By their own admission, exploration costs are estimated at $25m...

By their own admission, exploration costs are estimated at $25m for the Angolan copper project.

vdm is up for 79% of this cost as per page 63 of the AGM explanatory document.

this 19,750,000 is to come from future capital raising, diluting shareholding by another approx 50%

so if the resolutions pass that's 40% dilution then if they press the button on exploration that's 50% more dilution so my 1 share of Vdm held today is worth roughly 0.3shares in the near future to fund this project.

Dilution dilution dilution

that was previous Vdm managements issue, poor cash flow and numerous repeated capital raises,
seems like more of the same until the resource is proven

there will be a few twitchy investors given how much of Mr.Luks $10m was spent to keep the lights on as evidenced by this document.

i encourage all to read it, some pearlers in there.

cant help but wonder why mr. Ru opted out.