Riley Iron Ore Mine - Progress, Photos and Calculations, page-512

LB & all the VMS punters,
I will give you a update from a half hour chat I had at Diggers with Andrew, I went through all the projects with him starting with the SW project.
SW.
CHN wanted to push back the completion of the EM surveys until January next year and they still have not spent the required amount yet, Andrew told them no way must be done by the end of November as dragging Electrical cables through the bush would be a major bush fire hazard so they will be back there in the spring, they did make a late start as they used the same EM crew that did Julimar, which I think is a plus for VMS even though they did not get it done before the wettest winter in over 30 years set in.
The spend time frames apart from the EM has not changed so CHN will have to fast track the analysis of the data and then drill the shite out of it to meet the spend time frames due before June 30 / 22.
He also told me that it was CHN that came up with the the Julimar Lookalike tag for the Thor project.
Mt Riley IO
The local spies are spot on 10k of ore has been shipped to the storage shed at Burnie Port to make room for more processed ore.
The plant has had some teething problems and breakdowns with parts coming from Sydney taking over a week to get to site and the plant was designed back in 2013 and the designers are no longer available so a whole new crew has to come in and rejig the design, Andrew said that the plant would be dialled in imminently and in the next couple of days should be running at specs, I have heard this before, so maybe give it another week or two.
Even though they have shipped some ore to port as the plant is not running to spec there will be no ann to market until the plant is continually spitting out gravel and a regular stream of trucks head to port, the ann of this will all depend on the status of the plant.
As far as profits go I thought maybe $4-5 m per shipment, but Andrew said $2m and would be looking to get 2 shipments a month once all systems are running to spec as the grade will average 57%, so a start with $ 2m free cash then $4m per month if 2 boats can leave port, he has had no problem getting ships booked to load the ore.
Mt Lindsay Tin/Tungsten.
Drilling will continue at Mt Lindsay and will be a full underground operation when eventually mined so better ESG which should appease the Gov and possibly the Greenies if that is possible.
The IO has a 12 month lifespan and a large portion of the plant will then be converted to process the ore from Mt Lindsay.
Kulin
Andrew was happy with the initial results though not massive early signs are good as they were not allowed to get the rig in and drill where they wanted to so had to attack it from a different angle, they have picked up a lot of new ground in the area, so have a large holding, the other major holder in the area being Anglo American.
Golden Grove Nth
Awaiting assays and down hole EM, I don't think there will be any more action up there until next year when some of the IO cash starts flowing, outstanding results could change that I guess, but sounds like that nothing stood out in the visuals of the core.

So the take away I had from the chat is that slow but steady progress is being made and VMS will not be drowning in IO cash, but making some decent coin to fund the exploration of the assets that we hold and the industry likes the look of some of those assets judging by the amount of companies at Diggers that were wanting to JV with VMS, hopefully the market will value those assets also going forward.
Cheers BK14