"Sales Brochure"; good one! I too had the same initial...

"Sales Brochure"; good one! I too had the same initial thought.

Our man with the watch on the Top 20 will be a good guide here.

No doubt the NPV looks a lot better if the ore runs through an existing plant. Not a scenario I would like to see eventuate but either way there is money to be made.

Alternatively consider that the PFS simply lays the foundation in the value chain. Today's announcement puts into context "The Line in the sand" comment. Given the source, I'm sure these words were chosen carefully. The BFS is the main game, notably the infill drilling results were excluded.

From today's announcement -

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Commencement of Bankable Feasibility Study (BFS)
With the successful completion of the prefeasibility study the Company will now commence a bankable feasibility study on
the Mt Lindsay Project. The study will include additional infill drilling on the Main and No.2 Skarns to increase the resource
category to measured and extensive drilling targeting neighbouring skarn targets to potentially deliver addition ore tonnes.

and

In addition to the above studies the Company has initiated a marketing and offtake strategy which includes the engagement
of Penfold Limited to assist in all aspects of product marketing and sales. The Company has also initiated a project finance
strategy which includes engaging with global investments banks and other industry financiers to deliver an optimal finance
package for the development of the Mt Lindsay Project.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

I remain confident that -

a.these chaps know what they are sitting on
b.recent activities have been of a "feasibility" nature just depends on which study they are included and
c.management realise, like others that the current market cap does not reflect true value but rather a mark in time.

I'm confident under either scenario that the VMS market cap will surely appreciate once the short term disappointment evaporates and the accumulation games complete.

It could be we have both a blocker and an aggressor at play, it would certainly help me rationalise the trading pattern.