Ann: Market Update - Strategic Review of Saskatoon Plant, page-87

It's a corporate murder on the dance floor thriller.
Yes, it's very Ka Ka.

Once a upon a time there was a company called Cheeta minerals.
It approached VMl to buy it, because it had 15 million in cash.
The board at the time was basically stockbrokers.
Cheeta had a lot of ex Lynas employees who under stood mining and processing rare earths.

The company was doing quite well, from an unorthodox approach.
Within three years it was mining and building a separation plant(pilot). All this taking place during Covid.

The problems all started with the new shareholders. The old CEO was fired and replaced with Russell.
Russell tried to squeeze Reetec for more cash in the offtake agreement. Then said the plant was not economical.
Its still quite dubious if the plant wasn't economical, after all its was a pilot plant.
Because of that ,most people blamed Jeff the old CEO. The way he was fired, it was made to look like he had done something wrong.
Silence can be a very powerful weapon. The company just went Ka Ka after his departure.
The board had no operation experience, so were a major impediment. I think the board shat themselves, and felt more comfortable.
doing the sprook ,not running a mining company.

The plant was about 75 percent finished when they put it on hold. Basically, they ran out of cash.They put that subsidiary into receivership and auctioned of the plant.

All the drilling has been done, they just won't release the assays. They have had the assay's for over 12 months.
The company has had a great loss of face with no plan.
It is VML .02 now ..god help us.





After Jeff was fired there was no oversite