email from management, page-5

30 Sep 2012

23.5 ex

options hit roughly 10c when heads touched 30c

was hoping to get some under 5s

but support comes on mid 7s always

guess it's Blackswans buying.

showing big confidence as they are almost paying 10c premium with heads trading still 2c below ex price.

roughly 73m heads on issue, 15m MC (havn't looked at if any unlisted shares)

for 218.5mt @ 0.18% WO3 & 0.02% Sn (tin).

that's contained 39m mtu WO3 + 44000t Sn.

For comparison.

III has 114 mt @ 0.06% WO3, MC 17m

and 44000t Sn is about half the JORC resource of VMS (altho likely to increase more) but very low grades stuff

not sure how easy it is to separate the 2 during mining

very rough comparison

but does look good value