Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-7

@Oldmanpushcar
Mainly just a review of the quarterly, but there was Q&A after. Graham started out to state that the VHM Board and Management are aware that the share price does not reflect the value of the project and will be doing everything they can do to improve the valuation of the company. The only thing I think will help is seeing concrete progress and news flow.

But things of note were;
1. Samples of MREC have been sent off to potential overseas offtake partners.
2. As these parties now have samples, they will be able to progress offtake agreements. Graham said to expect to see news flow over the next 6 months. He mentioned the high concentration of TREO (>60%) in the MREC made it an attractive product. He mentioned offtake partners see the potential to dilute it with lesser quality material for processing.
3. They are still in close discussions with Shenghe as announced. The original MOU with Shenghe was for REMC & HMC, and once the MREC plant is up and running all the REMC will become feedstock for the MREC plant. Short window here for REMC supply to Shenghe, but Shenghe are in discussions for MREC also, and now that samples are available, they should be able to progress this further. VHM see Shenghe as a strategic partner, but VHM also want to supply to another markets, as they are mindful of various government critical mineral strategies.
4. VIC Government have everything from VHM required for ESS to proceed. Public viewing should be imminent, and when this happens there will be a lot of information available for viewing.
5. We could expect preliminary results for the Nowie exploration this quarter.
6. Analysis of the Cannie site is ongoing, and we could expect further news on this at a later date. It was mentioned that the Cannie has high rutile and zircon concentrations, which are in high demand.
7. There is interest from strategic partners for the development of resources outside of the Goshen project.