Well its done. A week since the big day and two months to the...

Well its done. A week since the big day and two months to the day since the share price moved into the 2.0c range, up from its lows, and we’re back where we were, with no volume.

So what’s the outcome. GTT missed out, the incumbents retain control of the cash - for now – and VKA clearly needs to make some smart decisions - can they, are there any real opportunities install for shareholders.

The Tumentu map looks interesting, an opportunity and a liability all in one, but I for one would prefer to see an opportunity which has a bit more to it, although there are some good anomalies the drill targets are far from a done deal, drilling under old workings would provide some comfort. Looking at Google Earth its clear VKA lost all the ‘good’ ground to the West, in the old block where all the artisanal workings are. Bar one scratching in the north of the Tumentu application block, which seems to correspond with several good soil samples, it all looks rather risky – interesting academically but a long way to go. One truly hopes VKA can bring something a little more exciting to the table, if anything only to save their own at the next AGM, where they are surely to be challenged again.

At present we are trading at 2c/share, at best 0.6c/share over current cash, with a maximum of 0.5c/share upside if and when the next 1.2c/share of cash comes in. Until the quarterly we will not know but there is one coal asset which looks like it has been lost to some rezoning issue and another which is rather remote. So VKA really needs something better.

We are at the top of the ‘cash mountain’, from this point it just diminishes and VKA needs its spend to be offset with value creation – can VKA do it?