Surprise! Half Yearly Accounts for the period ending 31 December...

Surprise! Half Yearly Accounts for the period ending 31 December 2021 are released after hours. Any reasons why?

Key takeaways:

· Venture continues to review all key drivers of the economics of Riley, including the recent strengthening of the Platts 62% Fe coupled with the high discount rates for the low grade Super Special Fines product and volatility in the shipping market with prices still very high in comparison to feasibility levels. So, what are the feasibility levels referenced here? The company continues to keep shareholders in the dark - what price is required for work to resume (both in terms of Fe and shipping)?

· For the period reporting 31 December 2021, the proceeds of $4,721,646 from sale of first shipment of 45,632 tonnes which were shipped in September 2021, has been offset against the cost and expenditure incurred under the development phase of $9,975,500. This speaks volumes on capability and leadership, as well as the ability of management to effectively manage our finances and resources.

· The net operating loss after tax for the half year ended 31 December 2021 was $13,469,472. The loss for the period includes impairment of property, plant and equipment and mine development expenditure of $4,558,735 and $5,788,347 respectively. In addition, $1,504,575 (2020: $1,128,315) in exploration and evaluation expenditure was recognised during the half year.

· During this time, VMS completed 2 placements and a Share Purchase Plan:

o On 28 September 2021, the Company completed a placement under the Acuity Capital Facility for $3.315 million through a placement of 51,00,000 fully paid ordinary shares at an issue price of $0.065 per share.

o On 17 December 2021, the Company completed a placement for $4.25 million to sophisticated, professional and institutional investors through a placement of 118,055,556 fully paid ordinary shares at an issue price of $0.036 per share.

o The Company issued 166,666,302 shares as part of the Share Purchase Plan.

o From these figures, in total, the company issued 335,721,858 shares over this reporting period – are any shareholders genuinely concerned with dilution?

Where are the timelines? What figures are referenced in the feasibility study? The same issues continue to arise. Plenty of “long-term” investors appear present on this forum. For seasoned veterans, have you fully considered opportunity cost?

All the best.

Sweetshekels…