Long suffering holder, page-27

Just a minor correction my previous post was based of 99.6% SiO2 silica sand per the ASN BFS, not 99.5%.

I don't know of a mining company that has turned a net profit in the first year after transitioning from explorer to producer. VRX's EBITDA based on ASN in should be positive even in the first year though.

It is a cost of business to pay back interest and principal on loans for public companies - the alternative is a company not listed on the ASX that is privately bankrolled (I.e. Mitsubishi mine at Cape Flattery silica sands). Loans and project funding can only be secured after EPA as well. I believe sentiment will change over the next 2 quarters if EPA progresses.

BFS also mentions 4.4 years payback period - which is nothing on a 100+ year reserve!