Ann: Market Update, page-2

Highlights:
• Additional silica sand samples sent to potential offtake
partners
• Interest for VRX silica sand products remains incredibly strong
• Sale and IPO of Biranup Project expected to complete Q1 2021
VRX Silica Limited (VRX or Company) (ASX: VRX) is pleased to provide
an update on its progress for securing offtake and financing for its
Arrowsmith North Silica Sand Project.
Interest from potential customers remains incredibly strong, with silica
sand samples shipped earlier this month to eight new potential
customers.
VRX’s Managing Director, Bruce Maluish said, “VRX is in an enviable
position as we continue to engage with potential customers in South
Korea, Japan, Philippines, Malaysia and Thailand. Demand is growing
for high quality silica sand products across south-east Asia whilst the
supply-side continues to be squeezed.
“Despite the inevitable slowdown earlier this year due to COVID-19, most
organisations in south-east Asia we are engaging with have expressed
positive sentiment towards stimulus spending and growth in construction
in general across the region, and are gearing up their operations for 2021
and beyond.
“VRX has received a tremendous level of interest for offtake from both
our Arrowsmith North and Muchea projects, and we are much closer to
selecting our first offtake partner to underpin development. We expect to
agree terms in early 2021.”
The Company has also continued positive engagement with potential
debt financiers for the projects, with interest received from groups based
in Australia and overseas.