Ann: Annual Report to shareholders, page-12

110% true "pa"... as eg I was the one who invested first into VMS @$0.20 ...to enjoy L/T endowment of the World CLASS Critical and soon Strategic TIN/Tungsten deposit (it was already valued by the "market" @$150 M based on much weaker prices of the Tin and Tungsten)...
With time I came into conclusion that my money would work better with a mix of Tin/Tungsten than Tungsten only so I have transferred the most of funds from stale Tungsten only hopeful into VMS... (today they are o/night sensation after 20 years of struggle and mostly on the brink of the collapse if not for the L/T believers plus O/S injection of funds)...
Since quite a few excellent moves of our management to spread out multi-commodities potential... I have increased my holding to a level I have never dreamed initially...
If we expand further the Mt Lindsay resource, the Riley came back to production in inevitable future demand for I.O... and if we only will be successful on any of the 5 projects in W.A. ... "the world is our oyster" (despite seemingly never ending disruptions from selling flickers / funds providers like Republic (selling the stock for 5 years and Delphi for the last 2 years flogging off their 50 mln shares, etc)...

It is never easy to morph from a successful explorer to a producer ... it takes years (on average min 8 years +... and some $Bln worth explorers like DEG or Chalice are nowhere near production...), but if we only will be lucky to confirm the company maker deposit in WA... we may end up with 3 company makers... and while at least 12 other hopefuls are trying to repeat the Chalice success... The Chalice is only chasing our company prospective tenements exploration to the tune of $3.7 M exploration outlay!... Are they silly?
DYOR ... while reading the latest comment of the experienced analyst Bevis Yeo regarding:

These 12 ASX explorers are betting that Julimar ‘nearology’ is more than just a common post code
Julimar nearology plays are betting that their projects share more than just the same post code with the breakthrough discovery

Chalice Mining’s (ASX:CHN) March 2020 discovery of the Julimar PGE-nickel-copper-cobalt deposit near Perth has been one of the most significant finds across Australia in recent years.

The first hole returned a 19m intersection grading 2.59% nickel, 1.04% copper, 8.37 grams per tonne (g/t) palladium and 1.11g/t platinum from a depth of just 48m in a greenfields region – an area that is largely unexplored – and was promptly followed up by a slew of successful results that firmly established its significance.

This proved to be a winner for Chalice, which saw its shares soar from 15c to the current price for about $6.40 per share and a market capitalisation of $2.49 billion.

There are multiple reasons for this meteoric growth.

Firstly, Julimar is a big discovery that would not be out of place in the portfolios of major miners.

While no resources have been declared to date – you likely have to wait until early in the fourth quarter – exploration to date has identified 12 high-grade zones with significant strike lengths at depths of between 25m to about 500m below surface.

The broader 1.8km long, 0.9km wide and 0.8km deep Gonneville Intrusion and 10 of these zones remain open, meaning that further exploration could well increase the size of the already hefty discovery.

Adding interest is the magic mix of commodities, most of which are currently in high demand in the battery metals sector.

Lastly, there is a certain prestige that comes from making a play opening discovery, a distinction that Chalice shares with De Grey Mining (ASXEG) and its giant Hemi discovery.

Prior to Chalice joining all the dots and making the Julimar discovery, the West Yilgarn Craton was an exploration desert due to extensive transported cover that impacted on geological mapping.

Nearology and why it may or may not matter

It is this last point that has seen junior companies scramble to pick up ground in the region in the hopes that ‘nearology’, basically being near a big discovery, would work in their favour.

This is a mixed bag at the best of times.

While they have been some successes, there have also been some notable failures as explorers trying to find deposits near DeGrussa or Nova can attest.

Investor response has also been varied with some companies performing better than others. Here’s a look at what they are doing and how they have performed in the past six months..."

Etc,etc... the 12 contenders listed did not include VMS - the holder of the most attractive tenements for Chalice! (I won't quote them as it is more or less every man and his dog in the exploration field)

GLTArealH