Ann: Positive Expandable Graphite Results, page-9

I disagree. Firstly, the size of the resource is a very poor measure of value without taking into account both grade and offtake. As I have said many times, Volt has a low grade resource relative to its peers. In fact, Volt's resource grade is lower than the cut off grade for WKT, SVM and GPX. Furthermore, each of these companies have significant exploration upside, perhaps larger than Volt, however they also understand it is a complete waste of resources to drill up a massive resource if you do not have a buyer or a PFS that demonstrates the deposit is economic.

Secondly, the Tanzanian legislation changes are not outweighed by the size of the resource. The 16% free carried interest clearly has a material impact on the economics and if the deposit is not economic (which is quite possible) then it's irrelevant how big that deposit is. Volt still haven't demonstrated they can make money producing 20ktpa and they appear reticent to tackle this important study.

Thirdly, these expandable results are not special. They are similar to KNL, MNS and SVM but fall well short of GPX at 1,500 mL/g. I'm not saying they are bad, just nothing to rave about.

Therefore, on what basis do you predict a market cap greater than $100M in 6-9 months? How much dilution have you factored into the equation, particularly as it appears likely VRC will need to raise money again in October. It looks like the price is drifting lower and even at 2 cents the market cap is higher than most of its peers...