.
Positive factors
- Large Inferred resource for Cannie adds significant potential tonnage.
- Part of an updated resource estimate.
Evidence · table
“3.1”
Context: 190
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 190000000Grade: 3.1Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:939919515ef1cd7ae73a
- Deposit or zone
- Cannie
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 190000000
- Grade
- 3.1
- Grade Unit
- %
- Cutoff Grade
- 1.75
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Total Inferred resource for Cannie contributes significantly to the project's potential, though with lower confidence, and is part of the updated estimate.
Positive factors
- Total Inferred resource for Cannie adds significant potential tonnage.
- Part of an updated resource estimate.
Evidence · table
“3.1”
Context: 190
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 16000000Grade: 3.8Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:7061591e461281a997d5
- Deposit or zone
- Nowie
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 16000000
- Grade
- 3.8
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % TVHM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Inferred resource for Nowie contributes to the project's potential, though with lower confidence, and is part of the updated estimate.
Positive factors
- Inferred resource for Nowie adds to the project's potential.
- Part of an updated resource estimate.
Evidence · table
“3.8”
Context: 16
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 16000000Grade: 3.8Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:7061591e461281a997d5
- Deposit or zone
- Nowie
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 16000000
- Grade
- 3.8
- Grade Unit
- %
- Cutoff Grade
- 1
- Cutoff Unit
- % TVHM
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Total Inferred resource for Nowie contributes to the project's potential, though with lower confidence, and is part of the updated estimate.
Positive factors
- Total Inferred resource for Nowie adds to the project's potential.
- Part of an updated resource estimate.
Evidence · table
“3.8”
Context: 16
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredGoschen Project · total heavy mineralTonnes: 25000000Grade: 3.6Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:c2046a198521fd1f761d
- Deposit or zone
- Grand Total
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 25000000
- Grade
- 3.6
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Measured resource in the Grand Total provides high confidence and is part of the updated estimate.
Positive factors
- Measured resource in the Grand Total contributes to overall project confidence.
- Part of an updated resource estimate.
Evidence · table
“3.6”
Context: 25
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedGoschen Project · total heavy mineralTonnes: 360000000Grade: 3.3Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:2a6ffaa5271f3407ca2e
- Deposit or zone
- Grand Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 360000000
- Grade
- 3.3
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Indicated resource in the Grand Total provides reasonable confidence and is part of the updated estimate.
Positive factors
- Large Indicated resource in the Grand Total adds significant confidence and tonnage.
- Part of an updated resource estimate.
Evidence · table
“3.3”
Context: 360
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 500000000Grade: 2.7Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:50fb8ffa0b21d1762530
- Deposit or zone
- Grand Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 500000000
- Grade
- 2.7
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Inferred resource in the Grand Total provides significant potential, though with lower confidence, and is part of the updated estimate.
Positive factors
- Very large Inferred resource in the Grand Total indicates substantial long-term potential.
- Part of an updated resource estimate.
Evidence · table
“2.7”
Context: 500
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total heavy mineralTonnes: 890000000Grade: 2.9Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:6bd463298bc4679b979f
- Deposit or zone
- Grand Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 890000000
- Grade
- 2.9
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The grand total resource of 890 Mt THM indicates a very large-scale project, contributing significantly to its overall value and is part of the updated estimate.
Positive factors
- Total resource of 890 Mt THM provides a very large scale project.
- Part of an updated resource estimate.
Evidence · table
“2.9”
Context: 890
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredGoschen Project · total rare earth oxides plus yttrium oxideTonnes: 890000000Grade: 0.071Grade Unit: %Contained Metal: 630000Contained Unit: tView all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total rare earth oxides plus yttrium oxide
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:6bd463298bc4679b979f
- Deposit or zone
- Grand Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 890000000
- Grade
- 0.071
- Grade Unit
- %
- Contained Metal
- 630000
- Contained Unit
- t
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The contained TREO + Y2O3 in the grand total resource highlights the project's critical minerals potential and is part of the updated estimate.
Positive factors
- Significant contained TREO + Y2O3 tonnage (630 kt) for the project.
- Part of an updated resource estimate.
Evidence · table
“0.071”
Context: 890,000,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenGoschen Project · total heavy mineralTonnes: 16000000Grade: 4.1Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:8e43f61fa4ab548bea77
- Deposit or zone
- Area 1
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 16000000
- Grade
- 4.1
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Proven reserve for Area 1 provides high confidence for mine planning and is part of the updated estimate.
Positive factors
- Proven reserve category indicates high confidence in economic extractability.
- Part of an updated reserve estimate.
Evidence · table
“4.1”
Context: 16
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableGoschen Project · total heavy mineralTonnes: 31000000Grade: 2.9Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:5059a10f1133486de1a4
- Deposit or zone
- Area 1
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 31000000
- Grade
- 2.9
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Probable reserve for Area 1 provides reasonable confidence for mine planning and is part of the updated estimate.
Positive factors
- Probable reserve category indicates reasonable confidence in economic extractability.
- Part of an updated reserve estimate.
Evidence · table
“2.9”
Context: 31
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableGoschen Project · total heavy mineralTonnes: 160000000Grade: 3.5Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:cae3a472bbfd8a76b06e
- Deposit or zone
- Area 3
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 160000000
- Grade
- 3.5
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Probable reserve for Area 3 contributes significantly to the project's economic viability and is part of the updated estimate.
Positive factors
- Large Probable reserve for Area 3 adds significant economic tonnage.
- Part of an updated reserve estimate.
Evidence · table
“3.5”
Context: 160
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableGoschen Project · total heavy mineralTonnes: 12000000Grade: 5.6Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:70b65fa537cf0609a67f
- Deposit or zone
- Area 4
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 12000000
- Grade
- 5.6
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Probable reserve for Area 4 contributes to the project's economic viability and is part of the updated estimate.
Positive factors
- Probable reserve for Area 4 adds to the project's economic tonnage.
- Part of an updated reserve estimate.
Evidence · table
“5.6”
Context: 12
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenGoschen Project · total heavy mineralTonnes: 16000000Grade: 4.1Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:db60befb2b3226be18fd
- Deposit or zone
- Total Proven
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 16000000
- Grade
- 4.1
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Total Proven reserve provides high confidence for economic extraction and is part of the updated estimate.
Positive factors
- Total Proven reserve provides high confidence for economic extraction.
- Part of an updated reserve estimate.
Evidence · table
“4.1”
Context: 16
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableGoschen Project · total heavy mineralTonnes: 200000000Grade: 3.5Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:11d997c72254eb69c397
- Deposit or zone
- Total Probable
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 200000000
- Grade
- 3.5
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Total Probable reserve provides significant economic tonnage and is part of the updated estimate.
Positive factors
- Large Total Probable reserve adds significant economic tonnage.
- Part of an updated reserve estimate.
Evidence · table
“3.5”
Context: 200
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableGoschen Project · total heavy mineralTonnes: 220000000Grade: 3.6Grade Unit: %View all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- total heavy mineral
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:ac5898ce3e6d00fb67ed
- Deposit or zone
- Grand Total
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 220000000
- Grade
- 3.6
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-09-21
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The grand total ore reserve of 220 Mt THM indicates a robust and economically viable project, contributing significantly to its overall value and is part of the updated estimate.
Positive factors
- Grand Total Ore Reserve of 220 Mt THM provides a robust economic foundation for the project.
- Part of an updated reserve estimate.
Evidence · table
“3.6”
Context: 220
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 28Goschen ProjectView all detailsHide details
Identity
- Project
- Goschen Project
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:c419929c024ed0176e9d
- Mining method
- underground
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The A$40 million funding from Iluka Resources is a key financial milestone, providing capital for project development and validating the project's value.
Positive factors
- Significant funding secured from a strategic partner.
- Supports project development and de-risks financing.
Evidence · text
“a cornerstone A$40 million funding package to support project development.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 29Goschen Project · rare_earthsView all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- rare_earths
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:c419929c024ed0176e9d
- Mining method
- underground
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The binding rare earth offtake agreement with Iluka Resources is a highly material development, securing market access and validating the project's commercial viability for its primary product.
Positive factors
- Binding offtake agreement provides market certainty for 100% of rare earth concentrate.
- Long-term agreement (18 years) ensures stable revenue stream.
- Strategic partnership with Iluka Resources strengthens Australia's critical minerals supply chain.
Evidence · text
“a long-term binding rare earth concentrate offtake agreement”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 30Goschen Project · heavy mineral concentrateView all detailsHide details
Identity
- Project
- Goschen Project
- Commodity
- heavy mineral concentrate
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:c419929c024ed0176e9d
- Mining method
- underground
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The non-binding offtake term sheet with Mitsui provides a market for a substantial portion of the heavy mineral concentrate, adding a secondary revenue stream, though its non-binding nature introduces some risk.
Positive factors
- Secures market for a significant portion (50%) of heavy mineral concentrate.
- Potential for increased volumes and trade finance facility.
Negative factors
- Agreement is non-binding, introducing some uncertainty.
Evidence · text
“secured a nonbinding offtake from Mitsui for the Project’s Heavy Minerals Concentrate.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 31Goschen ProjectView all detailsHide details
Identity
- Project
- Goschen Project
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:c419929c024ed0176e9d
- Mining method
- underground
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Securing the EPBC Act approval is a critical de-risking milestone, allowing the project to advance towards construction.
Positive factors
- Key environmental approval secured, removing a major regulatory hurdle.
- Indicates project compliance with federal environmental standards.
Evidence · text
“Commonwealth Environment Protection and Biodiversity Conservation Act approval”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 32Goschen ProjectView all detailsHide details
Identity
- Project
- Goschen Project
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:c419929c024ed0176e9d
- Mining method
- underground
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Approval of the Cultural Heritage Management Plan is an important step for social license and project progression.
Positive factors
- Approval of Cultural Heritage Management Plan ensures social license to operate.
- Addresses important stakeholder concerns.
Evidence · text
“approval of the Cultural Heritage Management Plan”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 33Goschen ProjectView all detailsHide details
Identity
- Project
- Goschen Project
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:c419929c024ed0176e9d
- Mining method
- underground
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Approval of the Goschen Work Plan is a key operational milestone, enabling the start of mining activities.
Positive factors
- Approval of the Work Plan allows for commencement of mining activities.
- Indicates operational readiness.
Evidence · text
“Goschen Work Plan”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 34Goschen ProjectView all detailsHide details
Identity
- Project
- Goschen Project
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:c419929c024ed0176e9d
- Mining method
- underground
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Receiving the Planning Scheme Amendment means all site and infrastructure approvals are in place, significantly de-risking the project's construction phase.
Positive factors
- Final major site approval secured, enabling construction.
- Removes significant regulatory uncertainty.
Evidence · text
“received the Planning Scheme Amendment”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 35Goschen ProjectView all detailsHide details
Identity
- Project
- Goschen Project
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- VHM
Resource scope
- Reporting standards
- jorc
- Resource group id
- resource:c419929c024ed0176e9d
- Mining method
- underground
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The updated DFS demonstrates compelling economics for the Goschen Project, with a high NPV, strong IRR, and rapid payback, supporting its investment case.
Positive factors
- Strong NPV and IRR indicate robust project economics.
- Short payback period (3 years) enhances financial attractiveness.
- Updated DFS reaffirms project viability and provides confidence for investors.
Evidence · table
“A$807 million”
Context: NPV8
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.