Value of Vec share, page-2

Shit Glory TBR I first bought some 12 years ago--- still own a small amount.

I am not an adviser and these are my thoughts only-- what you do with them is up to you.

Firstly agree with you that the Magna and others need to be paid out and therefore I expect some form of equity or debt/equity to be announced within the 90 days. I also expect they will need more working capital and expect that to be incorporated into this new debt/equity position.

Real optimismistically I am hoping for above 0.018 , the last capital raising price, but not holding my breath.

As to the value of the Adidi mine, well, Bailieu value it alone up to $700m-- I think this is optimistic, but it does highlight the potential.I will add no value for their other assets, as I love this asset.

We currently have around 2.2b shares on issue, and lets assume they get no more debt facilities, they need at least $15m-- $10m to repay Magna and others and say $5m working capital-- they will need more than $5m working capital in the future but hopefully that will be at higher prices.

So $15m at 1.5c is another 1b shares and at 1c its 1.5b shares.

I am buying now and believe they can get funding at better than 1c.

So I will hope 1.5c and another 1b shares are issued , so we now have 3.2b shares on issue.

You have to put your own risk assessment on the $700m valuation from Bailieu, but undiscounted that would be around 22c per share.

I think there is considerably upside from here, no matter what price they do another issue, just make sure we get rid of Magna.

I'm still buying and will either be ridiculously right or horribly wrong

Cheers