VRX Silica (ASX: $VRX) cost control measures announcement

VRX Silica Limited (ASX: $VRX) has completed a top-down review of corporate overheads and expenditure, resulting in the reduction of director fees and salaries by 50%. The company aims to preserve capital as it progresses through the final stages of the environmental approvals process for its Arrowsmith North Silica Sand project. VRX is well-funded following a recent fully underwritten entitlement offer and expects these cost control measures to remain in place until the completion of the approvals process.

VRX Chairman's commentary on cost control measures

VRX Chairman, Paul Boyatzis, stated, 'Pleasingly VRX is through to the final stages of the environmental approvals process for Arrowsmith North and management continues its dialogue with both State and Federal authorities to complete this process. Shareholder frustration at industry-wide delays in the approvals process is evident and understandable, and the Board thanks shareholders for their continued support and patience.'

Summary of VRX Silica's cost control measures and outlook

VRX Silica Limited (ASX: $VRX) has implemented significant cost control measures, including a 50% reduction in director fees and salaries, to preserve capital as it progresses through the final stages of the environmental approvals process for its Arrowsmith North Silica Sand project. The company aims to ensure it is best positioned to advance the project into development and production. VRX is well-funded following a recent fully underwritten entitlement offer and expects these cost control measures to remain in place until the completion of the approvals process. With its projects at Arrowsmith, Muchea, and Boyatup in Western Australia, VRX is actively addressing the growing supply shortfall of silica sand in the Asia-Pacific region, positioning itself as a key player in the industry.