Ann: Application for quotation of securities - VRX, page-16

There really isn't anything sinister going on. The share price rocketed on retail hype assuming that ML's were the last barrier to construction (I'll put my hands up as guilty as charged) with off takes imminent

Now we see a linear decline as people get bored and move on. Especially as
1. Offtakes are clearly not imminent and most people think they are coming after EPAs
2. EPA are probably months off, so taking money out for a while is relatively low risk

The other thing to consider is knowing what we know now. It's highly fair to say 40c was overprices at that stage.

In glorious 20/20 vision 30c was probably a better "fair value" and had it stopped there, i think we would have seen a lesser decline as I can't blame people for jumping ship with a chart like that.

I think it's over adjusted. I'm well into the green. I see this as dollar stock in 24 months. The fundamentals, if anything have improved.

I think the competition coming into the rearview mirror is a good think. Both companies together can't fulfil the product/supply gap. Both can help raise the profile of the Australian silica industry and lobby for government support.