Ann: Colossus Cupim South Step-Out Drilling Yields Best Results, page-90

The difference between insto investment vs speculators is why the sp is currently lagging. The valuation is based on future potential high grade discovery not on what it has now. Vmm needs to show that it has the profile to improve on Mei. We can assume metrics but a scoping study which has the greatest room for manipulation has deliver a significantly higher than expected capex along with a higher than expected opex. Now Vmm is aware of the need to prove up the 4000 ppm category. We can speculate on the spot price, and we can acknowledge these prices are near the lows, however a tier 1 still needs to prove higher value at current spot prices. This is the challenge Vmm must meet. The acquisition at cupim south today, whilst not significant, indicates the direction of Vmm. It is bloody painful the sp deteriorating to such levels however the support for Vmm is low at the moment. Let’s hope the metrics keep getting proven up.