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Highlights
- VRX has implemented cost-saving initiatives following a comprehensive review of corporate overheads and expenditure.
- Director fees and salaries have been reduced by 50%.
- Costs control measures have been implemented across exploration activities, project development costs, personnel, and corporate administration.
- Environmental approvals process for the Arrowsmith North Project is nearing completion.
VRX Silica Limited (ASX: VRX) has completed a thorough review of corporate overheads and expenditures subsequent to a fully underwritten entitlement offer of AU$2.46 million. The company has implemented significant cost-saving initiatives across its operations.
Notably, fees and salaries of directors have been reduced by 50%, and stringent cost control measures have been introduced across non-critical exploration activities and project development costs, personnel, and corporate administration. These initiatives are effective immediately.
Focus on Arrowsmith North Silica Sand project
The company remains dedicated to advancing the environmental approvals process for its Arrowsmith North project, which is now in its final stages. Management continues to engage with State and Federal authorities to finalise this process.
VRX has indicated that these cost control measures will remain in place until the environmental approvals process is concluded.
VRX shares trade higher
VRX shares traded at AU$0.048 apiece, up over 6.6%, at the time of writing on 14 June 2024.
