VHM
- Company typePublic
- Founded2023
- HeadquartersMelbourne, Australia
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
VHM firmographics
Firmographics- Name
- VHM
- Legal name
- VHM Limited
- Website
- https://vhmltd.com.au
- Company type
- Public
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Where VHM is headquartered
LocationHeadquarters
- HQ city
- Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
VHM business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Infrastructure, Technology or R&D, Supply Chain, Personnel, Marketing or Sales
Revenue model
- Rare Earth Mineral Concentrate (REMC): VHM produces rare earth mineral concentrate containing neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb) from its Goschen project. Approximately 87% of the rare earth value comes from these four high-demand oxides. Product also available as mixed rare earth carbonate (MREC) through downstream hydromet processing.
- Heavy Mineral Concentrate (HMC) - Zircon and Titanium Minerals: VHM produces zircon-titania heavy mineral concentrate comprising high-grade zircon, rutile, leucoxene and ilmenite. Mineral sands products are sold to ceramics, foundry, refractory, pigments, aerospace and green technology industries.
- Offtake Agreements: VHM sells its REMC and HMC products through binding offtake agreements with major processors and manufacturers. The terminated Shenghe agreement covered 6,400 tpa of REMC and 100,000 tpa of HMC (approximately 60% of forecast Phase 1 production). The new Iluka agreement covers 146,000t of rare earth concentrate over 18 years.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels7 records
VHM product offering
Product offeringCore offering
VHM develops and will produce rare earth mineral concentrate (REMC) containing neodymium, praseodymium, dysprosium and terbium, and heavy mineral concentrate (HMC) containing zircon, rutile, leucoxene and ilmenite, from the Goschen Project in north-west Victoria. Long-term offtake volumes include 146,000 tonnes of rare earth concentrate to Iluka Resources over 18 years, supplemented by mineral sands sales. Stage 1 plans deliver 4,300 tpa REMC and 69,000 tpa HMC at 1.5Mtpa throughput, scaling to 9,428 tpa REMC and 134,500 tpa HMC at full nameplate.
Product overview
VHM Limited is an Australian critical minerals mining company operating a multi-asset portfolio centred on its flagship Goschen Rare Earths and Mineral Sands Project in north-west Victoria. The company produces two product streams: Rare Earth Mineral Concentrate (REMC) containing high-value magnet rare earths (neodymium, praseodymium, dysprosium, and terbium), and Heavy Mineral Concentrate (HMC) comprising zircon, rutile, leucoxene, and ilmenite. These products are sold separately to customers in the rare earths and mineral sands markets respectively. VHM is developing additional resources through the Cannie and Nowie projects, which together with Goschen form a 55-kilometre critical minerals corridor. The staged development approach begins with a 1.5Mtpa throughput modular plant (Stage 1), expanding to 5Mtpa in a subsequent phase. The company has historically referenced plans for a downstream hydrometallurgical circuit to produce mixed rare earth carbonate (MREC), though the current production model focuses on concentrate products.
Differentiator
Problem solved
Functional benefit
Products and services
- Rare Earth Mineral Concentrate (REMC) Concentrate from the Goschen Project containing >58% total rare earth oxide, including neodymium, praseodymium, dysprosium, and terbium, sold to rare earth processors via long-term offtake (Iluka 146,000t over 18 years).
- Heavy Mineral Concentrate (HMC) Zircon-titania heavy mineral concentrate comprising high-grade zircon, rutile, leucoxene and ilmenite, sold to ceramics, foundry, refractory, pigments, aerospace and green technology industrial buyers.
- Goschen Project VHM's flagship rare earths and mineral sands mining project in north-west Victoria, producing rare earth mineral concentrate and zircon-titania heavy mineral concentrate, supported by a 199Mt Proved and Probable Ore Reserve and 413,107t of Total Rare Earth Oxide resource.
- Cannie Project High-grade critical minerals discovery 13.5km south of the Goschen Project, with a maiden Mineral Resource of 192Mt including more than 176,000 tonnes of Total Rare Earth Oxide plus Yttrium, forming part of a 55-kilometre critical minerals corridor.
- Nowie Project Critical minerals project located 22km north of the Goschen Project in northwestern Victoria, with a maiden Inferred Mineral Resource of 16.4Mt at 3.8% Total Heavy Mineral, hosting zircon, titanium minerals, and rare earth elements.
- Neodymium (Nd) and Praseodymium (Pr) Light rare earth elements from the Goschen Project; key inputs for permanent magnets used in electric vehicles, wind turbines, and consumer electronics. Approximately 87% of Goschen's rare earth value comes from Nd, Pr, Dy, and Tb combined.
- Dysprosium (Dy) and Terbium (Tb) Heavy rare earth elements from the Goschen Project that enable magnets to perform at high temperatures, critical for EV drivetrains and wind turbine generators.
- Zircon Mineral sand product used in ceramics (tiles and sanitaryware for strength and heat resistance) and foundry/refractories for high-temperature casting and moulds.
- Titanium Minerals (Rutile, Ilmenite, Leucoxene) Mineral sands used as feedstock for titanium dioxide (TiO2) pigment in paints, plastics, papers, and sunscreens; refined into titanium metal for aerospace and automotive; and applied in green technology applications including solar cells and environmental catalysts.
Quantifiable outcome
- Phase 1 DFS: Pre-tax NPV10 of ~A$1.5 billion, IRR of 44%, payback period of 2.8 years
- +4 more outcomes
Companies that use VHM
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles2 records
VHM technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
VHM partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core, minor and moderate.
- Iluka ResourcescoreIluka Resources (ASX:ILU) entered into a long-term agreement with VHM for the supply of 146,000 tonnes of rare earth concentrate containing 86,000 tonnes of rare earth oxides over 18 years from the Goschen deposit in western Victoria. To support VHM's development, Iluka will provide a $40-million secured convertible note in two tranches as part of VHM's construction funding package. Concentrate pricing is linked to Iluka's realized sale prices from its Eneabba refinery. The agreement includes a right of first refusal for Iluka over any additional rare earths from Goschen and VHM's Cannie and Nowie projects.
- Shenghe ResourcesminorVHM terminated its offtake agreement with China's Shenghe Resources under which Shenghe was to purchase 6,400 metric tons per year of rare earth mineral concentrate from the Goschen project for an initial three-year term (covering approximately 60% of Phase 1 production). The termination followed non-satisfaction of conditions precedent. VHM hired Macquarie Capital to lead discussions with a wider pool of potential offtake and project partners. Previously, VHM had secured up to US$200 million in funding from the US Export-Import Bank.
- Currumbin MineralsmoderateVHM entered into a MOU with Currumbin Minerals for HMC (Heavy Mineral Concentrate) supply, strengthening its market position and partnerships for mineral sands offtake.
- MitsuimoderateVHM entered into a MOU with Mitsui for HMC (Heavy Mineral Concentrate) supply, diversifying the customer base for its mineral sands products alongside the existing Iluka agreement.
- Gannawarra Shire CouncilmoderateVHM formalised a partnership with Gannawarra Shire Council through a Memorandum of Understanding focusing on job creation and workforce development, local infrastructure collaboration, economic opportunities and funding advocacy, and shared environmental and social outcomes.
- Swan Hill Shire CouncilmoderateVHM formalised a partnership with Swan Hill Shire Council through a Memorandum of Understanding focusing on job creation and workforce development, local infrastructure collaboration, economic opportunities and funding advocacy, and shared environmental and social outcomes.
- ICN (Industry Capability Network)minorVHM registered the Goschen Rare Earths and Mineral Sands Project on the ICN (Industry Capability Network) platform for supplier engagement and procurement. The registration allows suppliers to register their capabilities for potential contract opportunities on the project. Completion of registration does not guarantee contract award.
- Yellow Iron FleetcoreVHM entered into a six-month MoU with Yellow Iron Fleet for mining services at the Goschen project. The parties were expected to enter into a mining partnership agreement during the MoU period, covering a period equal to the life of mine of Area 1 (in excess of 7 years). Under the MoU, Yellow Iron Fleet would be responsible for establishment of all mine site operating facilities, procurement and maintenance of mining fleet, plant and equipment, and recruitment and management of all mining operators, technical staff and management.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
VHM competitors and assessment
Company assessmentDirect peers
- Iluka Resources: ASX-listed Australian mineral sands and rare earths producer operating the Eneabba refinery and rutile/zircon mines. Iluka is VHM's primary offtake partner for 146,000t of rare earth concentrate over 18 years and provides a A$40M convertible note, making it both a strategic customer and financial counterparty and the most direct comparable.
- Lynas Rare Earths: Australia's largest listed rare earths producer with the Mt Weld mine in Western Australia and Kalgoorlie processing facility. Lynas is the most established non-China rare earths producer and serves as the closest direct comparable for VHM's downstream rare earth strategy.
- Hastings Technology Metals: ASX-listed Australian rare earths developer with the Yangibana project in Western Australia targeting NdPr production. Hastings is at a similar development stage as VHM and offers direct comparison for Australian rare earth project economics, financing structures, and offtake dynamics.
- Arafura Resources: ASX-listed Australian rare earths developer with the Nolans project in the Northern Territory focused on NdPr oxide production. Arafura is another Australian rare earth developer at a similar stage with comparable customer base (downstream rare earth processors) and regulatory pathway.
- Tronox Holdings: NYSE-listed global integrated mineral sands producer (zircon, titanium feedstock) and TiO2 pigment manufacturer. Tronox is a relevant peer for VHM's mineral sands HMC revenue stream and downstream TiO2 market dynamics, providing comparable economics for the ~60% of Goschen operating cost coverage from HMC sales.
- Base Resources: ASX-listed mineral sands producer operating the Kwale mine in Kenya with zircon, rutile, and ilmenite production. Base Resources offers direct comparison for the mineral sands revenue stream and is comparable as a publicly listed pure-play mineral sands developer.
- Kenmare Resources: LSE/AIM-listed mineral sands producer operating the Moma mine in Mozambique, producing ilmenite, zircon, and rutile. Kenmare offers direct comparison for global mineral sands project economics and zircon/titanium price dynamics relevant to VHM's HMC product.
- Sheffield Resources: ASX-listed Australian mineral sands developer with the Thunderbird project in Western Australia. Sheffield offers comparison for Australian mineral sands development economics, offtake structures, and project financing similar to VHM's Goschen and Currumbin/Mitsui MOUs.
- Astron Corporation: ASX-listed Australian mineral sands developer with the Donald project in Victoria targeting Murray Basin-style deposits. Astron offers geographic and geological comparison for VHM, as both target Murray Basin mineral sands deposits in Australia and pursue similar zircon/titanium product strategies.
Broad incumbents
- Energy Fuels: NYSE-listed North American critical minerals producer that has entered rare earths processing via its White Mesa Mill alongside its core uranium business. Energy Fuels is a broader incumbent that benchmarks non-China rare earths processing capacity and Western supply chain integration strategies relevant to VHM.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
VHM social profiles
Digital presenceVHM compliance and trust
Trust signalCompliance1 record
VHM financial estimates
Financial estimateRevenue estimate
Valuation estimate
VHM leadership team
Management profileNumber of profiles
Profiles8 records
VHM funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
VHM M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about VHM
What does VHM do?
VHM develops and will produce rare earth mineral concentrate (REMC) containing neodymium, praseodymium, dysprosium and terbium, and heavy mineral concentrate (HMC) containing zircon, rutile, leucoxene and ilmenite, from the Goschen Project in north-west Victoria. Long-term offtake volumes include 146,000 tonnes of rare earth concentrate to Iluka Resources over 18 years, supplemented by mineral sands sales. Stage 1 plans deliver 4,300 tpa REMC and 69,000 tpa HMC at 1.5Mtpa throughput, scaling to 9,428 tpa REMC and 134,500 tpa HMC at full nameplate.
Is VHM a public or private company?
VHM is a public company. It is classified as public and is currently operating.
When was VHM founded?
VHM was founded in 2023. It employs 11 to 50 people.
Where is VHM based?
VHM is headquartered in Melbourne, Australia, in the Oceania region.
How does VHM make money?
Three revenue lines are on record. Rare Earth Mineral Concentrate (REMC) is the primary driver. The others are heavy Mineral Concentrate (HMC) - Zircon and Titanium Minerals and offtake Agreements.
Who are VHM's main competitors?
Direct peers on record are Iluka Resources, Lynas Rare Earths, Hastings Technology Metals, Arafura Resources, Tronox Holdings, Base Resources, Kenmare Resources, Sheffield Resources and Astron Corporation. Energy Fuels is listed as a broad incumbent.
Does VHM have an API?
No public API is recorded for VHM.