I've been in since 2012 and have a very similar story.
It's often said and accepted as a truism that success is a combination of good work and good luck. And yet, people rarely accept the other side of the coin, namely that failure is often a combination of good work and bad luck.
I have a background in elite sport and I can see the same dynamics at play there. Everyone works hard to be the best, and yet those that ascend the heights are invariably those who have enjoyed good fortune at a crucial moment. Yes, they still have to capitalise on that good fortune, of course.
I concede that the management at VMS have not always acted perfectly, especially regarding the announcement and meeting of project deadlines. But any reasonable analysis of what has happened to this company must heavily weigh the abysmal luck and timing that has dogged it from the outset. Tin price cycles, IO spikes, surge in shipping prices, endless abuse by BBF "lawfare" at the feet of a toothless legal system etc.
I defy any management group to be faced with such a cluster^$#k of circumstances and come out smelling like roses at the other end.
Having said that, this is as positive as I've felt about the company's prospects since the "Big Wilson" holes were drilled in 2012. Time will tell.
GLTALTH.
VMS Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
(20min delay)