Environmental Approval As part of the environmental approvals...

Environmental Approval

As part of the environmental approvals process for the grant of a Mining Permit at the
Arrowsmith Projects, the Company continued to compile the necessary data to support the
Environmental Referral Document (ERD) referrals to the Federal Department of Agriculture,
Water and Environment (DAWE) and the State Department of Water and Environmental
Regulation (DWER). The Company and its environmental consultants held pre-referral
meetings with representatives from DWER and received comments regarding further
requirements for the referral. Pre-referral meetings with representatives from DAWE and the
DWER provided valuable feedback regarding requirements for these referrals.

During the half-year period, VRX submitted a formal Environmental Review Document to
DAWE for assessment under the Environmental Protection and Biodiversity Conservation Act
1999 (EPBC Act). DAWE responded with a determination that Arrowsmith North was a
controlled action subject to assessment by DWER and approval under the EPBC Act before it
can proceed.

In October 2020, VRX submitted a draft ERD to DWER with comments returned in November
2020 requiring further clarification in the formal ERD and follow-up work and consultation.
VRX anticipates submitting its formal ERD to DWER in March 2021 as part of the process to
secure environmental approvals for the development of Arrowsmith North.

Since the end of the review period, in February 2021 VRX received approval to conduct a trial
rehabilitation program over 7,200m2. VRX proposes to trial and video a front-end loader to
establish the capability of removing and replacing sods of topsoil as proposed in our mining
and rehabilitation methodology. The front-end loader will be equipped with a standard sand
bucket, not the proposed modified bucket. The trial will be undertaken between late March
and April 2021.

In parallel with the environmental approval process, the Company will seek approval for its
Mining Proposal and the issue of a mining permit from the Department of Mines, Industry
Regulation and Safety (DMIRS).