Our two priority projects, the Arrowsmith Hub and Muchea Hub, remain the focus for VRX Silica, and this presentation sets out where each stands today.

At Arrowsmith Hub, state environmental approval and mining permits have been granted, with final amendments pending and expected to be approved in the third quarter of calendar 2026. The updated Bankable Feasibility Study points to a Proven Ore Reserve of 221Mt at 99.5% SiO2, 2Mtpa target production, capital costs of A$74.5m, a post-tax NPV8 of A$179m and a post-tax IRR of 31%, with payback estimated at 4.6 years and total sales of A$2.6b over 25 years. 960ktpa of binding offtakes are secured, project finance is underway with Argonaut and Pareto Securities appointed, and production is targeted for end CY27.

Muchea Hub follows behind Arrowsmith in the development sequence. Its 2019 Bankable Feasibility Study shows a resource of 208Mt at 99.6% SiO2, 2Mtpa target production, capital costs of A$50m, a post-tax NPV10 of A$338m and IRR of 96%, with payback of 2.3 years and total sales of A$3.3b over 25 years. An updated study is planned to begin in the fourth quarter of calendar 2026.

As at 31 July 2026, VRX held a cash position of A$3.2m, alongside a market capitalisation of A$38.4m at the 24 August 2026 closing share price.

These are feasibility study outcomes and targets, not guaranteed results, and remain subject to project financing, approvals and construction milestones being met.

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