Ann: Voluntary Suspension Extension, page-44

Gman2 I have some reservations about your comment that VIC "appears to have a due diligence report"

I think the point that comes out from its replies to the ASX on 27th September is that it did not do or commission an actual due diligence report. VIC simply accepted what it was told. The answer provided tries to create the impression that there was a due diligence report but wobbles around a bit admits that it took what it was given at face value without doing anything to investigate the value of what it was being offered or sold. Have a careful read of the following quote from that correspondence and see what i mean.

Please explain the due diligence enquiries VIC undertook before agreeing to acquireCobalt.Prior to entering into the agreement to acquire Cobalt, VIC undertook a review of thetechnical merits of the Cobalt projects.The agreement to acquire Cobalt included customary representations and warrantiesfrom the Cobalt vendors and also a condition precedent permitting VIC to completedue diligence on Cobalt. As such, VIC did not consider that it was necessary tocomplete any further due diligence prior to agreeing to acquire Cobalt.After agreeing to acquire Cobalt, VIC instructed its lawyers to prepare a legal duediligence report with respect to Cobalt, which was issued to VIC in final form on 13December 2017.The scope of the legal due diligence report included corporate matters (including theshareholders and directors of Cobalt), title to the tenements, security interestsregistered against Cobalt and its assets and litigation searches in respect of Cobalt.

Why would they bother with doing due diligence when the main game was something entirely different IMHO.