Below attachmt from March Qtr 2022 [ATTACH] Above indicates...

Below attachmt from March Qtr 2022

Above indicates commencement of Underground feasibility Study, also Met Drilling completed.

Below June Qtr Above could imply the Feasibility Study is ongoing and more consultants have been engaged over period Mar to June to expedite completion of study, or so you might think.

Below from Sept Qtr
Above says UFS is ongoing, this means it is 6 months since commencement, however it is clearly stated that
"more cost effective and gravity driven operation nearing completion"

Below from Dec Qtr
Above talks to RE's at Mt Lindsay, more importantly the UFS is still ongoing 9 months later, however the gravity driven operation part of the study (which was "nearing completion" in previous Qtr) is still "nearing completion".

So 3 months later that part of the study still not complete when it had been said it was nearly complete 3 months earlier. You might think that VMS might elaborate on what the hold up was, because the statement made in the Sept Qtr was un-true.

We are now nearing 12 months of work on the Underground FS,( it should be remembered that an FS was completed previously for an open cut mine at Mt Lindsay), then we have the ongoing shambles that is the Riley IO project why have we gone back to dry screeening after installing a costly wet screen which held up the Project several months - there has been no proper explanation, this is the manner in which AR and this BOD treat you, I would call their attitude contemptuous.

It should be remembered that in fact VMS have had to deal with an enormous amount of grief over the ongoing Green activism on their Mt Lindsay/Riley projects, but everyone involved in mining these days now know you have to jump through piles of red and green tape - the thing is AR is being paid too well not be a much better operator than his performance is clearly indicative of, and that is as simple as this - there are NO results - he is not generating any value whatsoever - rather to the contrary, he is actually over a long period of sub par performance, delivering a smashing to the value of your investment.

Regardless of Green activism, Radjonic and the present Board are not getting it done, the remuneration package was approved at last AGM after being struck down at previous AGM - which is one of the great mysteries to me. Moving on, AR has to go, the remuneration package has to be struck down again, and really an EGM should be called to bring to light SH disquiet regarding current management direction.

They are serial wasters of money, and need to be put on notice. IMO we are at a point where a really promising asset is now endangered, and it is time to get active.