But I believe a 406 EPIRB with integrated or interfaced GPS will give direction finding via VHF, giving your lat. and long., if the signal is picked up by a DSC capable VHF radio.
As I understand it a basic 406 EPIRB sends a signal to any satellite above the horizon as well as a VHF signal to line of sight coastal, ship or aircraft stations, which would mean a 406 EPIRB has a global footprint via satellite and a local footprint via VHF.
So the basic 406 EPIRB distress signal is eventually picked up by three or more satellites and an accurate positioning of the scource of the signal is available to the listening stations.
The time delay for acquirement of this information by the listening stations is shortened by two hours or more if the EPIRB is integrated or interfaced with a GPS receiver and that information is immediately transmitted to any in range DSC capable VHF station.
The equipment described is designed for integration with the GMDSS (Global Marine Distress Signaling System).
All of the above is how I believe it is but I have been unable to confirm it with the people who sell the gear or our local Volunteer Marine Rescue people. It is all a bit new.
Hopefully there is someone on the forum who is qualified and authorative enough be able to explain the workings of it for us.
In the meantime I will contact AMSA just to satisfy myself as to how it all works.
Not so long ago Sat Phones were $5,000 plus but like everything, the more popular it gets the less expensive it gets. A Sat Phone by definition is obviously GPS capable. They just haven't released that model to the general public yet until they have sold their existing stock.

HF radios and their networks have been an invalueable resource for international cruisers since their inception with some spectacular examples of their usefullness, however due to the reliance on atmospheric conditions and other factors plus the introduction of newer technology, I believe they are on their way out except for the enthusiasts.
For an international cruising yacht, a Sat Phone is another two lines of communication, one being direct (and hopefully private) to a phone line, and the other a form of broadcast via the internet (be it slow). Cheers Cisco