Ann: Application for quotation of securities - VRX, page-21

Jnene- That's been my thinking since I first bought into VRX. They have the real
possibility of becoming the Fortescue equivalent in the silica sand market.
The BFS's for the three mines give the C1 cost as around A$30/tonne,
and they assumed a very conservative ~A$52/tonne sale price. But the
99.9% 80ppm Fe sand from Muchea can fetch A$180/t-$240/t in Japan
and S.Korea, which is exactly where VRX are trying to target right now.
These sand prices are also on a steady rise year on year, so the longer
they leave the offtake decision, likely the higher the sell price will be.
These numbers and profit margin are almost identical to what would be
achieved by a very efficient iron-ore miner in the current IO boom.
I think I recall Fortescue's cost to extract IO is ~US$15/tonne.
Bad comms aside, the basic numbers really do stack up for VRX.

All IMHO, DYOR