Change in substantial holding

Dear Investors,

In our latest announcement, we are pleased to report significant progress in our silica sand projects. Our revenue for the fiscal year ended 30 June 2023 has increased by 99% to A$113K, showcasing a strong growth trajectory. Despite a 1% increase in net loss to A$5.1M, this was mainly due to planned expenditures in exploration and evaluation, emphasizing our commitment to enhancing our projects' viability.

The positive outlook is supported by the successful development of our Arrowsmith North, Muchea, Boyatup, and Arrowsmith Central Silica Sand Projects, strategically located in Western Australia. These projects not only boast high-grade silica but also benefit from excellent infrastructure connectivity, furthering our competitive edge in meeting global silica demand.

We invite investors to delve deeper into our financial and operational achievements, as well as our future plans for sustainable growth. Should you have any questions or require clarification on our latest announcement, please do not hesitate to reach out to us.

We appreciate your continued support and look forward to updating you on our progress.

Warm regards,

[Management Team] at VRX Silica