Ann: Chalice commences EM program on Julimar lookalike target, page-54

FFailings: You do realise "CHN" are 2 years off developing a Mine, with 345 million shares on issue ....They just issued more to buy land....They
also will issue over the next 2 years to pay back $30 ml in loans, not withstanding they will pay for 2 more years of development......By the time
they go into production they will have at least 1.2 billion shares on issue......We currently have under 1.2 billion shares on issue.....We will not be subject to any future Capital Raises......And when and if "CHN" do commence a Mine they will need at least $80+ million or have they planted some trees to grow this........Come back to me in about 6 months and we will see what is happening.

The big difference is:"CHN is funded for Drilling" / "VMS is funded for production and plenty of Drilling.".....Shares on issue are not relevant to a producing Company plenty of companies to prove this.