Ann: Arrowsmith North Offtake, page-4

Importantly, this maiden term sheet vindicates VRX’s strategy to take our time to ensure production of a highly sought-after product and to secure the right customers for our silica sand.

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VRX cautions that the term sheet is non-binding and subject to conditions. Detailed testing of sample product and negotiations to date that have culminated in the execution of the term sheet give VRX a reasonable basis to believe a binding offtake agreement will be entered into in the future, however there can be no certainty that a binding agreement will be reached. Further, there can be no certainty that any conditions precedent to any such binding agreement will be satisfied. While today’s announcement of the term sheet is a significant development for the Company, investors are nonetheless cautioned against placing undue reliance on the term sheet.

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In copy/pasting the above - I am still happy that its an update and means there are suitors for the product and we have some lab testing results from a potential customer.

I'll take it as positive but it does not change my sentiment about voting against director options.