With all respect to your view, how can you expect a financier to even have a chance at giving funding if the funding company doesn't know the costs involved in the project, namely stage 1.
VRC hasnt even shown the project to be profitable...no PFS and to be honest a minimum requirement will be a robust DFS.
On what basis can a financier proceed from here even if finance was on the table?
Ann: Trading Halt, page-165
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