Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-30

Hi AG

It's hard to see how the SP could retreat from it's 52 week low of 14c. Today's solid ANN locks in the timeline for EPA approval and (hopefully) final submission should be granted early this year. The risk is slowly diminishing with this company in its ability to produce the goods.

Market in macro is still bearish but VRX should see a steady climb in SP towards EPA approval from here on in. Not a lot of shares to be bought ATM with Sparta/Delphi looking at capping it to complete the 10% they are chasing. Maybe they want even more?

16.5c still represent good value in my mind considering the tremendous upside this company has. We must be the envy of all other silica players on the ASX as we are light years in front of all other competitors. With VRX being first to market, we should eviscerate all other pretenders who want to play in our sand pit. Yoonil should have to be a Marketing Maestro, this stuff sells itself but he has vast experience in Asian markets, so I expect him to be able to fashion us shareholders some tasty deals.

8 weeks minimum until get an EPA update, maybe 12? Time is on our side as well market forces with our resource holdings.

Could we see mid 20c by mid/late Feb?

All IMO and GLTAH