VHM Limited announced the appointment of three new directors, Mr. Ian Smith, Mr. Ron Douglas, and Ms Maree Arnason to the Board of Directors. All three bring a strong history of resource project development and operational experience that will add crucial oversight capability as VHM enters the next stage of development for the Goschen Rare Earths and Minerals Sands Project ("Goschen Project"). The operational knowledge that the new directors bring to the table will be invaluable to guide the executive team through the build, commissioning and operation phases required to produce and sell rare earth mineral products from Goschen.

Mr. Ian Smith has an extensive background as a Managing Director of major resources companies and as a consultant to the industry. Mr. Smith brings highly relevant development and operational experience to the Board. While at Newcrest he oversaw a significant expansion of the business which drove a large increase in shareholder value.

Mr. Smith will commence as a Non-Executive Director of the Board immediately. Mr. Douglas' extensive experience in roles with both mining and engineering/construction companies has meaningfully added value through his project development experience and facilitations of successful corporate transactions. Mr. Douglas will commence as a Non- Executive Director of the Board immediately.

Ms Maree Arnason, FAICD is a highly regarded director and senior executive with 35 years' experience in natural resources, energy and manufacturing and has worked across commodities including iron ore, gold, copper, timber, coal, mineral sands and natural gas. Ms Arnason has expertise in the areas of governance, corporate affairs, risk and sustainability from exploration to full production environments and will commence as a Non-Executive Director of the Board immediately. Mr. Michael Allen and Mr. Gamini Colless have retired from the Board to make way for Mr. Douglas, Mr. Smith, and Ms Arnason.

Mr. Allen has ceased his role as an executive of the Company and has taken a redundancy. This restructure of the Board and Executive is consistent with the Company plan to position VHM with the requisite skills to construct and operate the Goschen Project. The VHM Board has now prioritised the appointment of a Managing Director or Chief Executive Officer with project development experience to assume responsibility from Mr. Graham Howard who will resign from the Managing Director role by 30 September 2023.

Following this appointment, Mr. Howard will continue to serve as a Non-Executive Director of VHM in which role he will continue to provide oversight of the critical approvals process that is approaching Public Exhibition stage. This transition will position the company in readiness for its next stage of project build and ongoing operations.