Ann: Trading Halt, page-130

Answers imo to your particular quotes below...

Quote 1.
"The first milestone was 170ktpa, complete fail."

Wrong again! Please send us a link to where 170ktpa has been cancelled? In my opinion they revised the strategy in order to achieve this milestone by doing in 2 stages, being able to get to production earlier with a smaller scale plant, in order to hit the ground running and then expand to 170ktpa which has not been cancelled to my knowledge.

Quote 2.

"Now VRC is chasing only 20ktpa but you don't know if it will make money and you only have offtake for 1ktpa."

Wrong for long term! The 20ktpa is a startup, not for life of mine, and none of us investors (including non holders bearing a grudge) know the details on the quoted scoping study or revised feasibility for q1 next year. Their offtake deals are a mixture of binding for 5000 tonnes for 5yrs and rest of supply to become binding for the other detailed offtake term sheets soon.

Quote 3.

"But what concerns me most is you don't appear to have any issue with needing another CR only 5 weeks after the company told you the $1 million loan would be sufficient working capital to last until the end of 2017. Wake up!"

They obviously thought they would have the project funding in my opinion. Why else would they only have raised 1m, why not 3m? I think that was telling in itself. I wasnt overjoyed at the news of a cr but as they havent released details on that yet, will wait to hear how to hop onboard that to get further shares. Pending news on project finance will be a gamechanger as others have stated.

Quote 4.

"And by the way, VRC are actually broke today."

Please send me the link to state they are broke or to that announcement?

Last time I checked their qtrly they still had cash in the bank, but had not stated the funds from that 1m convertible note as it had obviously hit the next qtrly, plus we dont know what other credits or perhaps conversion of options they may bring to the fold.

Quote 5.

"They basically have no cash and a debt of $1.1 million plus contingent liabilities of approximately $700k in payables and $700k to keep the project in good standing this year."

They have the $1m from the convertible note and who knows what other credits or conversion of options they may also receive, plus whatever details emerge of the upcoming cr and funds raised there. Plus any project funding news they may come out with as theyve stated about the negotiations in previous announcements, which will be a gamechanger.

Quote 6.

"You can argue all the semantics you like but non holders have called this correctly and VRC is down nearly 90% from its highs."

To date the only factual predictions have been on sp falling and it doesnt take a rocket scientist to know they need funding. They basically have the supply sorted (yes detailed offtake term sheets to become binding soon). This will all be turned around and derisked in my opinion on the back of a project finance news announcement, then its full steam ahead to production!