Ann: Investor Webinar Presentation, page-19

I entered VMS early September based on Riley mine and potential for early cash flow and subsequent share price growth. August presentations talked about shipments early as next month and a completed placement to fund the wet screening plant.

It's now Mid November with no major traction at the mine (some dry product and haulage tender completion). Shipments are now scheduled for March 2021 and discussions of finance for the wet screening plant are still ongoing.

Another consideration is that iron ore price is $125 USD for 62%FE. The product at Riley is 57%, a good guide for pricing would be FMG as there product is high 50's. Pricing is still in favour currently, even with say a 15-20% haircut on the 62% price.

I did realise that timelines weren't always kept to while researching the company and with that does not give much confidence to keeping to the new March 2021 deadline. Interpretation of drilling results are not my forte so I understand there may be value in other projects currently ongoing. However, with much positivity around the Riley project, I did want to provide some negative viewpoints for consideration. I did exit on Thursday but will be looking for re entry, so am interested in factual discussions.