Announcement PDF VRX SILICA LIMITED ABN 59 142 014 873 INTERIM FINANCIAL REPORT FOR HALF-YEAR ENDED 31 DECEMBER 2025 CORPORATE DIRECTORY VRX Silica Limited 1 DIRECTORS Paul Boyatzis (Non-Executive Chairman) Bruce Maluish (Managing Director) Peter Pawlowitsch (Non-Executive Director) David Welch (Non-Executive Director) SECRETARY Ian Hobson REGISTERED AND PRINCIPAL OFFICE Ground Floor, 52 Kings Park Road West Perth WA 6005 Telephone: (08) 9226 3780 Website: www.vrxsilica.com.au SHARE REGISTRY Computershare Investor Services Pty Ltd Level 17, 221 St George's Terrace Perth WA 6000 Telephone: (08) 9323 2000 Facsimile: (08) 9323 2033 AUDITORS RSM Australia Partners Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 AUSTRALIAN SECURITIES EXCHANGE VRX Silica Limited shares (VRX) are listed on the Australian Securities Exchange DIRECTORS’ REPORT VRX Silica Limited 2 Your directors submit the financial report of the consolidated entity for the half-year ended 31 December 2025. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: DIRECTORS The names of the Directors who held office during or since the end of the half-year and until the date of this report are noted below. Directors were in office for this entire period unless otherwise stated: Paul Boyatzis (Non-Executive Chairman) Bruce Maluish (Managing Director) Peter Pawlowitsch (Non-Executive Director) David Welch (Non-Executive Director) PRINCIPAL ACTIVITIES The principal continuing activities during the half-year of entities within the consolidated entity was mineral exploration. REVIEW OF OPERATIONS The net loss for the half-year attributable to members of VRX Silica Limited (VRX or Company) was $2,206,866 (2024: loss of $1,845,391). The following is a summary of the activities conducted by VRX during the half year to 31 December 2025 at its silica sand projects at Arrowsmith North, Central and Brand (located 270 km north of Perth), Muchea (located 50 km from Perth) and Boyatup (located 100 km east of Esperance), all situated in Western Australia. Arrowsmith North Silica Sand Project VRX’s 100%-owned Arrowsmith North Silica Sand Project, located approximately 270km north of Perth, hosts a globally significant deposit of high-quality silica sand. The project is underpinned by a JORC-compliant Proved and Probable Ore Reserve of 221Mt at 99.5% SiO₂, supporting the potential for long-term production into the foundry, container glass and flat-glass markets, primarily servicing growing demand in Asia. Arrowsmith North has the potential to establish a new, long-term silica sand industry in Western Australia, delivering substantial economic benefits to the State and the Mid West region. These benefits include sustained direct and indirect employment, royalties, and regional economic development. The project has strong support from key stakeholders, including local Traditional Owner groups, local shires, the Mid West Development Commission, the Mid West Chamber of Commerce and Industry, and both State and Federal Governments. Economic studies demonstrate robust project metrics across a range of silica sand products. Globally, the silica sand market continues to experience strong growth, driven by increasing demand from the construction sector — particularly flat glass used in residential and commercial buildings — and rising consumption of automotive glass in Asia’s expanding automotive industry. The foundry sector is also exhibiting strong growth, supported by increasing demand in established markets such as South Korea, Japan and China, as well as emerging markets including Thailand and India, against a backdrop of industry-wide expansion and tightening supply across Asia. Australia is currently the largest exporter of silica sand in the Asia-Pacific region, with exports dominated by multinational producers. Total exports exceeded 2.3 million tonnes in the previous year. DIRECTORS’ REPORT VRX Silica Limited 3 Key Approvals Received for Arrowsmith North During the half year the Company received a number of key approvals paving the way for development of Arrowsmith North. In August 2025 VRX received approval from the Western Australian Department of Mines, Petroleum and Exploration form the Mining Proposal at Arrowsmith North. This allows for the commencement of mining operations at Arrowsmith North, subject to standard mining and closure conditions including environmental approval. In September 2025 VRX received environmental approval for Arrowsmith North with the Western Australian Minister for the Environment, Hon Matthew Swinbourn MLC, approving the proposed development of the project through the issue of a Statement That A Proposal May Be Implemented. This followed an earlier appeal process and subsequent confirmation in the previous financial year that the Minister had determined the Environmental Protection Authority of Western Australia’s (EPA’s) assessment of Arrowsmith North was adequate, and further assessment is not required. Conditions attached to State environmental approval include staged mining, achievement of specified environmental outcomes, rehabilitation and ongoing reporting, which have been previously agreed and align with VRX’s commitment to safe, sustainable and responsible operations at Arrowsmith North. In September 2025 VRX also received Works approval from the Department of Water and Environmental Regulation for the proposed development of Arrowsmith North. The Works approval allows for the construction of the processing plant. Binding Offtake Contracts for Arrowsmith North During the half year, VRX secured six binding offtake contracts for the supply of silica sand from Arrowsmith North. The contracts provide for the supply of an aggregate minimum of 960,000 tonnes per annum of high-quality silica sand products to established and reputable customers supplying the foundry and glassmaking industries across Asia. The customer base comprises two major suppliers into the South Korean foundry sector, a leading supplier of foundry, glassmaking, water filtration media and sized dry sand in Taiwan, a glass manufacturer supplier in the Philippines, and two glass manufacturing and foundry suppliers in China. Collectively, these customers are recognised suppliers to the Asian foundry and glassmaking markets. VRX plans to progressively ramp up production at Arrowsmith North from an initial production rate of approximately 1 million tonnes per annum (Mtpa) to more than 2 Mtpa, supporting an operating life of several decades. The aggregate contracted volumes under the binding offtake agreements broadly align with the proposed initial production capacity at project commencement. Purchase of Arramall Farm Site During the half year, the Company entered into a conditional binding contract to purchase the Arramall farm site, which sits on freehold land adjacent to Arrowsmith North. Comprising approximately 2,091 hectares over two separate lots, Arramall contains tracts of both cleared land and native vegetation, bordered to the east by the Company’s mining lease at Arrowsmith North and to the west by Brand Highway. The site is suitable for locating the proposed silica sand processing plant and associated infrastructure for Arrowsmith North with easy access to Brand Highway for transportation of products to Geraldton Port. The site is also highly suited for locating a solar farm and a potential future renewable power solution for Arrowsmith North. The contract provides for the purchase from an unrelated party with the purchase price within the range for capital expenditure on land acquisitions for the project provided for in the Company’s financial model for Arrowsmith North, and it is proposed that the site will form part of the Company’s overall environmental offset strategy for the project. Given the site’s location there are significant cost savings for the Company both in the construction phase and once in production, based on the Company’s financial modelling for Arrowsmith North. In addition, locating the plant on cleared, freehold land close to Brand Highway will reduce the overall environmental impact of Arrowsmith North as less native vegetation will be disturbed both for the plant and roads to the highway. DIRECTORS’ REPORT VRX Silica Limited 4 During the half year the Company completed a number of targeted environmental and technical surveys required to support the relocation of the processing plant from its originally approved location within the Arrowsmith North Mine Development Envelope (MDE) and environmental offset strategy. The surveys included flora mapping, vegetation assessments and targeted orchid studies associated with a proposed new access road. Additional vegetation studies were also undertaken for an alternative access road alignment and a northern extension to the MDE. Vegetation mapping was completed for the proposed alternative offset site, including a Carnaby’s Cockatoo habitat assessment. Technical surveys include detailed imaging and topography and geotechnical testing on the plant site. Subsequent to the end of the half year, VRX lodged an amendment application with the EPA to relocate the processing plant and access road to Brand Highway. The revised layout significantly reduces permanent clearing, affects substantially fewer priority species, and provides scope to lower emissions through the incorporation of a solar farm to be developed on previously cleared land within the Arramall farm site. The amendment represents a substantial reduction in environmental impact and is not expected to materially affect timing for commencement of project construction. During the half year, the Company also engaged with the Federal environmental agency, the Department of Climate Change, Energy, the Environment and Water, for approval of the revised offset strategy. This separate process will run in parallel with the EPA amendment process. The contract to purchase the Arramall farm site is conditional on VRX and its advisers completing detailed due diligence on the site and its suitability for the project, including satisfying the requirements of all relevant government authorities, and the VRX Board of Directors approving a final investment decision (FID) for the project, each within six months. Subject to satisfaction or waiver of those conditions, settlement is to occur within three months thereafter. The contract is otherwise on standard terms and conditions for a transaction of this nature. Implementation of succession plan and new CEO appointment During the half year, VRX announced the implementation of a succession plan in relation to the chief executive role at the Company and appointment of Tony Swiericzuk as new Chief Executive Officer. With Managing Director, Bruce Maluish, indicating that he was unlikely to remain in his current role for the long term, during the half year the Board commenced a strategic exercise to allow for an orderly transition to new leadership as the Company progresses development of Arrowsmith North. Mr Swiericzuk is a seasoned mining executive with over 30 years of leadership experience and a distinguished career including in large scale mines and bulk ports. He brings strong expertise in mining operations, exploration, project development, contractor management, sales and marketing, and financing, along with a strong track record of engaging with Federal, State, Local, and First Nation authorities. His deep industry knowledge spans exploration, construction, mining, bulk ports, and manufacturing, providing him with a comprehensive, end-to-end supply chain perspective. As general manager of the Christmas Creek Mine for FMG, he oversaw the construction, commissioning and ramp- up of this project from 15Mtpa to 60Mtpa, then proceeded to optimise the operation and help drive FMG to become the world’s lowest cost iron ore producer. Mr Swiericzuk commenced with the Company on 1 February 2026 on a part-time basis as he winds down his current engagements and will commence in the CEO role on a full-time basis by 1 July 2026. Mr Maluish will remain with the Company as Managing Director during this interim period and will phase out of that role into a Non-Executive Director role during that time. Project Finance for Arrowsmith North – Debt Proposals Received During the half year, VRX mandated Argonaut PCF to act as the Company’s financial adviser in connection with potential debt financing for Arrowsmith North. An independent technical review of the project was completed during the half year and will form a key component of financiers’ due diligence when assessing potential support for the project’s development. VRX appointed international investment bank and debt capital markets specialist Pareto Securities as Manager for fixed income debt financing to support construction of the Arrowsmith North project. The appointment followed a competitive selection process and reflects the strong level of interest in the project. DIRECTORS’ REPORT VRX Silica Limited 5 Mining and Logistics Contracts for Arrowsmith North in Progress During the half year VRX continued progress on all infrastructure agreements relating to the development of Arrowsmith North including port logistics, transport, mining services, power supply and construction contracts. These are expected to be concluded prior to a FID. Equity Placement VRX conducted an equity capital raising from sophisticated professional investors of $2.1 million (before costs) under a placement of fully paid ordinary shares (Placement). The Placement comprised an issue of approximately 28.5 million new shares equating to approximately $2.05 million within the Company’s placement capacity under ASX Listing Rule 7.1 and a conditional placement of approximately 0.7 million new shares equating to approximately $50,000 to VRX Directors subject to obtaining shareholder approval at a future general meeting. The Placement was supported by existing shareholders and new institutional investors. Unified Capital Partners Pty Ltd acted as sole lead manager and bookrunner to the Placement. DIRECTORS’ REPORT VRX Silica Limited 6 Combined 1.4Bn tonne Mineral Resource Table 1 Mineral Resource Statement (as at 31 December 2025) Project Classification Mt SiO₂ % Al₂O₃ % Fe₂O₃ % TiO₂ % LOI % Muchea Indicated 29 99.6 0.1 0.03 0.1 0.2 Inferred 179 99.6 0.1 0.02 0.1 0.2 Total 208 99.6 0.1 0.02 0.1 0.2 Arrowsmith North Measured 10 95.9 1.9 0.7 0.3 0.7 Indicated 237 97.7 1.0 0.4 0.2 0.5 Inferred 266 98.4 0.7 0.3 0.2 0.4 Total 513 98.0 0.9 0.3 0.2 0.4 Arrowsmith Brand Inferred 523 97.3 1.4 0.4 0.2 0.6 Total 523 97.3 1.4 0.4 0.2 0.6 Arrowsmith Central Indicated 28.2 96.6 1.7 0.4 0.2 0.7 Inferred 48.3 96.9 1.5 0.4 0.2 0.7 Total 76.5 96.8 1.5 0.4 0.2 0.7 Boyatup Inferred 60 97.8 0.8 0.2 0.1 0.9 Total 60 97.8 0.8 0.2 0.1 0.9 Total Mineral Resource 1,381 Million Tonnes Table 2 Ore Reserve Statement (as at 31 December 2025) Project Classification Product Mt SiO2 % Al2O3 % Fe2O3 % TiO2 % LOI % Muchea Probable F80 10.2 99.9 0.02 0.008 0.03 0.1 F80C 4.25 F150 4.25 99.8 0.07 0.015 0.035 0.1 Muchea Ore Reserve 18.7 Million Tonnes Arrowsmith North Proved AFS20 0.8 99.5 0.25 0.07 0.05 0.1 AFS35 3.9 99.5 0.5 0.06 0.05 0.1 AFS55 2.7 99.2 0.5 0.1 0.05 0.1 Local 1.8 Proved Ore Reserve 9.2 Million Tonnes Probable AFS20 24.2 99.5 0.25 0.07 0.05 0.1 AFS35 102.5 99.5 0.5 0.06 0.05 0.1 AFS55 51.1 99.2 0.5 0.1 0.05 0.1 Local 34.1 Probable Ore Reserve 212 Million Tonnes Arrowsmith North Ore Reserve 221 Million Tonnes Arrowsmith Central Probable CF400 4.2 99.6 0.25 0.04 0.03 0.1 C20 8.4 C40 4.2 High TiO2 2.2 <1% 2% Arrowsmith Central Ore Reserve 18.9 Million Tonnes Total Ore Reserve 259 Million Tonnes DIRECTORS’ REPORT VRX Silica Limited 7 Compliance Statement The information in this document that relates to the estimation and reporting of the Mineral Resource and Ore Reserves for the Company’s silica sand projects is extracted from releases to ASX on 28 August 2019,11 November 2022 and 6 March 2024 (Arrowsmith North), 17 September 2019 (Arrowsmith Central), 9 May 2023 (Arrowsmith Brand), 18 October 2019 (Muchea) and Boyatup (18 August 2022). The Company confirms that it is not aware of any new information or data that materially affects the information included in this document and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The information in this document that relates to the economics and development of the Arrowsmith North silica sand project have been extracted from the Arrowsmith North Bankable Feasibility Study Update (6 March 2024). The information in this document that relates to the previous exploration results have been cross referenced to original announcements. The Company is not aware of any new information or data that materially affects the previous exploration results. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified. CHANGES IN STATE OF AFFAIRS During the half-year ended 31 December 2025 there was no significant change in the consolidated entity’s state of affairs other than that referred to in the half-year financial statements or notes thereto. AUDITOR’S DECLARATION OF INDEPENDENCE A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 in relation to the review for the half-year ended 31 December 2025 is included within this financial report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors Bruce Maluish Director Perth, 11 March 2026 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the Half-year ended 31 December 2025 VRX Silica Limited 8 Consolidated 31 December 2025 31 December 2024 $ $ Note Revenue 46,700 19,153 Exploration and evaluation expenditure (495,692) (611,993) Depreciation (58,097) (57,672) Directors’ fees and benefits expense (288,580) (142,475) Finance costs (7,563) (10,609) Impairment of deferred exploration expenditure 3 (10,644) (9,687) Gain/(loss) on revaluation of equity instruments 2 62,500 (31,250) Share-based payments 6 (346,742) (244,800) Superannuation (41,250) (32,970) Other expenses (1,067,498) (723,088) Loss before income tax expense (2,206,866) (1,845,391) Income tax expense - - Net loss for the period (2,206,866) (1,845,391) Other comprehensive income - - Other comprehensive income for the period, net of tax - - Total comprehensive loss attributable to members of VRX Silica Limited (2,206,866) (1,845,391) Basic and diluted loss per share (cents per share) (0.29) (0.29) The accompanying notes form part of these financial statements STATEMENT OF FINANCIAL POSITION As at 31 December 2025 VRX Silica Limited 9 Consolidated Note 31 December 2025 $ 30 June 2025 $ ASSETS Current Assets Cash and cash equivalents 3,854,550 4,102,615 Trade and other receivables 187,535 99,045 Total Current Assets 4,042,085 4,201,660 Non-Current Assets Trade and other receivables 104,827 102,722 Financial assets at fair value through profit or loss 2 137,500 75,000 Property, plant and equipment 2,511,733 2,523,043 Right-of-use assets 171,552 218,339 Deferred exploration expenditure 3 13,924,787 13,526,676 Total Non-Current Assets 16,850,399 16,445,780 Total Assets 20,892,484 20,647,440 LIABILITIES Current Liabilities Trade and other payables 276,557 174,560 Provisions 285,281 276,838 Lease liabilities 104,343 99,301 Total Current Liabilities 666,181 550,699 Non-Current Liabilities Lease liabilities 94,839 148,155 Total Non-Current Liabilities 94,839 148,155 Total Liabilities 761,020 698,854 Net Assets 20,131,464 19,948,586 EQUITY Issued capital 4 61,365,741 59,322,739 Reserves 5 8,396,968 8,050,226 Accumulated losses (49,631,245) (47,424,379) Total Equity 20,131,464 19,948,586 The accompanying notes form part of these financial statements. STATEMENT OF CHANGES IN EQUITY For the Half-year ended 31 December 2025 VRX Silica Limited 10 Consolidated Issued Capital $ Reserves $ Accumulated Losses $ Total Equity $ Balance at 1 July 2025 59,322,739 8,050,226 (47,424,379) 19,948,586 Loss for period - - (2,206,866) (2,206,866) Total comprehensive loss for period - - (2,206,866) (2,206,866) Securities issued during the period 2,148,085 - - 2,148,085 Capital raising costs (105,083) - - (105,083) Cost of share-based payments - 346,742 - 346,742 Balance at 31 December 2025 61,365,741 8,396,968 (49,631,245) 20,131,464 Balance at 1 July 2024 54,630,239 7,805,425 (44,364,063) 18,071,601 Loss for period - - (1,845,391) (1,845,391) Total comprehensive loss for period - - (1,845,391) (1,845,391) Securities issued during the period 4,850,000 - - 4,850,000 Capital raising costs (298,275) - - (298,275) Cost of share-based payments - 244,800 - 244,800 Balance at 31 December 2024 59,181,964 8,050,225 (46,209,454) 21,022,735 The accompanying notes form part of these financial statements. STATEMENT OF CASH FLOWS For the Half-year ended 31 December 2025 VRX Silica Limited 11 Consolidated 31 December 2025 $ 31 December 2024 $ Cash flows from operating activities Payments to suppliers and employees (1,848,264) (1,538,596) Interest received 47,389 12,285 Interest and other finance costs paid (7,563) (10,609) Net cash outflows from operating activities (1,808,438) (1,536,920) Cash flows from investing activities Payments for property, plant and equipment (50,000) (20,000) Payments on deferred exploration expenditure (290,355) (339,563) Receipt of refund of environmental referral fees - 291,200 Government grants received on exploration interests - 143,765 Net cash (outflows)/inflows from investing activities (340,355) 75,402 Cash flows from financing activities Proceeds from issue of shares 2,054,085 4,850,000 Payment of capital raising costs (105,083) (298,275) Repayment of lease liabilities (48,274) (43,602) Net cash inflows from financing activities 1,900,728 4,508,123 Net (decrease)/increase in cash held (248,065) 3,046,605 Cash at beginning of the half-year 4,102,615 2,313,067 Cash at end of the half-year 3,854,550 5,359,672 The accompanying notes form part of these financial statements. NOTES TO THE FINANCIAL STATEMENTS For the Half-year ended 31 December 2025 VRX Silica Limited 12 1. MATERIAL ACCOUNTING POLICIES Basis of Preparation These general purpose interim financial statements for the half-year reporting period ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Act 2001. The consolidated entity is a for-profit entity for financial reporting purposes under Australian Accounting Standards. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. This interim financial report does not include full disclosures of the type normally included in an annual report. It is recommended that this financial report to be read in conjunction with the annual financial report for the year ended 30 June 2025 and any public announcements made by VRX Silica Limited during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. 2. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 31 December 2025 $ 30 June 2025 $ Listed ordinary shares – designated at fair value through profit or loss 137,500 75,000 Reconciliation Fair value at beginning of half-year 75,000 Revaluation increment 62,500 Fair value at end of half-year 137,500 Refer to Note 11 for further information on fair value measurement. NOTES TO THE FINANCIAL STATEMENTS For the Half-year ended 31 December 2025 VRX Silica Limited 13 3. DEFERRED EXPLORATION EXPENDITURE Costs carried forward in respect of areas of interest in the following phases: 31 December 2025 $ 30 June 2025 $ Exploration and evaluation phase – at cost 13,924,787 13,526,676 Movement Balance at beginning of half-year 13,526,676 Expenditure incurred 408,755 Impairment of mining tenements relinquished during the period (10,644) Total deferred exploration expenditure 13,924,787 Ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on successful development and commercial exploitation or, alternatively, sale of the relevant areas of interest, at amounts at least equal to book value. 4. ISSUED CAPITAL 31 December 2025 $ 30 June 2025 $ Issued Capital Ordinary shares – fully paid 61,365,741 59,322,739 Movement in ordinary shares on issue Number $ Ordinary shares – fully paid Balance at beginning of half-year 747,303,288 59,322,739 Issued for cash upon exercise of options 20,470 3,685 Issued on exercise of options through cashless exercise facility 1,528,955 - Issued pursuant to a mining project agreement 1,000,000 94,000 Issued for cash pursuant to placement to investors 28,477,778 2,050,400 Capital raising costs - (105,083) Balance at end of half-year 778,330,491 61,365,741 NOTES TO THE FINANCIAL STATEMENTS For the Half-year ended 31 December 2025 VRX Silica Limited 14 5. RESERVES 31 December 2025 $ 30 June 2025 $ Option issue reserve 8,396,968 8,050,226 Movements in reserve Balance at beginning of half-year 8,050,226 Issue and vesting of incentive-based share options (Note 6) 346,742 Balance at end of half-year 8,396,968 6. SHARE-BASED PAYMENTS During the half-year period, the following share-based payments were incurred: Expensed: Options granted during the period: Value per Option Number Value $ Unlisted options exercisable at $0.15 each on or before 31 December 2028, issued to the Directors and vesting on the following conditions: Vesting on issue $0.0380 9,000,000 342,000 Vesting when the 5-day VWAP of VRX shares is $0.15 $0.0443 1,000,000 44,300 Vesting when the 5-day VWAP of VRX shares is $0.22 $0.0441 1,000,000 44,100 Vesting when the 5-day VWAP of VRX shares is $0.30 $0.0431 1,000,000 43,100 Less value of options not vested at 31 December 2025 (126,758) Recognised in the statement of profit or loss and other comprehensive income 346,742 Deferred exploration expenditure: Shares issued during the period: Value per Share Number Value $ Fully paid ordinary shares issued pursuant to a commitment under the mining project agreement with the Whadjuk People for the Muchea silica sand project: Vesting on issue, escrowed until 14 October 2026 $0.094 1,000,000 94,000 Recognised on the statement of financial position 94,000 Total share-based payments 440,742 NOTES TO THE FINANCIAL STATEMENTS For the Half-year ended 31 December 2025 VRX Silica Limited 15 6. SHARE-BASED PAYMENTS (CONTINUED) The 12,000,000 unlisted options issued to the Directors for nil consideration were approved by shareholders on 20 November 2025. The options were valued using an underlying share price of $0.087, volatility of 95% and an interest rate of 3.763%. The options vesting on issue were valued using the Hoadley ESO2 trinomial valuation model with an early exercise multiple of 2.5X. The options subject to market-based vesting conditions of specific 5-day VWAP price hurdles were valued using the Hoadley Barrier 1 valuation model. The fully paid ordinary shares issued to the Whadjuk People were valued using the share price on grant date. 7. SEGMENT INFORMATION The Group has identified its operating segments based on the internal reports that are used by the Board (the chief operating decision makers) in assessing performance and in determining the allocation of resources. The operating segments are identified by the Board based on the phase of operation within the mining industry. For management purposes, the Group has organised its operations into two reportable segments on the basis of stage of development as follows: • Development assets; and • Exploration and evaluation assets, which includes assets that are associated with the determination and assessment of the existence of commercial economic reserves. The Board as a whole will regularly review the identified segments in order to allocate resources to the segment and to assess its performance. During the half-year ended 31 December 2025, the Group had no development assets. The Board considers that it has only operated in one segment, being mineral exploration within Australia. Where applicable, corporate costs, finance costs, interest revenue and foreign currency gains and losses are not allocated to segments as they are not considered part of the core operations of the segments and are managed on a Group basis. The consolidated entity is domiciled in Australia. All revenue from external customers is generated from Australia only. Segment revenues are allocated based on the country in which the customer is located. Revenues of approximately Nil (2024: Nil) are derived from a single external customer. 8. DIVIDENDS There have been no dividends declared or recommended and no distributions made to shareholders or other persons during the period. (2024: Nil) NOTES TO THE FINANCIAL STATEMENTS For the Half-year ended 31 December 2025 VRX Silica Limited 16 9. COMMITMENTS There have been no material changes in commitments since the last annual reporting date. 10. CONTINGENT LIABILITIES AND ASSETS There have been no material changes in contingent liabilities and assets since the last annual reporting date. 11. FAIR V