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VHM Limited
(Sydney:VHM)
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Rating:45Neutral
Price Target:
AU$0.23
▲(6.36% Upside)
Action:Reiterated
Date:09/29/26
The score is primarily held back by weak financial performance driven by negligible revenue, ongoing losses, and sustained cash burn, despite a relatively stronger balance sheet. Technical indicators are neutral with only mild near-term improvement, while valuation remains unfavorable due to negative earnings and no provided dividend yield.
Positive Factors
Balance Sheet Flexibility
Modest leverage and a substantial equity base provide VHM with financial flexibility while it advances Goschen. This reduces near-term balance-sheet pressure and may support continued project spending, although future funding needs could still change the capital structure materially.
Negative Factors
No Commercial Revenue
VHM remains pre-commercial, with revenue falling to zero in 2026 after only minimal prior amounts. This means the company has not yet demonstrated recurring operating demand or product monetisation, leaving future financial performance dependent on successful project development.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Flexibility
Modest leverage and a substantial equity base provide VHM with financial flexibility while it advances Goschen. This reduces near-term balance-sheet pressure and may support continued project spending, although future funding needs could still change the capital structure materially.
Read all positive factors
VHM Limited (VHM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$67.03M
Dividend YieldN/A
Average Volume (3M)269.21K
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue GrowthN/A
EPS Growth34.13%
CountryAU
Employees28
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.02
Shares Outstanding311,771,900
10 Day Avg. Volume216,836
30 Day Avg. Volume269,213
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)0.88
Price to Sales (P/S)0.00
P/FCF Ratio-11.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.03
Revenue Forecast (FY)AU$7.83M
VHM Limited Business Overview & Revenue Model
Company Description
VHM Limited, an Australian entity, focuses on discovering and cultivating mineral assets. Its principal venture is the Goschen rare earth and mineral sands project, encompassing 2,860 square kilometers within Victoria, Australia. The company also ...
How the Company Makes Money
VHM’s expected primary source of revenue is the sale of mineral products produced from its Goschen Project, if and when the project reaches commercial production. This would typically include (1) rare earths-related products (such as a rare earth ...
VHM Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
64
Positive
Cash Flow
18
Very Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 5.00K | 0.00 | 0.00 | 0.00 |
| Gross Profit | -410.00K | 5.00K | -437.00K | -169.00K | -125.75K |
| EBITDA | -5.10M | -5.17M | -5.72M | -13.18M | -6.59M |
| Net Income | -5.80M | -6.43M | -7.15M | -17.92M | -9.15M |
Balance Sheet | |||||
| Total Assets | 84.62M | 74.45M | 70.09M | 78.77M | 63.26M |
| Cash, Cash Equivalents and Short-Term Investments | 13.06M | 8.10M | 6.25M | 20.65M | 24.37M |
| Total Debt | 7.50M | 1.63M | 767.00K | 1.02M | 34.42M |
| Total Liabilities | 8.69M | 10.31M | 11.71M | 14.01M | 45.91M |
| Stockholders Equity | 75.94M | 64.14M | 58.38M | 64.76M | 17.34M |
Cash Flow | |||||
| Free Cash Flow | -5.65M | -9.78M | -14.62M | -34.53M | -16.53M |
| Operating Cash Flow | -4.79M | -5.19M | -5.65M | -12.01M | -3.99M |
| Investing Cash Flow | -5.86M | -4.59M | -7.74M | -20.19M | -10.40M |
| Financing Cash Flow | 15.61M | 11.85M | -1.01M | 26.96M | 27.88M |
VHM Limited Technical Analysis
Negative
0.22
Price Trends
0.22
Negative
0.23
Negative
0.29
Negative
Market Momentum
>-0.01
Positive
38.38
Neutral
19.05
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:VHM, the sentiment is Negative. The current price of 0.22 is below the 20-day moving average (MA) of 0.23, above the 50-day MA of 0.22, and below the 200-day MA of 0.29, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.38 is Neutral, neither overbought nor oversold. The STOCH value of 19.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:VHM.
VHM Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | AU$64.89M | -6.32 | -7.34% | ― | -100.00% | 22.03% | |
46 Neutral | AU$22.03M | -8.28 | -6.44% | ― | ― | -36.47% | |
45 Neutral | AU$67.03M | -11.46 | -7.76% | ― | ― | 34.13% | |
45 Neutral | AU$21.07M | -1.10 | -29.51% | ― | -100.00% | -164.77% | |
44 Neutral | AU$51.55M | -9.91 | -5.52% | ― | ― | 98.14% | |
44 Neutral | AU$70.26M | -4.32 | -94.93% | ― | ― | -1766.67% |
* Basic Materials Sector Average
AU:VHM
VHM Limited
0.21
-0.49
-70.00%
AU:AVL
Australian Vanadium
0.17
-0.16
-47.69%
AU:HAS
Hastings Technology Metals Limited
0.23
-0.46
-66.67%
AU:VML
Vital Metals Ltd
0.08
-0.19
-69.81%
AU:OCN
Oceana Lithium Ltd.
0.30
0.15
103.45%
AU:RVT
Richmond Vanadium Technology Pty Ltd.
0.10
0.03
37.14%
VHM Limited Corporate Events
VHM Limited Sets Virtual 2026 AGM With Full Documentation Released
Sep 17, 2026
VHM Limited, an ASX-listed company headquartered in Melbourne, continues to use digital channels to communicate with its shareholder base. The company operates within a governance model that prioritises transparency and remote access, reflecting b...
VHM Lodges 2026 Corporate Governance Statement and Appendix 4G with ASX
Sep 9, 2026
VHM Limited has filed its corporate governance statement for the year ended 30 June 2026, making it available via its website in accordance with ASX listing requirements. The governance framework covers board charters, director appointment process...
VHM Limited Details 2026 Progress in Annual Report
Sep 9, 2026
VHM Limited’s 2026 Annual Report outlines its operational and strategic progress for the year ended 30 June 2026, highlighting key milestones across the Goschen Project, asset development and exploration activities. The report also details t...
VHM drilling boosts confidence in Goschen mineral resource
Sep 7, 2026
VHM Ltd has completed its 2026 aircore infill drilling program at the Goschen Project, comprising 333 holes across Areas 1 and 3, aimed at improving geological confidence and advancing metallurgical and processing knowledge. The work underpins Gos...
VHM Secures Final Planning Approval, Clearing Path to Goschen Project Development
Sep 4, 2026
VHM Limited has received approval from the Victorian Minister for Planning for a Planning Scheme Amendment covering key Goschen Project infrastructure outside the mining licence, including road upgrades and a raw water pipeline. This approval comp...
VHM Limited Issues 425,532 Unquoted Performance Rights Under Employee Incentive Scheme
Aug 20, 2026
VHM Limited has notified the market of the issue of 425,532 unquoted performance rights, designated under the ASX code VHMAS, effective August 20, 2026. The securities have been issued under the company’s employee incentive scheme and are no...
VHM Issues Equity Incentive Shares, Confirms Compliance With Disclosure Rules
Jul 29, 2026
VHM Limited has issued 160,000 fully paid ordinary shares to an employee following the vesting and exercise of performance rights under its Equity Incentive Plan. The shares were issued without a prospectus under an exemption in the Corporations A...
VHM Issues Employee Equity Under Incentive Plan, Confirms Disclosure Compliance
Jul 28, 2026
VHM Limited has issued 160,000 fully paid ordinary shares to an employee following the exercise of an equivalent number of vested performance rights under its Equity Incentive Plan. The shares were issued without a prospectus under the Corporation...
VHM Limited Seeks ASX Quotation for Additional 160,000 Shares
Jul 28, 2026
VHM Limited has applied for quotation on the ASX of 160,000 ordinary fully paid shares, issued on July 28, 2026. The new securities arise from the exercise or conversion of existing options or other convertible instruments, modestly increasing the...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.