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Highlights

• VHM Limited receives Letter of Interest from EXIM Bank for up to US$200 million in project financing for Goschen Rare Earths Project
• The potential funding represents a strategic move by the US to strengthen critical minerals supply chains and reduce Chinese market dominance
• Goschen Project is a fully permitted Tier 1 integrated asset with light and heavy rare earths, positioned to deliver strategic mineral solutions

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Australia’s rare earths pipeline just received a strategic boost. VHM Limited (opens in a new tab) (ASX: VHM) announced that the Export-Import Bank of the United States (EXIM) has issued a Letter of Interest (LOI) signaling potential project financing support of up to US$200 million (≈A$304 million) for its Goschen Rare Earths and Mineral Sands Project (opens in a new tab) in Victoria.

The EXIM LOI—non-binding but highly symbolic—marks one of the strongest indications yet that Washington intends to use its Supply Chain Resiliency Initiative (SCRI) (opens in a new tab) and China and Transformational Exports Program (opens in a new tab) to shore up critical mineral supply chains aligned with U.S. strategic interests. If finalized, it would carry a 12-year repayment term and support both capital expansion and long-term offtake into U.S. markets.

A New Chapter for U.S.–Australia Critical Minerals Cooperation

Through the Single Point of Entry framework, VHM is coordinating with both Export Finance Australia (opens in a new tab) (EFA) and EXIM Bank, creating a joint financing channel for eligible critical mineral projects. CEO Andrew King called the LOI “a strong endorsement of Goschen’s strategic importance to global supply chains,” adding that the move reinforces VHM’s ambition to become “a globally significant solution to critical mineral supply chain issues.”

The Goschen Project—already fully permitted with its mining license (April 2025) and EPBC approval (September 2025)—is positioned as a Tier 1 integrated asset containing both light (Nd, Pr) and heavy (Dy, Tb) rare earths alongside zircon and titanium co-products.

Investor Lens: Fundamentals and Technicals

VHM’s share price (ASX: VHM) has traded in a narrow range since Q2 2025, reflecting broader sentiment toward pre-revenue rare earth developers awaiting financing clarity. The EXIM LOI introduces a de-risking event that could re-rate the stock if converted into a binding agreement. Yet investors should note the caveat: this remains non-binding, contingent upon due diligence and political alignment within EXIM’s funding programs.

Fundamentally, Goschen’s dual revenue streams—rare earths and heavy mineral concentrates—provide some insulation against market volatility. Technically, any breakout above its mid-year resistance level could signal renewed institutional confidence if financing terms are formalized.

Critical Questions

• Will the EXIM financing convert to a formal commitment amid U.S. election-year volatility?
• How will VHM balance U.S. strategic alignment with Australia’s evolving critical minerals export policies?
• Can Goschen’s logistics and processing capacity scale fast enough to deliver competitive NdPr output before 2028?

If realized, this deal would mark a milestone for U.S.-Australia cooperation in countering Chinese dominance of the rare earth value chain—a quiet but potent pivot in global critical minerals geopolitics.

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