VEC chart, page-819

It was a very good breakdown, and in much greater detail that I have seen previously on VEC. I wasn't kidding when I said well done.

I also agree there can be good value in the project itself, however, many thinking buying this is essentially '$25m market cap for 3.2m oz of gold' haven't dug deep enough as its a complex deal. As you have articulated, once you factor in increased SOI, additional cash payments, debt and royalties the NPV attributed to VEC is much less than the headline feasibility study.

I am personally comfortable with the DRC however each person will always apply their own 'sovereign risk discount' to future NPV/DCF when valuing the company. Its not an easy jurisdiction, although hopefully with Kabila seemingly stepping down (finally) it can become easier.

There are a lot of moving parts to the deal and its probably something that needs management's complete time and devotion to get it done.