Ann: Riley Mine - Update Following Completion of First Shipment, page-389

From the 4C quarterly cashflow report for the June quarter

Total available funding (cash and cash equivalents as at 30 June 2021 $9.48m

The number of quarters’ cash available as at 30 June2021 2.85 quarters

Unused finance facilities available at quarter end Nil

From the announcement on Friday 18^thSeptember Shipment of45,632 tonnes of iron ore

Venture will receive approximately A$5.1m (AUD:USD $0.735) in the next fortnight
under its offtake agreement.

Less: Shippingcosts “shipping rates tripling from US$18 per tonne

since the Feasibility Study to around US$54 per tone”.

$US54/tonne X45,632 tonnes= $US2,64,128 = A$3,352,555 (AUD:USD $0.735)

Less: Mining and transport costs ???????????

They likely would have lost $ on the first shipment.

They don’t have any further income.

They are retaining up to 100 staff at Riley. Even if some of these are contractors and not employees how do you “retain” contractors without paying the contractor a retainer.

They are spending more $$ on optimization studies in the hope of lifting IO grade.

We are almost through the September quarter.

Based on the June quarter VMS would probably now have enough cash for 1.85 quarters except it has likely lost money on the first iron ore shipment.

It’s very much a question of when will they run out of cash and how will they raise further cash.