JoJo,I think you are over estimating the impact the first IO...

JoJo,
I think you are over estimating the impact the first IO shipment will have on the SP, maybe a cent or two if that, why do I say that? well I look at FEX which is a pure junior IO play, shipped their first load late Feb, the SP was 24.5c, the IO price for 62% fines was around $160 US from first shipment and $180 at the end of the quarter ,they averaged $159 US per tonne over the quarter and had around $27m in the tin at the end of the quarter they may add another $50m + with 9 shipments of ore from Gero, this quarter and we are talking about the second highest grade mine of DSO in Australia and they are predicting their costs will reduce around $10.00 per tonne and lump ore will be dominant in the mix as they mine deeper now 51-49% lump to fines so margins will increase substantially.

So what does this all mean?

Well FEX's SP is 32c MC of $150m and will probably have half the MC of cash sitting in the bank by June 30 and two more quarters by Dec 31 to come so do the sums the IO price is not going to plummet more likely increase and I could see $250 US per tonne in the near future, but that is not is going to drive the SP of VMS forward to any degree, it is all about WA, the state of Wait Awhile and we have been waiting so long for assays from Kulin and Golden Grove Nth, but the good news is that CHN are running the show at S/W/ Thor Project!
The projects in WA are the company makers in the next few years with a liitle bit of luck, Riley IO will keep the lights on and hopefully prevent any CR's, the Tin / Tungsten project in 5 years time could make VMS a global size base metals producer of multiple commodities if any of the WA projects come to fruition.

I think if this was part of the Tim Goyder stable, well say no more!

Cheers BK14