potentially significant upside, page-3

I noted that the major shareholders listed in the last announcement were mostly institutions gaining an early entry into this as part of their balanced funds, rather than any particular interest from other graphite producers or end buyer groups. There has certainly been a lot of trading on some days, but clearly via institutions following guidance by Pattersons review and similar, rather than strategic buying within the industry. Hopefully that pattern will continue as all stages of production are in place, buyers lined up, and a positive income flow is established. It would have been good to know the volume of their recent sale, to see if it was just a bag or two to test out or a commercially viable quantity. I guess time will tell. Meanwhile i suspect VXL will trade within a fairly narrow band until more progress or sales announcements spark further interest.