VRX Silica Announces Director Paul Boyatzis’s Departure and Final Interest Disclosure

Paul Boyatzis Officially Leaves VRX Silica Board on 30 June 2026

On 30 June 2026, VRX Silica Limited confirmed that Paul Boyatzis formally ended his tenure as a director on that date. This triggered the mandatory lodgement of an Appendix 3Z – the Final Director’s Interest Notice – as required by ASX Listing Rule 3.19A.3. The notice provides a final record of Boyatzis’s interests in the company’s securities at the time of his departure, ensuring transparency for shareholders and the market.

Boyatzis’s previous notice date was also 30 June 2026, indicating his final interest disclosure coincided with his board exit. VRX Silica has not specified the reasons for his departure, whether resignation, retirement, or term completion. Investors seeking further details may need to await additional company communications.

Indirect Holdings Through Lesuer Lesuer Pty Ltd Superannuation Account

The Final Director’s Interest Notice reveals that Boyatzis held no securities as a direct registered shareholder. Instead, all interests were held indirectly via Lesuer Lesuer Pty Ltd under the PMB Super Fund account, with Boyatzis as the beneficiary.

Holding securities indirectly through a self-managed superannuation fund is common among Australian directors, allowing investment assets to be held within a tax-advantaged structure. Such beneficial interests must be disclosed under the Corporations Act and ASX Listing Rules.

6.8 Million Ordinary Shares Constitute Boyatzis’s VRX Silica Stake

Boyatzis’s indirect beneficial interest included 6,800,000 ordinary shares at the time of his departure, reflecting a significant holding aligned with VRX Silica’s long-term equity story as a silica sand developer.

The filing does not clarify whether Boyatzis plans to retain, sell, or otherwise manage these shares post-departure. As a former director, he is no longer subject to continuous disclosure obligations on security dealings unless other statutory thresholds are met. The company has not disclosed his intentions regarding these shares.

Two Option Tranches Highlight Boyatzis’s Incentive Exposure

The notice also details two option tranches held indirectly through the same superannuation vehicle: 3,000,000 options expiring 31 December 2028 with a 15-cent exercise price, and 300,000 options expiring 30 June 2028 at 10 cents per share.

If exercised fully, these options could convert into an additional 3,300,000 ordinary shares. Whether Boyatzis retains the right to exercise these options after leaving the board depends on VRX Silica’s option agreements, which were not disclosed. Typically, option rights for departing directors are governed by plan terms that may include lapsing provisions upon cessation.

Exercise Prices Reflect VRX Silica’s Historical Capital Structure

The 15-cent and 10-cent exercise prices provide insight into the price levels when these options were granted, often near or above the market price at grant. These details may interest investors monitoring VRX Silica’s share price movements and potential dilution if options are exercised. The immediate market impact of this director departure was not evident from public information. Investors should compare these exercise prices with VRX Silica’s current ASX trading price to assess option status.

No Direct Registered Holdings or Contract Interests Declared

Part 1 of the Appendix 3Z, which records direct registered securities, showed no holdings for Boyatzis, confirming all exposure was indirect via the superannuation vehicle. Part 3, covering contractual interests, was marked "not applicable," indicating no outstanding contracts requiring disclosure at departure.

Importance of Appendix 3Z Filings for Market Transparency

The Appendix 3Z Final Director’s Interest Notice is a regulatory requirement under ASX Listing Rules and the Corporations Act 2001. It ensures that when directors leave, their final security interests are publicly disclosed, providing shareholders with a complete and accurate record of their holdings at exit.

VRX Silica’s lodgement of this notice is a standard compliance action. However, the details on holdings and ownership structure offer valuable context for investors assessing director alignment, potential share supply from the departing director, and governance changes within the company.

Governance and Board Implications for VRX Silica

Paul Boyatzis’s departure marks a change in VRX Silica’s board composition. The Perth-based company focuses on advancing high-purity silica sand projects in Western Australia, with its board playing a critical role in project development, capital raising, and potential partnership negotiations.

The company has not announced plans to appoint a replacement director following Boyatzis’s exit. Investors and market watchers will likely monitor for updates on board refreshment or new appointments with relevant expertise. Maintaining a well-composed board is essential for ASX-listed developers navigating project execution and revenue generation.

VRX Silica’s Silica Sand Development Remains Core Investment Theme

VRX Silica Limited continues to focus on its silica sand projects in Western Australia, including flagship assets Arrowsmith North and Arrowsmith Central. High-purity silica sand is vital for industries such as solar panels and semiconductors, sectors gaining investor interest amid the global energy transition and technology supply chain diversification.

While this update is primarily administrative—documenting a director’s departure and final interest disclosures—it contributes to the company’s broader public record. Investors tracking VRX Silica’s progress on project milestones, offtake agreements, or capital initiatives should watch for further announcements that may impact valuation and development timelines.