Ann: VHM Investor Update and Equity Raising Presentation, page-3

I would have like more clarity around use of funds, particularly budgeting into production and how offtake/financing arrangements will interplay with raise requirements.

I would be further incentivised to invest in this capital raise if it was communicated to reduce financing cost for the firm - and therefore beneficial to my existing position.

Some of us who invested in VHM before listing on asx are under water by 50%.

Despite this I'm encouraged by Ron's language of late and the surging demand for Goschens basket mix.