Samso with Andrew Radonjic: Search for the Next Julimar (09/07/2021), page-30

I am a new VMS investor, only got in few months ago.. Your comments intrigue me, so I downloaded VMS Annual Reports for the past few years for review.
I didn't go that far back but only to 2018 whereby the focus of VMS then seems to be Mt Lyndsay, Thor/South West Project and they were just looking to restart Riley due to the rising iron ore prices and had to update the PFS.

2019 is when Riley seem to be taking off with the $5.7m raise with the updated PFS on Riley which showed low capex and 303% IRR and signing of offtake agreement.
Just browsing thru the 2020 Annual Report and presentations, I could see VMS had since then had to secure road access, port access, secure plant and equipment, clear land for construction etc..
Effectively, to start building from scratch securing permits etc.. 2 yrs to build a plant for production is not unreasonably, especially when you have to deal with bureaucratic red tapes. Example, try to do a property sub-division or buy a land and house package. It take 2 yrs from signing your property package for the developer to sub-divide and do infra works and construction before you can see your house..

In 2019, when VMS announced it was restarting the Riley project, the Mkt cap then was $13m. 2 years later and with Riley plant in up and ready for shipment compared to a patch of empty ground with 2 barn on it, the with market cap of VMS is $159m, I won't be complaining... I wish I had gotten back then then in 2019 when it was 2c during the rights issue.

So, my advice to you, if you are not happy, pissed off... go buy other stocks..
I am quite happy with what I see with my investment in VMS.

Actually, I have you to thank for this little research as it enlightened me on the time frame of how resource exploration work and how such companies have to review its business strategy depending on the commodity market condition.. Riley was abandon previously due to low Iron ore prices and VMS was then focus on tin/tungsten and later Thor/Southwest project (which now JV to CHN).