# VHM: AGM Chairman's Address and Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153968 Publisher: asx Original announcement: 2026-10-18T23:51:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T00:11:09.958Z Atlas analysis updated: 2026-10-19T00:11:09.958Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: All key project approvals secured, de-risking the project significantly. - Positive factor: Binding rare earth concentrate offtake agreement with Iluka Resources provides market certainty. - Positive factor: A$40 million funding package from Iluka Resources strengthens project financing. - Positive factor: Updated Definitive Feasibility Study \(DFS\) reaffirms strong project economics \(NPV A$807M, IRR 33%, 3-year payback\). - Positive factor: Progress on debt and export credit agency engagement \(US$200M from Export Import Bank of the United States, A$75M from Export Finance Australia\). - Positive factor: Updated Mineral Resource and Ore Reserves enhance understanding and support mine planning. - Positive factor: Strategic positioning to contribute to Australia's critical minerals supply chain. - Negative factor: Company acknowledges a subdued share price despite project advancements. - Negative factor: Non-binding nature of the heavy mineral concentrate offtake term sheet with Mitsui & Co. Ltd. - Negative factor: Reliance on government involvement for funding surety. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 35 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 35. Some facts used in scoring do not have a stored record. ## Resource Estimates (35) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-0) Goschen Project · total heavy mineral #### 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 factor: Measured category indicates high geological confidence. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.6 Context: 25 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-1) Goschen Project · total heavy mineral #### 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 factor: Indicated category provides reasonable geological confidence. - Positive factor: Part of an updated resource estimate. Evidence · table > 2.5 Context: 69 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-2) Goschen Project · total heavy mineral #### 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 factor: Combined Measured and Indicated resource for Area 1 provides a solid base. - Positive factor: Part of an updated resource estimate. Evidence · table > 2.8 Context: 94 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-3) Goschen Project · total heavy mineral #### 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 factor: Large Indicated resource for Area 3 adds significant tonnage. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.4 Context: 200 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-4) Goschen Project · total heavy mineral #### 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 factor: Large Inferred resource for Area 3 indicates significant exploration potential. - Positive factor: Part of an updated resource estimate. Evidence · table > 2.3 Context: 290 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-5) Goschen Project · total heavy mineral #### 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 factor: Combined Indicated and Inferred resource for Area 3 provides substantial tonnage. - Positive factor: Part of an updated resource estimate. Evidence · table > 2.8 Context: 490 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-6) Goschen Project · total heavy mineral #### 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 factor: Indicated resource for Area 2 adds to the project's confidence. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.2 Context: 76 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-7) Goschen Project · total heavy mineral #### 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 factor: Inferred resource for Area 2 adds to the project's potential. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.1 Context: 6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-8) Goschen Project · total heavy mineral #### 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 factor: Combined resource for Area 2 adds to the project's overall resource base. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.2 Context: 81 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-9) Goschen Project · total heavy mineral #### 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 factor: Indicated resource for Area 4 adds to the project's confidence. - Positive factor: Part of an updated resource estimate. Evidence · table > 4.6 Context: 18 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-10) Goschen Project · total heavy mineral #### 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 factor: Total Indicated resource for Area 4 adds to the project's confidence. - Positive factor: Part of an updated resource estimate. Evidence · table > 4.6 Context: 18 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-11) Goschen Project · total heavy mineral #### 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 factor: Large Inferred resource for Cannie adds significant potential tonnage. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.1 Context: 190 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-12) Goschen Project · total heavy mineral #### 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 factor: Total Inferred resource for Cannie adds significant potential tonnage. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.1 Context: 190 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-13) Goschen Project · total heavy mineral #### 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 factor: Inferred resource for Nowie adds to the project's potential. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.8 Context: 16 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-14) Goschen Project · total heavy mineral #### 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 factor: Total Inferred resource for Nowie adds to the project's potential. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.8 Context: 16 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-15) Goschen Project · total heavy mineral #### 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 factor: Measured resource in the Grand Total contributes to overall project confidence. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.6 Context: 25 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-16) Goschen Project · total heavy mineral #### 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 factor: Large Indicated resource in the Grand Total adds significant confidence and tonnage. - Positive factor: Part of an updated resource estimate. Evidence · table > 3.3 Context: 360 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-17) Goschen Project · total heavy mineral #### 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 factor: Very large Inferred resource in the Grand Total indicates substantial long-term potential. - Positive factor: Part of an updated resource estimate. Evidence · table > 2.7 Context: 500 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-18) Goschen Project · total heavy mineral #### 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 factor: Total resource of 890 Mt THM provides a very large scale project. - Positive factor: Part of an updated resource estimate. Evidence · table > 2.9 Context: 890 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-19) Goschen Project · total rare earth oxides plus yttrium oxide #### 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 factor: Significant contained TREO + Y2O3 tonnage \(630 kt\) for the project. - Positive factor: Part of an updated resource estimate. Evidence · table > 0.071 Context: 890,000,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **DFS-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-20) Goschen Project · total heavy mineral #### 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 factor: Proven reserve category indicates high confidence in economic extractability. - Positive factor: Part of an updated reserve estimate. Evidence · table > 4.1 Context: 16 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-21) Goschen Project · total heavy mineral #### 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 factor: Probable reserve category indicates reasonable confidence in economic extractability. - Positive factor: Part of an updated reserve estimate. Evidence · table > 2.9 Context: 31 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-22) Goschen Project · total heavy mineral #### 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 factor: Large Probable reserve for Area 3 adds significant economic tonnage. - Positive factor: Part of an updated reserve estimate. Evidence · table > 3.5 Context: 160 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-23) Goschen Project · total heavy mineral #### 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 factor: Probable reserve for Area 4 adds to the project's economic tonnage. - Positive factor: Part of an updated reserve estimate. Evidence · table > 5.6 Context: 12 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-24) Goschen Project · total heavy mineral #### 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 factor: Total Proven reserve provides high confidence for economic extraction. - Positive factor: Part of an updated reserve estimate. Evidence · table > 4.1 Context: 16 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-25) Goschen Project · total heavy mineral #### 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 factor: Large Total Probable reserve adds significant economic tonnage. - Positive factor: Part of an updated reserve estimate. Evidence · table > 3.5 Context: 200 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-26) Goschen Project · total heavy mineral #### 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 factor: Grand Total Ore Reserve of 220 Mt THM provides a robust economic foundation for the project. - Positive factor: Part of an updated reserve estimate. Evidence · table > 3.6 Context: 220 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 28 [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-27) Goschen Project #### 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 factor: Significant funding secured from a strategic partner. - Positive factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 29 [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-28) Goschen Project · rare\_earths #### 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 factor: Binding offtake agreement provides market certainty for 100% of rare earth concentrate. - Positive factor: Long-term agreement \(18 years\) ensures stable revenue stream. - Positive factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 30 [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-29) Goschen Project · heavy mineral concentrate #### 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 factor: Secures market for a significant portion \(50%\) of heavy mineral concentrate. - Positive factor: Potential for increased volumes and trade finance facility. - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 31 [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-30) Goschen Project #### 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 factor: Key environmental approval secured, removing a major regulatory hurdle. - Positive factor: Indicates project compliance with federal environmental standards. Evidence · text > Commonwealth Environment Protection and Biodiversity Conservation Act approval #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 32 [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-31) Goschen Project #### 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 factor: Approval of Cultural Heritage Management Plan ensures social license to operate. - Positive factor: Addresses important stakeholder concerns. Evidence · text > approval of the Cultural Heritage Management Plan #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 33 [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-32) Goschen Project #### 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 factor: Approval of the Work Plan allows for commencement of mining activities. - Positive factor: Indicates operational readiness. Evidence · text > Goschen Work Plan #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 34 [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-33) Goschen Project #### 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 factor: Final major site approval secured, enabling construction. - Positive factor: Removes significant regulatory uncertainty. Evidence · text > received the Planning Scheme Amendment #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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 35 [Link to this fact](https://atlas-staging.minestarters.com/news/vhm-agm-chairman-s-address-and-presentation--f17fbf27-6b0d-444d-9171-a3c76a26f716#fact-resource-facts-34) Goschen Project #### 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 factor: Strong NPV and IRR indicate robust project economics. - Positive factor: Short payback period \(3 years\) enhances financial attractiveness. - Positive factor: Updated DFS reaffirms project viability and provides confidence for investors. Evidence · table > A$807 million Context: NPV8 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: 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.