The "Negative Nutters" whose one joy in life is to bait VRC shareholders with their incessant posts about VRC's lack of funds, have predictably pounced on the quarterly report to vindicate their vile views on the company!
But shareholders have known for months that the company has a lack of funds, even Mr Kabunga would know that as well, so the report did not come as a surprise to anyone! There are many other types of mining companies on the ASX, which haven't begun mining, yet are heavily in debt, and in a far worse position than VRC. In fact, VRC has only a $1m debt, but has up to $4.5m coming in from the conversion of their options in December.
Sure, there will be funding needed in the future for the mine to be established, but it is not the panic stations that the nutters are trying to make it seem. In fact, VRC has been trading in the range of 3.4c to 2.6c for 5 months now! After all, it is the Market that determines the sp and there is no panic shown in the market. There is huge support for VRC at 2.6c and buyers today at 2.7c.
As many posters have commented, the demand for Graphite is going to be huge over the next 2 to 5 years. VRC doesn't have to be the biggest or the best Graphite mining company, all it has to do is to grab a share of that demand, sell some Graphite ore and make a profit. It is incomprehensible that VRC can't achieve at least some graphite sales!!! And when it does lock in some BMOUs, and start selling its ore, then the sp will rise significantly!
I maintain my strong belief that VRC will become a successful mining company with a significantly higher sp at some point in the future!
GLTA VRC holders.
VRC Price at posting:
2.8¢ Sentiment: Buy Disclosure: Held
