Ann: Extension of Voluntary Suspension, page-61

Look happy to engage in rational discussion.

Tonnage, grades and contained gold are tops. They should be able to produce gold from that at a good AISC which is obviously the key - but also leads me to wonder why it's still sitting there in the ground.

There are a number of exploration companies trading at less than $10/oz of gold resources. That is crazy in my opinion. Gold stocks are pretty depressed right now considering POG is above $1,300 and from my perspective the USD looks toppy. If you look at RSG recent resource and reserve announcement they have spent $19/oz just to discover resource ounces. Happy to avoid a sovereign risk conversation so let's just bucket them together and say that's all square. Therefore if you valued VEC on $19/oz as a minimum + count some value for infra VEC is probably fair to maybe undervalued on an EV basis.

The challenges ahead are in raising funds to complete FS studies and pay milestone payments as they move closer to production (but that is the same for any company). My complaints were more retrospective than forward looking. AK has potential when they actually start making progress on it. I don't care what sheet people want to talk, I am not downramping right now to get a position (the typical HC conspiracy). At the same time I am not saying I will never be interested. I am not in the short term but if they get this moving forward then I might be. This has the potential to be a mid tier producer at lower than US$1,000/oz AISC BUT I think a reasonable amount of potential is priced in. They need to prove it. If they can prove it this has bags of upside in it.

More a wait and see for me now. Happy to jump on a derisked train for lower gains than take the punt now.