Will Final Payment Come Next Week?, page-6

Whilst it would be nice for the sale to finalise soon so things can move forward, and it would be nice if the cash burn was lower, it is not at all correct to say payment was due in 2015, is it? 'No cash' is not accurate either. Sure there are always complaints that can be validly made, but you should not misstate things to suit your argument.

It is correct that USD$3mil they are owed is overdue for payment.
It is correct that USD$5mil has already been received.
It is correct that should the sale ultimately fall through, VKA may keep USD$2mil already received and also keep the gold project.
It is correct that GTT Global Opportunities hold a large stake that they added to in September 2017.
It is correct that GTT Ventures were appointed to find a new project in December 2017.


Where exactly it sits in the valuation stakes largely remains to be seen, hopefully it is undervalued, but at worst it will retain a gold project that someone was willing to pay $USD10 mill for in 2015 whilst keeping $USD2mil whilst it sits on an approx. AUD$8mil market cap with a modest number of shares on issue and an otherwise clean structure. That ignores their other projects. I am not sure whether massively over-valued is a reasonable evaluation. Certainly 'lights out' is not where this is immediately headed. Remember many shells with a clean share structure not much cash and no projects are considered cheap at around $2-3 mil market cap.