# VRX: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143485 Publisher: asx Original announcement: 2026-09-24T06:43:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T07:16:56.818Z Atlas analysis updated: 2026-09-24T07:16:56.818Z - Company: VRX Silica Limited - Ticker: VRX - Exchange: ASX - Region: Western Australia - Primary commodity: Silica - Secondary commodities: None reported - Document categories: Resource update, Capital raise, Permitting - Extracted: 2026-09-24 07:16:57 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary VRX Silica Limited reported a transformational year with significant progress on its Arrowsmith North silica sand project, including securing State environmental, works, and mining approvals, purchasing the adjacent Arramall farm, and signing binding offtake agreements for 960,000 tonnes per annum. An updated BFS confirmed strong financial outcomes with a post-tax ungeared NPV8 of A$179.2 million. The company also received State Government support for a land swap at its Muchea project, increasing high-grade silica sand volume, and completed several equity capital raises. However, the mineral resource and ore reserve estimates remain unchanged from the previous year, and a silica flour program was paused due to unfavorable economics. Reasoning: VRX Silica Limited has made significant operational and financial progress for its Arrowsmith North project, securing key approvals, offtakes, and positive BFS results, alongside strategic land and management changes. However, the core resource and reserve figures remain static, and some financial and program challenges were noted. - Positive factor: State environmental, works, and mining approvals granted for Arrowsmith North - Positive factor: Purchase of Arramall farm for improved processing facilities and reduced environmental impact - Positive factor: Binding offtakes secured for 960,000 tonnes of silica sand - Positive factor: Updated BFS for Arrowsmith North confirms strong financial outcomes \(post-tax ungeared NPV8 of A$179.2 million\) - Positive factor: State Government support for Muchea land swap, increasing high-grade silica sand volume - Positive factor: Successful management succession and board refresh - Positive factor: Inclusion in Austrade's Critical Minerals Prospectus - Positive factor: Equity capital raises completed - Negative factor: Mineral Resource and Ore Reserve estimates are unchanged from the previous year, indicating no growth - Negative factor: Silica flour program paused due to unfavorable economics, requiring repayment of $266,035 grant - Negative factor: Capital expenditure for Arrowsmith North increased by $8.3 million - Negative factor: Offtake conditions precedent need to be met by December 2026 \(with extension to April 2027\), posing a risk of lapse - Negative factor: Company incurred a loss of $4,274,798 for the year Facts used in scoring: 74 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 74. Some facts used in scoring do not have a stored record. ## Resource Estimates (74) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-0) Muchea · silica Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ef8c9fb0736cb9ad70a6 #### Resource Data - Category: indicated - Tonnes: 29000000 - Grade: 99.6 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high-grade indicated resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2019. - Positive factor: High grade silica content - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 99.6 Context: 29 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-1) Muchea · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ef8c9fb0736cb9ad70a6 #### Resource Data - Category: indicated - Tonnes: 29000000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.1 Context: 29 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-2) Muchea · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ef8c9fb0736cb9ad70a6 #### Resource Data - Category: indicated - Tonnes: 29000000 - Grade: 0.03 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.03 Context: 29 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-3) Muchea · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ef8c9fb0736cb9ad70a6 #### Resource Data - Category: indicated - Tonnes: 29000000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.1 Context: 29 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-4) Muchea · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ef8c9fb0736cb9ad70a6 #### Resource Data - Category: indicated - Tonnes: 29000000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.2 Context: 29 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-5) Muchea · silica Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c4dedabe4b2e4c8d9a35 #### Resource Data - Category: inferred - Tonnes: 179000000 - Grade: 99.6 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high-grade inferred resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2019, and the confidence is lower due to the inferred category. - Positive factor: High grade silica content - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 99.6 Context: 179 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-6) Muchea · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c4dedabe4b2e4c8d9a35 #### Resource Data - Category: inferred - Tonnes: 179000000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.1 Context: 179 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-7) Muchea · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c4dedabe4b2e4c8d9a35 #### Resource Data - Category: inferred - Tonnes: 179000000 - Grade: 0.02 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.02 Context: 179 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-8) Muchea · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c4dedabe4b2e4c8d9a35 #### Resource Data - Category: inferred - Tonnes: 179000000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.1 Context: 179 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-9) Muchea · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c4dedabe4b2e4c8d9a35 #### Resource Data - Category: inferred - Tonnes: 179000000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.2 Context: 179 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-10) Arrowsmith North · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:05f8307f62141e5eb0d4 #### Resource Data - Category: measured - Tonnes: 10000000 - Grade: 95.9 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high confidence Measured resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2022. - Positive factor: High confidence Measured category - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 95.9 Context: 10 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-11) Arrowsmith North · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:05f8307f62141e5eb0d4 #### Resource Data - Category: measured - Tonnes: 10000000 - Grade: 1.9 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 1.9 Context: 10 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-12) Arrowsmith North · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:05f8307f62141e5eb0d4 #### Resource Data - Category: measured - Tonnes: 10000000 - Grade: 0.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.7 Context: 10 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-13) Arrowsmith North · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:05f8307f62141e5eb0d4 #### Resource Data - Category: measured - Tonnes: 10000000 - Grade: 0.3 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.3 Context: 10 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-14) Arrowsmith North · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:05f8307f62141e5eb0d4 #### Resource Data - Category: measured - Tonnes: 10000000 - Grade: 0.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.7 Context: 10 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-15) Arrowsmith North · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:cb863246b9937e1b81c8 #### Resource Data - Category: indicated - Tonnes: 237000000 - Grade: 97.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a large indicated resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2022. - Positive factor: High tonnage indicated resource - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 97.7 Context: 237 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-16) Arrowsmith North · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:cb863246b9937e1b81c8 #### Resource Data - Category: indicated - Tonnes: 237000000 - Grade: 1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 1.0 Context: 237 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-17) Arrowsmith North · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:cb863246b9937e1b81c8 #### Resource Data - Category: indicated - Tonnes: 237000000 - Grade: 0.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.4 Context: 237 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-18) Arrowsmith North · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:cb863246b9937e1b81c8 #### Resource Data - Category: indicated - Tonnes: 237000000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.2 Context: 237 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-19) Arrowsmith North · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:cb863246b9937e1b81c8 #### Resource Data - Category: indicated - Tonnes: 237000000 - Grade: 0.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.5 Context: 237 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-20) Arrowsmith North · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:faf946f144caefc9610a #### Resource Data - Category: inferred - Tonnes: 266000000 - Grade: 98.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a large inferred resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2022, and the confidence is lower due to the inferred category. - Positive factor: High tonnage inferred resource - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 98.4 Context: 266 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-21) Arrowsmith North · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:faf946f144caefc9610a #### Resource Data - Category: inferred - Tonnes: 266000000 - Grade: 0.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.7 Context: 266 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-22) Arrowsmith North · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:faf946f144caefc9610a #### Resource Data - Category: inferred - Tonnes: 266000000 - Grade: 0.3 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.3 Context: 266 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-23) Arrowsmith North · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:faf946f144caefc9610a #### Resource Data - Category: inferred - Tonnes: 266000000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.2 Context: 266 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-24) Arrowsmith North · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:faf946f144caefc9610a #### Resource Data - Category: inferred - Tonnes: 266000000 - Grade: 0.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.4 Context: 266 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-25) Arrowsmith Brand · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Brand - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:009a9c1b1fd5cdbb7421 #### Resource Data - Category: inferred - Tonnes: 523000000 - Grade: 97.3 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-09T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a very large inferred resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2023, and the confidence is lower due to being entirely in the inferred category. - Positive factor: Very large tonnage inferred resource - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2023\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 97.3 Context: 523 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-26) Arrowsmith Brand · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Brand - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:009a9c1b1fd5cdbb7421 #### Resource Data - Category: inferred - Tonnes: 523000000 - Grade: 1.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-09T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to being entirely in the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2023\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 1.4 Context: 523 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-27) Arrowsmith Brand · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Brand - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:009a9c1b1fd5cdbb7421 #### Resource Data - Category: inferred - Tonnes: 523000000 - Grade: 0.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-09T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to being entirely in the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2023\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 0.4 Context: 523 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-28) Arrowsmith Brand · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Brand - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:009a9c1b1fd5cdbb7421 #### Resource Data - Category: inferred - Tonnes: 523000000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-09T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to being entirely in the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2023\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 0.2 Context: 523 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-29) Arrowsmith Brand · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Brand - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:009a9c1b1fd5cdbb7421 #### Resource Data - Category: inferred - Tonnes: 523000000 - Grade: 0.6 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-09T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to being entirely in the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2023\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 0.6 Context: 523 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-30) Arrowsmith Central · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ad532dfb91f6cf6229cd #### Resource Data - Category: indicated - Tonnes: 28200000 - Grade: 96.6 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an indicated resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2019. - Positive factor: Indicated resource category - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 96.6 Context: 28.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-31) Arrowsmith Central · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ad532dfb91f6cf6229cd #### Resource Data - Category: indicated - Tonnes: 28200000 - Grade: 1.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 1.7 Context: 28.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-32) Arrowsmith Central · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ad532dfb91f6cf6229cd #### Resource Data - Category: indicated - Tonnes: 28200000 - Grade: 0.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.4 Context: 28.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-33) Arrowsmith Central · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ad532dfb91f6cf6229cd #### Resource Data - Category: indicated - Tonnes: 28200000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.2 Context: 28.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-34) Arrowsmith Central · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:ad532dfb91f6cf6229cd #### Resource Data - Category: indicated - Tonnes: 28200000 - Grade: 0.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.7 Context: 28.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-35) Arrowsmith Central · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:0cf9192df66906fae5fd #### Resource Data - Category: inferred - Tonnes: 48300000 - Grade: 96.9 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an inferred resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2019, and the confidence is lower due to the inferred category. - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 96.9 Context: 48.3 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-36) Arrowsmith Central · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:0cf9192df66906fae5fd #### Resource Data - Category: inferred - Tonnes: 48300000 - Grade: 1.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 1.5 Context: 48.3 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-37) Arrowsmith Central · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:0cf9192df66906fae5fd #### Resource Data - Category: inferred - Tonnes: 48300000 - Grade: 0.4 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.4 Context: 48.3 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-38) Arrowsmith Central · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:0cf9192df66906fae5fd #### Resource Data - Category: inferred - Tonnes: 48300000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.2 Context: 48.3 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-39) Arrowsmith Central · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith Central - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:0cf9192df66906fae5fd #### Resource Data - Category: inferred - Tonnes: 48300000 - Grade: 0.7 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-09-17T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) - Negative factor: Resource is in the Inferred category, which is speculative Evidence · table > 0.7 Context: 48.3 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-40) Boyatup · silica Historical result Needs review: historical\_restatement #### Identity - Project: Boyatup - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:129471b44ebe4dff22ac #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 97.8 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is an inferred resource for silica, but its novelty is low as it is a re-statement of a historical estimate from 2022, and the confidence is lower due to being entirely in the inferred category. - Positive factor: JORC compliant estimate - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 97.8 Context: 60 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-41) Boyatup · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Boyatup - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:129471b44ebe4dff22ac #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 0.8 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to being entirely in the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 0.8 Context: 60 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-42) Boyatup · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Boyatup - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:129471b44ebe4dff22ac #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to being entirely in the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 0.2 Context: 60 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-43) Boyatup · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Boyatup - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:129471b44ebe4dff22ac #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to being entirely in the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 0.1 Context: 60 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-44) Boyatup · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Boyatup - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:129471b44ebe4dff22ac #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 0.9 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the resource, and the estimate is a re-statement of historical data with lower confidence due to being entirely in the inferred category. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) - Negative factor: Resource is 100% Inferred, which is speculative Evidence · table > 0.9 Context: 60 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-45) Muchea · silica Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c2d83b592c4fcfbb11df #### Resource Data - Category: probable - Tonnes: 10200000 - Grade: 99.9 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high-grade probable reserve for silica, but its novelty is low as it is a re-statement of a historical estimate from 2019. - Positive factor: High grade silica content - Positive factor: JORC compliant estimate - Positive factor: Probable Reserve classification - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 99.9 Context: 10.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-46) Muchea · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c2d83b592c4fcfbb11df #### Resource Data - Category: probable - Tonnes: 10200000 - Grade: 0.02 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.02 Context: 10.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-47) Muchea · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c2d83b592c4fcfbb11df #### Resource Data - Category: probable - Tonnes: 10200000 - Grade: 0.008 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.008 Context: 10.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-48) Muchea · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c2d83b592c4fcfbb11df #### Resource Data - Category: probable - Tonnes: 10200000 - Grade: 0.03 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.03 Context: 10.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-49) Muchea · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:c2d83b592c4fcfbb11df #### Resource Data - Category: probable - Tonnes: 10200000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.1 Context: 10.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-50) Muchea · silica Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9000e27a73d5a1127b59 #### Resource Data - Category: probable - Tonnes: 4250000 - Grade: 99.8 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high-grade probable reserve for silica, but its novelty is low as it is a re-statement of a historical estimate from 2019. - Positive factor: High grade silica content - Positive factor: JORC compliant estimate - Positive factor: Probable Reserve classification - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 99.8 Context: 4.25 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-51) Muchea · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9000e27a73d5a1127b59 #### Resource Data - Category: probable - Tonnes: 4250000 - Grade: 0.07 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.07 Context: 4.25 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-52) Muchea · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9000e27a73d5a1127b59 #### Resource Data - Category: probable - Tonnes: 4250000 - Grade: 0.015 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.015 Context: 4.25 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-53) Muchea · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9000e27a73d5a1127b59 #### Resource Data - Category: probable - Tonnes: 4250000 - Grade: 0.035 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.035 Context: 4.25 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-54) Muchea · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Muchea - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9000e27a73d5a1127b59 #### Resource Data - Category: probable - Tonnes: 4250000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2019-10-18T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2019\) Evidence · table > 0.1 Context: 4.25 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-55) Arrowsmith North · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:8a664fc9dd3c0aa9a54d #### Resource Data - Category: proven - Tonnes: 800000 - Grade: 99.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high-grade proved reserve for silica, but its novelty is low as it is a re-statement of a historical estimate from 2022. - Positive factor: High grade silica content - Positive factor: JORC compliant estimate - Positive factor: Proved Reserve classification - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 99.5 Context: 0.8 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-56) Arrowsmith North · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:8a664fc9dd3c0aa9a54d #### Resource Data - Category: proven - Tonnes: 800000 - Grade: 0.25 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.25 Context: 0.8 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-57) Arrowsmith North · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:8a664fc9dd3c0aa9a54d #### Resource Data - Category: proven - Tonnes: 800000 - Grade: 0.07 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.07 Context: 0.8 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-58) Arrowsmith North · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:8a664fc9dd3c0aa9a54d #### Resource Data - Category: proven - Tonnes: 800000 - Grade: 0.05 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.05 Context: 0.8 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-59) Arrowsmith North · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:8a664fc9dd3c0aa9a54d #### Resource Data - Category: proven - Tonnes: 800000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.1 Context: 0.8 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-60) Arrowsmith North · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9a56273ed4d70028921e #### Resource Data - Category: proven - Tonnes: 3900000 - Grade: 99.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high-grade proved reserve for silica, but its novelty is low as it is a re-statement of a historical estimate from 2022. - Positive factor: High grade silica content - Positive factor: JORC compliant estimate - Positive factor: Proved Reserve classification - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 99.5 Context: 3.9 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-61) Arrowsmith North · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9a56273ed4d70028921e #### Resource Data - Category: proven - Tonnes: 3900000 - Grade: 0.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.5 Context: 3.9 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-62) Arrowsmith North · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9a56273ed4d70028921e #### Resource Data - Category: proven - Tonnes: 3900000 - Grade: 0.06 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.06 Context: 3.9 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-63) Arrowsmith North · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9a56273ed4d70028921e #### Resource Data - Category: proven - Tonnes: 3900000 - Grade: 0.05 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.05 Context: 3.9 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-64) Arrowsmith North · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:9a56273ed4d70028921e #### Resource Data - Category: proven - Tonnes: 3900000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.1 Context: 3.9 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-65) Arrowsmith North · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:903bffd411b79ab98d53 #### Resource Data - Category: proven - Tonnes: 2700000 - Grade: 99.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high-grade proved reserve for silica, but its novelty is low as it is a re-statement of a historical estimate from 2022. - Positive factor: High grade silica content - Positive factor: JORC compliant estimate - Positive factor: Proved Reserve classification - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 99.2 Context: 2.7 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-66) Arrowsmith North · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:903bffd411b79ab98d53 #### Resource Data - Category: proven - Tonnes: 2700000 - Grade: 0.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.5 Context: 2.7 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-67) Arrowsmith North · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:903bffd411b79ab98d53 #### Resource Data - Category: proven - Tonnes: 2700000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.1 Context: 2.7 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-68) Arrowsmith North · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:903bffd411b79ab98d53 #### Resource Data - Category: proven - Tonnes: 2700000 - Grade: 0.05 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.05 Context: 2.7 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-69) Arrowsmith North · loss on ignition Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: loss on ignition - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:903bffd411b79ab98d53 #### Resource Data - Category: proven - Tonnes: 2700000 - Grade: 0.1 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.1 Context: 2.7 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-70) Arrowsmith North · silica Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: silica - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:80fc758c1c795892bcd9 #### Resource Data - Category: probable - Tonnes: 24200000 - Grade: 99.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a high-grade probable reserve for silica, but its novelty is low as it is a re-statement of a historical estimate from 2022. - Positive factor: High grade silica content - Positive factor: JORC compliant estimate - Positive factor: Probable Reserve classification - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 99.5 Context: 24.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-71) Arrowsmith North · aluminium oxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: aluminium oxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:80fc758c1c795892bcd9 #### Resource Data - Category: probable - Tonnes: 24200000 - Grade: 0.25 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.25 Context: 24.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-72) Arrowsmith North · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:80fc758c1c795892bcd9 #### Resource Data - Category: probable - Tonnes: 24200000 - Grade: 0.07 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.07 Context: 24.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vrx-annual-report-to-shareholders--f8e5a580-1743-4a7e-a974-10643be1e730#fact-resource-facts-73) Arrowsmith North · titanium dioxide Historical result Needs review: historical\_restatement #### Identity - Project: Arrowsmith North - Commodity: titanium dioxide - Region: australia\_wa - Reported Region: Western Australia - Ticker: VRX #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: David Reid, David Williams, Grant Louw, Andrew Scogings, Steven Hoban, Quinton de Klerk - Resource group id: resource:80fc758c1c795892bcd9 #### Resource Data - Category: probable - Tonnes: 24200000 - Grade: 0.05 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-11T00:00:00.000Z #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a minor component of the reserve, and the estimate is a re-statement of historical data. - Negative factor: Estimate is unchanged from previous year - Negative factor: Estimate is historical \(from 2022\) Evidence · table > 0.05 Context: 24.2 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.