This is a major positive development for VMS, and a benchmark achievement for R. Mark.

Consider the major positive implications:

1) Absolute commitment by and to HBM removes all uncertainty regarding intent to develop, and implies (but does not guarantee) the expectancy of an economic resource.

2) Risk of a creeping takeover by HBM eliminated.

3) E and D capital needs to come from HBM, eliminating need for speculative further dilution of VMS.

4) VMS team freed up to do what it can do best, which is to hunt up more resources.

5) Lots of blue sky left for VMS.

Hats off to the VMS team, it looks like it has now been worth the wait. We are buying.