VRX Silica (ASX: VRX) – advanced Silica project in WA

COMPANY SCOREBOARD

Pro Plus	Pro	Con Plus	Con
Pure play in silica sand with advanced projects			Management lacks experience in government approval process All project’s feasibility needs to be updated from 2019

ABOUT COMPANY

VRX Silica (VRX) (https://vrxsilica.com.au/) develops three silica sand projects in Western Australia, namely Arrowsmith, Muchea, Boyatup Silica Sand Projects.

CAPITAL STRUCTURE


ASX Code	Share Price	Shares	Option (In)	Market Cap	Cash/Asset ($m)
VRX	0.07	583378548		40836498.3600	4/0


Holders No	Top 20 (Cur)	Top 20 (Pre)	Director Hold	Performance Right	Note
3899	33.56%	33.49%	7.34%		last raise $2.7m@12c; pre raise $11m@18c

It holds 6.25m NKL shares worth $0.75m.

In FY21, the directors collectively sold 13m shares.

COMPANY ASSETS

Arrowsmith North Project WA

Below are the company’s BFS (in August 2019), resources, and reserves:

In November 2021, the company signed a non-binding offtake term sheet with importers who are suppliers to Hyundai Motors, Kia Motors. The term sheet sets out detailed terms and conditions for the supply of 200kt p.a. of AFS55 certified foundry sand for four years.

The Company remains in the permitting phase in respect of Arrowsmith North, in particular for environmental approval from the EPA, which has been re-submitted twice since November 2022.

SUMMARY

Once it gets environmental clearance, the share price will move very swiftly.