TM has been replaced however one cant take on the new CEO role...

TM has been replaced however one cant take on the new CEO role and start sacking board members. I dont believe its as simple as that!

- PC has arrested the cash burn - fiscal discipline implemented
- PC has found a way forward for Zavalievsky and we will find out in the next few weeks if the optimised campaign cycle has been successful and cashflow positive. Note TM had no idea how to approach this. Optimised campaign seems to be a well thoughtout plan of attack. Stockpile for 2 months and process for a month.
- 2x offtakes. Yes one is Chinese. We do not have details of the ongoing discussions with non-bank financiers so shouldnt speculate to its viability
- funding - totally agree timelines have changed and frustrating! Why? It should have been addressed during the webinar. Ive reached out to PC and hoping to understand the pushback. Note its suggested to be a combination of project equity and debt. SHs will complain about giving away a percentage of the Bunyu project however a percentage of something is better than 100% of nothing. Maybe this part of the negotiations and the publication of the 'revised feaso study' still to come is delaying the funding announcement? Note2 secure financing for stage one by the end of Q3 2023 - it could come in well before the 30.09.?

I have always stated to anyone that cared to listen that VRC was a 3-4 yr investment. 12m have passed and its been a terrible 12m! Yes the SP isnt moving and responding to the news over the last 4m and we know why. Eventually the market will take note IF milestones are achieved. If they are not, the market will not be kind and we will have wasted a lot of time and money. It will then probably become a takeover target.

Lets see what the next 6 months holds.