Thought I would go look at what was said back on 1st August,...

Thought I would go look at what was said back on 1st August, 2022, when Lionhead Resources invested $30 million in VML in order to help VML come to market. They bought in at $0.04 per share. Like me, they are way under water at the moment, so salvation for them lies in improving the share price fourfold from the price at suspension of trading.

VML's announcement on Saskatoon, and the accompanying video by Richard Crookes suggest they are sticking with their investment strategy, so far. Note, my highlighting of comments in that announcement, below.


_{Lionhead Resources (LHR) is a mining-focussed private-equity fund, aiming to invest strategic
capital into mid-tier companies producing Future Critical Minerals essential for a prosperous, clean
energy future. The firm is led by Richard Crookes, a highly respected mining investment
professional, and supported by a seasoned, multi-disciplinary team of mining and investment
professionals from a variety of blue-chip backgrounds. The team has a connected history in the
mining industry and a strong track record of investing, building, operating and exiting mining assets
over several decades, across numerous commodities and jurisdictions around the world, generating
superior returns for investors.
Richard Crookes commented “Lionhead Resources is excited to be making this significant anchor
investment to support Vital Metals to advance development of the Nechalacho Project, Canada’s
first rare earth producer, with Stage 1 on track to deliver NdPr in a mixed rare earth carbonate and
Stage 2 set to add significant production, positioning Vital as a globally relevant rare earths
producer. This investment demonstrates our ability to provide value-added capital accompanied by
strong operational capability into projects which are set to provide materials essential to the world’s
transition to a greener and more sustainable future. Underpinned by a robust market outlook with
growing demand for rare earths and enjoying enviable community and government support, this
strategically located project has the potential to deliver robust economics, a positive ESG profile and
attractive risk-adjusted returns for investors, with substantial upside.”
LHR has nominated Russell Bradford to the new Technical Advisory Committee formed by the
Company, where his extensive mine-building expertise will assist the VML management team. In
addition, LHR has nominated Paul Quirk and Richard Crookes to the VML Board as non-executive
directors.}

The comment about Stage 1 - Saskatoon, suggests to me that Lionhead bought and believed in the Saskatoon scheme that VML presented to them, and based their investment decision on that being achievable. It must have been quite a shock to discover that things were not as they were presented before investing.

Just saying.