wayne's letter , page-35

I see people are still confusing share price with value.

These are two different things.

Just because a share price has fallen, doesn't mean the value has fallen by a corresponding amount.

Everything you buy has an inherent worth. If I have 2x $10 notes in my wallet, and choose to sell one to someone for $5, does that mean the remaining $10 note I have is worth $5? Nope. It just means the price of that $10 is $5 on the last traded price, but it is still worth $10.

So while the share price fall may be hurting people's investments' quoted price on the stock market, two facts remain: you still hold the same amount of shares as you always have and company on the ground is still doing what it needs to to make money.

It's misconceptions like these that lead to erroneous reports like the "CuDeCo's shareholders report" who blame sellers for destroying value, when what they're marking down is really just a price rather than value. If shareholders paid no attention to short sellers or the share price they would see there is zero impact on value of the actual copper deposit. They would have to sabotage the equipment on the ground to affect value - in which case you can safely count on the law to act to protect your investment.

As a final comment despite what I write this is not a recommendation to buy CDU shares... in fact I have my own opinions on what the 'inherent value' of CDU's copper deposit/mine is worth, but I will keep it to myself given it's just an opinion and I don't want WM's legal eagles to give everyone grief.