April 1: VOLMF starts on OTCQB. The CEO’s quote is about American shareholders already on the register and a cleaner US tape, not about Nasdaq. DTC was still “in process.” July 27: DTC eligibility prints. Shares can settle electronically through US brokers. That is the real OTCQB unlock — without it, a lot of US accounts will not touch a CSE name.

The asset work is running in parallel, which is why the desk cares. NI 43-101 filed April 9: 56.6 Mt indicated at 0.70% TREO, 119.5 Mt inferred at 0.58%. Met recovery 88%. Low thorium. Gallium in the intercepts. Land package consolidated August 11 toward 100% of Springer. PEA guided before year-end. CSE shows ~145.1 million shares out and ~43.4 million reserved.

Nasdaq Capital Market Rule 5505 is a different instrument. Equity standard: $5 million stockholders’ equity, $15 million market value of unrestricted publicly held shares, 1 million unrestricted public shares, 300 round-lot holders, three market makers, and a $4 bid (the $3 close alternative wants revenue or net tangible assets this name does not have). Last sale on VOLMF is about US$0.19. That is roughly 21 times below the bid test. A 20-for-1 reverse split manufactures a print; it does not manufacture holders, equity, or a PEA.

Missing, and not implied by OTCQB: an Exchange Act registration (40-F under MJDS if they qualify as a Canadian issuer, otherwise 20-F), Nasdaq governance, and an actual application. The honest forks from here are (1) PEA plus offtake that re-rates the bid without a split, (2) stay CSE+OTCQB as a US-accessible junior until PFS, or (3) get taken out by a name that already has the listing. Pulse is for the table being set. Do not mark the listing as done.