Name of the Project
Goschen rare earths and mineral sands project.

Location
Loddon Mallee region, Victoria, Australia.

Project Owner/s
Rare earths and mineral sands company VHM Limited.

Project Description
The Goschen project is an integrated rare earths and mineral sands project.

It is being advanced at a permitted processing capacity of five-million tonnes a year, replacing the previously proposed staged development approach that would have started at 1.5-million tonnes a year.

The project is expected to generate revenue from two product streams comprising rare earths and heavy mineral concentrates (HMCs), including zircon and titanium dioxide. Its rare earth assemblage includes light rare-earths neodymium and praseodymium, as well as heavy rare-earths dysprosium and terbium.

Mining is planned as a shallow-pit truck-and-shovel operation using a conventional processing flowsheet.

Potential Job Creation
Not stated.

Capital Expenditure
VHM plans to undertake a full refresh of the capital cost estimate to reflect current market conditions and the definitive project implementation. This is expected to be completed by June 2026.

Planned Start/End Date
A final investment decision is planned for mid-2026.

Latest Developments
VHM has signed a nonbinding term sheet with Japanese trading and investment company Mitsui for the acquisition up to 65 000 t/y of HMC, consequently securing 50% of planned production.

The partners have proposed an initial offtake term of three years with the option to extend for a further three years.

The term sheet builds on a previously received nonbinding letter of interest, but with clearly defined commercial terms.

Mitsui and VHM are now progressing a binding offtake agreement, with pricing to be determined by an agreed market-linked formula referencing prevailing zircon and titanium dioxide prices on a free-on-board Australian port basis.

Mitsui may consider offering a trade finance facility to VHM with respect to the offtake agreement.

VHM has also committed 100% of Goschen's future rare earths concentrate to an offtake agreement with Illuka resources.

VHM is targeting first commercial production towards the latter part of 2026.

Key Contracts, Suppliers and Consultants
None disclosed.

Contact Details for Project Information
VHM Limited, email investor@vhmltd.com.au.