Hi guys,I am not a holder anymore, but I still keep an eye each...

Hi guys,

I am not a holder anymore, but I still keep an eye each day on whether things will move on or not.

As many others, I bought some shares back in September 2019 after reading ASX announcements, watched videos with Andrew on YT and having a phone conversation with him about the iron ore project. I was excited as we were only "couple of weeks away" from production!

And then announcement came in November about the progress on site and another video where he was saying that according to VMS offtake agreement, we must ship certain amount of iron ore to our offtake partner by the end of December so I even topped up. Iron ore was above $90 US , so happy times!

Then nothing eventuated so I sent Andrew an email requesting some answers. My impression is that he doesn't like writing emails as he called me that day and I was told exactly the same as some poster here wrote few weeks ago about his conversation with Andrew. His post was pretty much as if he was listening to my conversation with Andrew. When I asked why they cannot solve the problems with Tas Hydro road, he said the Commercial director of Hydro was away that day, so I said OK. And we were only "couple of weeks away" from production (as he confirmed again) I let it be. Couple of weeks later I sent him another email asking about the progress with Tas Hydro negotiations. He called me several days later and said that there was no progress because it's still summer holidays and thus things should start moving after holidays, more specifically in February. It was only after this call, I put a sell order and sold all my shares with a smallish loss.

My personal feeling is that he got used to relatively slow lifestyle during last decade as a director on ASX listed small cap companies (with his salary paid by loyal shareholders of course). One might be excused to think he considers himself too young to retire and thus might not be in hurry to progress with the projects. Well who knows. IMO, after years of slow moving exploration office work he would need to manage mining operations and then with money earned from iron ore, shareholders would expect to start really big project (tin project is really exciting though). The question I kept asking myself is whether their current management team has skills and actual inclination to really do it in short/medium time-frame. This is only my opinion based very short time I've known Andrew and VMS (and over phone, and Anns only). Naturally, I can be totally wrong and there is much more at play here than meets the eye. Who knows, VMS might really surprise us! I am willing to buy back but only when I see announcement that problem with a road was solve and with an exact time-frame when exactly will the first shipment eventuate.

Good luck to all shareholders, this company has really exciting projects. Shame, not same can be said about management right now, IMO.

All IMO.

Miki