Ann: Vulcan responds to disinformation in online report, page-193

Lots here missing the elephant in the room. Based on PFS, this project is the highest capital intense project ever, so one would expect it to attract more attention/scrutiny, before more capital is deployed.

I have read the initial and second response from VUL management, which I found disappointing, in that they did not address each point J Cap raised in detail, leaving things up in the air. Why leave things floating, well I believe management are caught between a rock and a hard place, given the proposed tech is still unproven, nothing out there to apply "reasonable" comparison analysis, thus potentially blind on both development and operating costs.

Maybe management could prepare a revised PFS, providing a broader range of assumptions to highlight any execution risks, if flow rates, recoveries, and successful drilled wells don't come in as assumed in the January PFS.