Sorry to be a bucket of the ice forming on Great Lake at the...

Sorry to be a bucket of the ice forming on Great Lake at the moment, and tipping it on your head, but revenue is probably 12 months away. No revenue until ReeTec have received our product from Saskatoon, processed that product into individual rare earth element oxides, delivered those value added products to paying customers, and received payment for those products.

Then ReeTec take their costs, VML gets their costs, and the balance of cash left over from the sale of the value added products is split according to some formula that is commercial in confidence.

My estimate is that it will be December quarterly report, issued early in 2023 before we know what cash is received by VML.

I am guessing this fact is the sole reason for the lethargy in the share price at the moment.

You can read this for yourself by going back to ASX announcements by VML since late 2019. Not aiming this at you vermav, but at comments about Directors favouring themselves with options and shares etc, going back a little further, to ASX announcements by VML and Canadian announcements by Avalon and Montaro you will pick up that all shares and options issued to Directors, were conditions of the sale of Cheetah to VML. They were the price that was paid by the then VML Board to purchase Cheetah and the projects it had on its books. The Market Capitalisation of VML, as I recall it, back in early 2019, when negotiations between VML and Cheetah were most likely under way, was below its asset value. Assets were mainly $15 million cash at bank, received for selling the Watershed Tungsten project, and market cap was about $11 million.

VML's market cap is now about $225 million. That is a 20 fold increase in value of VML over two years, or so. Hard to see the justification for the griping that some put on Hotcopper about the performance of VML. I have not experienced that growth as I have been diluted quite a bit, but I am still up on what I put in.

For those who consider the company is under performing, and who can pick the market, which I cannot, just stop the griping and sell out, make your money elsewhere and then come back to us less successful shareholders when you get closer to the day when cash starts to flow into VML.

I am fishing for crays. So, set a pot and come check it in a few days time, don't pick it up every minute to see if a cray has been lured into the pot yet. Your jerking the chain on it will scare any possible crays away from the pot you set and you are going to be dissapointed. If you are a fly fisherman then go cast your lure into more appropriate water for the fish you are after. Those waters are not here. Leave us happy with our few pots to tend.

Enjoy summer.