Ann: Wiluna Mineral Resources Upgraded, page-4

I'm all ears, as I'm new to this company and something doesn't stack up when you compare the market cap with what they have. On the face of it, they have shedloads of gold at reasonable grade and current production for cashflow. There is obviously something they are not sharing that the market is pricing in.

When you say they have a lot of oxide ore remaining, I take it this is difficult/expensive to process? Their ASIC does look high currently, but if/when they increase production you'd hope it comes down as they can spread their fixed costs of higher tonnage. Otherwise I guess the SP will be highly leveraged to the gold price, which seems to be headed higher in the medium term.

What am I missing here?? Give me the bad news....