4 questions lodged at 2026 VHM Ltd (VHM) virtual AGM
October 19, 2026
Below is the text of the 4 written questions submitted at the 1 hour VHM Ltd (VHM) noon AEDT virtual AGM via this Zoom link on October 19, 2026. See notice of meeting. The company is trying to get up a big rare earths project near Swan Hill and Kerang in Victoria. Voted on all 13 resolutions via Automic, supporting Iluka convertible note. Market cap $67m on AGM day. The proxies were not disclosed early in the presentation slide pack lodged with the ASX. There were big protest votes as detailed in question 1 with the withdrawal of 4 director incentive resolutions with 60% of the directed proxies against. This was not included in these poll results which showed the biggest protest vote was 17.6% against the rem report.
Q1. The decision to withdraw resolutions 7, 8, 9 and 10 today after "shareholder feedback" was presumably because they were actually voted down on the proxies. Could the chair confirm if that is correct? Also, please disclose the proxy votes along with the poll results so that the shareholders who went to the trouble of voting, have access to the data on how they collectively felt about the 4 proposed incentive grants to the directors. It's our data not yours and if you're being transparent it should be disclosed, even if the directors are a little embarrassed by the rebuff.
Answer: Enjoyed hearing the Irish accent of Vistra's Bronagh Freeman read this tricky question in full. Tough guy chair Ian Smith commendably folded, admitting the 4 incentive grant proposals for directors went down with 60% against. He said the issues was the price, not the concept. Sadly, the proxy votes didn't make it into these poll results. Watch video of exchange via Twitter.
Q2. Opinion polling suggests we are likely to see a change of Government in Victoria next month. In relation to our Goshen project, please summarise the known policy positions of the Liberal, National and One Nation parties as it now seems likely that a combination of all 3 will likely be in power for the next 4 years. Victoria is not known for being pro-mining and has a powerful farming sector. Has there been much push back from farmers near our project and what formal public position has the two impacted local councils, Gannawarra and Swan Hill, taken on the project thus far?
Answer: The chair Ian Smith kept bullishly saying the overall the project was backed by everyone who matters, but then also kept saying overall government approvals remain outstanding, hence they couldn't put a time frame on when construction would commence. Watch video of exchange via Twitter.
Q3. A lot of ASX listed company constitutions prohibit virtual AGMs. What is the history of our constitution allowing for virtual AGMs? Best practice is actually to hold a hybrid AGM with both a physical location and online participation. Will you offer a hybrid next year so that our reported 3,465 shareholders can engage in person with the directors if they so desire, similar to what happened at your October 8 Community Reference Group meeting in Kerang? Whatever you do, please don't revert to an in-person meeting with no online participation as that is much worse than a virtual AGM?
Answer: VHM chair Ian Smith got famously fired as Orica CEO in 2015 for shouting at staff. But the hardest man in mining was a pushover when asked to move from a virtual VHM AGM to a best practice hybrid next year. He just meekly said yes. So agreeable! Kudos, Mr Smith! All is forgiven! Watch video of exchange via Twitter.
Q4. Ownership of rare earths has become particularly politically sensitive ever since China temporarily choked off the supply of magnets and other rare other products during the Trump Administration's liberation day tariffs push. At the local level, we've seen all sorts of court battles over the moves by Treasurer Jim Chalmers to force divestment by certain Chinese investors in ASX-listed Northern Minerals, another aspiring rare earths producer. What proportion of our share register do we currently estimate is controlled by Chinese Investors and have we had much engagement with FIRB or the Federal Government more broadly over Chinese ownership of our company?
Answer: Jeepers, high praise from the hardest man in mining. Broken Hill born Ian Smith concluded his answer by saying that I'd asked some good well researched questions. He sounded surprised. Whilst he said VHM has a number of individual Chinese investors both from Australia and China, he was keen to stress that no Chinese government authorities or utilities were on the register in any meaningful way. Watch video of exchange via Twitter.
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