VRC short term achievement summary, page-14

OK thanks will appreciate the calcs and just calling 10, 20 and 40 bagger isn't really ideal here.

All the numbers I used are in the PFS which should give you all details you need to go through it. I myself didn't pay close enough attention when I held VRC. I thought flake distribution was the best too but now I'm not convinced all things considered. It's not that they lied, but more so just selective wording i'd say to project across what seemed to be the best flake distribution but the best results came from the smallest resource areas (ie South not north). Being that Nam North holds most of the graphite, it is also where the flake distribution should come from. You can't pick out the best flake distribution from one area and apply to it the whole resource.

Will appreciate input from anyone else on their opinions here too. Compare PFS's to other companies and i'm not just talking about NPV. NPV is all well and good but if the resource grade is lower, flake distribution is lower and opex is higher, it isn't that attractive.

Why to the other holders here is VRC the best? This is a genuine question. Don't quote $7,000 per tonne super jumbo forecast prices as these are not guaranteed and don't quote forecast graphite demand as that will effect all graphite stocks not just VRC.

I think if you're going to use numbers, use them from the PFS as it is the most up to date and detailed numbers from VRC and the SP has declined ever since.