Ann: HGM: HGM Agrees to Sell Non Core Vanadium Asset, page-7

In terms of project acquisition consideration, it is:
- $500,000 in cash
- $750,000 in scrip (issued at 1.2c)
- $750,000 in cash or shares on Victory Bore PFS with IRR >20%
- $750,000 in cash or shares on Victory Bore decision to mine.
This drop in share price suited HGM well as it reduced their issue price and made sure they got more shares. Having said that, i think the consideration is fair so I'm not too fussed. Bit of a dilution but its a decent project to have in the portfolio - with JORC and metallurgy data sorted.

With 86mt + 151mt worth of Jorc'd vanadium-titanium-magnetite resource and a lead/project with samples up to 79% Pb and >250g/Ag - surely a higher market cap is justified. I think (conservatively?) $20mil valuation for the vanadium projects and up to an additional$50mil valuation for Kooline if we get around 10mt at >5% Pb...

Did some digging on Victory Bore and it too shows potential. I believe we could give ~400mt a crack with Unaly Hill and Victory Bore together.



As we can see from the right hand magnetic image, the whole prospect is not yet tested. Only around ~50%. So definitely more tonnage to be JORC'd.