VIMY will get Approvals

The 3 Possible Scenarios for VMY

1) VMY gets the approvals withinthe timeframe and starts substantial works at Mulga Rock. This could trigger a30 - 40% jump on this news alone (likely IMO)

2) There is a continued lag in the Mines Dep. VMY applies for approvalsextension. Extension is granted (unlikely IMO).

3) The Department is deliberately slowing down the approvals process as theLabor Gov fundamentally apposes Uranium Mining in their State. The deadlinepasses, Mulga and the other approved projects don't go ahead and are shelvedfor another future Gov to approve. (highly unlikely IMO).

The third scenario seems to havesome traction with some VMY holders and previous owners of VMY. The recentresignation of Mike Young, the delay in approvals (Mike said late June in aCRUX interview) and some profit taking by Forrest has added fuel to this theoryplaying out.

3rd Scenario is highly unlikely

NoPolitical Pressure

There hasbeen no political pressure to disapprove the uranium projects. There is nomedia coverage of looming deadlines, there are no protesters at the projectsites demanding action, there are no State Politicians who have brought up anti-uraniumrhetoric regarding the 4 projects (Wiluna, Kintyre, Mulga Rock, Yeelirrie)

Other Priorities

The WAGovernments is predominately focused on COVID (how to manage the virus when theEastern States open their economies at the end of the year) and the fallingiron ore price. The politics of Uranium Mining is not even on the radar.

Legal Challengesif project isn’t approved

Why wouldthe Department make VMY jump through all the approval hoops if they had nointention of approving the project? Vimy has spent a lot of time and resourcesgoing through the approvals process, so they would be on strong legal groundsif the approvals failed.

WesternAustralia is a Mining State

WA is themining capital of Australia with every conceivable recourse industry operatingin the State. The have a great track record for mining safely and efficiently.South Australia has proven that you can mine Uranium safely and have a viable long-termindustry. Why let South Australia dominate the industry? Why exploit everyother resource in the State, but not Uranium?

Thelikely cause of Approvals delay

The causesfor the delay in approvals could be one or more of the following;

1. Mike Young set the expectation ofJune approvals. This may have been an overly optimistic forecast or unrealisticexpectation. It was a mistake to solidify this expectation in investors minds.It has since generated a lot of uncertainty regarding the approvals. If there wereno June expectations for the approvals, there would be no delay. It wouldsimply be a matter of waiting for the approvals as opposed to ‘delayed’ or ‘overdue’approvals.

2. The original explanation by MikeYoung was the ‘log jam’ in permits and approvals due to a surge in miningactivity in the State. This is a perfectly valid explanation for the approvalsdelay. The Mines Department are simply processing VMY approvals along withevery other approval on their books.

3. The Mines Department may haverequested extra information or added additional requirements for VMY to gainthe approvals. This could explain why Mike Youngs June expectations failed tocome to fruition.