Ann: $6m Funding Agreement For The Sale of Kanmantoo Royalty, page-58

With all due respect VYR I don’t think I have ever mentioned the MC51 whatever we got out of that was a bonus.

In regard to Lachlan I think if you read my last couple of posts you will see my criticism is of the lack of investor relations and the robustness that Lachlan has maintained.

What we have seen is it isn’t robust enough to handle a 15% copper drop. Yes spitfire and other resource are a positive but I think we all thought it was already a pretty good thing and had factored in likely resource upgrades, personally I think this new line whist valid is secondary.

To not let us know that things have changed and FID would be delayed was a major fail given the significance of the announcement, it has left us all speculating and opened the door to downward pressure on the sp. We still are left guessing.

An example of good investor relations is LTR they were negotiating an off take agreement with end of May as the timeline, before that time elapsed they let investors know things were progressing but announcement would be delayed one week. This gave confidence to shareholders and protected sp from dropping on the doubt that would have occurred if the announcement was not delivered on time.

In our case a far more significant announcement didn’t happen and we still don’t know when it will, that’s simply not good enough. As an investor I think it’s reasonable to be kept informed simple.

My timeline without information from management is a guess.

We do some more drilling over next couple of months assays will be announced late this year and into early next year, a new mine plan formulated and presented for finance options with a FID mid 2023. If all is good six months to production early 2024, Lachlan has mentioned a bigger mine plan combined with rising costs I would expect increased finance so perhaps payback advances to 12 months early 2025.

Six months debt free first dividend announcement end of 2024/2025 financial year payment September 2025.

Pure speculation be great if it’s before then but this is my day job so have to make calls without emotion. Nothing personal against Lachlan but you wear the hat you gotta take the heat.

Sold a few today but it’s still a 90k holding if that’s sidelines for you then I am obviously in a totally different league.

Good health and good fortune to you.