Ann: Chalice commences EM program on Julimar lookalike target, page-59

Excellent work @Boen747.

I was the throughput analyst for one of the iron ore majors and these numbers look great. (Even greater when the iron ore price just hit record high again.)

From a production perspective 1Mtpa is like a baby. An iron ore ship is typically 40kt to 100kt. Hence the production risk should be lower and this should also provide them enough time to ramp up as they only need to sail about 10 to 25 ships a year to meet target.

IMO, the current market cap only reflects the iron ore production. With record tin and record copper price, the market cap should be well above $200m. I also like the managing director's tone in one of the interviews. He interrupted the interviewer and gave the story of Billiton, who's root is also from tin. This is a subtle hint about VMS's ambition.