Riley Iron Ore Mine - Progress, Photos and Calculations, page-499

I can understand the frustration of shareholders with the lack of update of the Riley Iron Ore Mine.

It appears to me that VMS believe (correctly or incorrectly) that there is no need to update the market as nothing has really changed and that VMS is still commissioning the mine and the commissioning is not complete.

Yesterday, on 6 August 2021, VMS official twitter handle responded to @BatterMetals that the latest update is:

02389548.pdf (weblink.com.au)

In short, VMS refers to its ASX announcement 5-6 weeks ago, namely: Riley Iron Ore Mine Update

Commissioning of the Wet Screening Plant is well advanced with ore mining having recommenced. The next
phase of the commissioning process will include ore haulage and delivery of saleable product to the Port of
Burnie, followed by the final phase of loading the first ore shipment. Shareholders will be updated shortly on
the expected timing for the first ore shipment which is imminent.

Right or wrongly, VMS have informed us that 'Shareholders will be updated shortly on the expected timing for the first ore shipment' therefore it appears to me the the next ASX announcement is when VMS knows the expected timing for the first ore shipment.

VMS have not disappeared and actually did respond to the above tweet and obviously with all the phone calls and online enquiries, VMS management is fully aware of shareholders of the situation but it appears VMS is maintaining its position.


Looking at the TasPorts, Burnie Shipping Schedule, if the Fujian Express is the correct ship then we can expect an announcement next week or the week after as Fujian Express arrives on Saturday 21/08/2021 and leaves on Tuesday 24/08/2021 from Rizhao, China and to Rizhao, China.

The shipping agency is Sturrock Grindrod Maritime which has an office in Singapore.

The Fujian Express is the correct type of vessel, ie Bulk Vessel and the capacity of the vessel appears to be suited to VMS requirements from a capacity point of view.

FUJIAN EXPRESS, Wood Chips Carrier - Details and current position - IMO 9539975 MMSI 477193200 - VesselFinder

Disclaimer that this is not investment advice and I don't even know if the Fujian Express is the correct ship, so DYOR.

However, with all the photos floating on HotCopper from our Tassie Locals of the Qube trucks coming in and out and using process of elimination, let's just say I wouldn't be surprised if the Fujian Express is the correct ship.

I don't think VMS intended to update the market every step of the commissioning stage but rather when they felt they could give the market an expected time frame of first shipment.

For me it doesn't matter what the price is at all as I'm looking long-term for VMS.

Disclaimer that this is not investment advice and I don't even know if the Fujian Express is the correct ship, so DYOR.