Ann: Entitlement Issue Closed, page-17

Unfortunately, there may be some good reason as to why some holders have been dumping their shares at such a low price.

Last week, a number of French websites reported on a speech by President Macron on the 20th of June, in which he confirmed that there would be no mining in Brittany. He specifically singled out Variscan in the speech:

 ...Il n’y aura pas de projet dit de Variscan. Il faut être très clair pour donner une pleine visibilité aux élus. Nous sommes engagés pour qu’il n’y ait pas de projet poursuivi...

I don't like to sound overly critical, but perhaps it might be reasonable to expect that ideally, shareholders should have first heard of this news in announcement released by the company, rather than from the President of France?.

I agree with what others have said about the company being undervalued at current. Having said that, I can understand why some holders would be disappointed by this news. It can be difficult to get mining permits in Europe, and the permits held by Variscan in Brittany were particularly promising.

I don't have anything against Chile, but most shareholders in this company invested in this company because it was focused on Europe, and France in particular. There are numerous other listed Australian companies focused on Chile already, and so if the management now intend to focus on this country instead, they are going to need to work a whole lot harder than they have in the past if they expect to stand out from the crowd and attract new investors.