Ann: Reduction in EPC Contract Commitments, page-284

Hi Red,

I am not one to sit by and just assume everything is rosy like you do. The HYR is critical for all investors to know the companies state of affairs, the QTR reports as you know do not show the companies current liabilities, its hard to determine if the cash balance details is a true reflection of the companies cash reserves when they can just delay the payment of invoices to make the cash balance look more impressive.

Going by your reply, you don't want to discuss Peter's investment, I find it very strange that he was willing to buy $400k shares as part of the placement, these shares weren't allowed due to breaching an ASX rule, yet we have traded for 3 months since the capital raising and he hasn't purchased one share on market.

It has me wondering what were his reasons why he took up $400k shares in the CR, and what has changed for him to not invest the money over the next 3 months or provide a loan to the company, It could be that he is waiting for the next CR the company highlighted in the QTR cash report, or is no longer looking to invest due.

BTW, even if WKT does get funding to complete the mine, this isn't going to result in me leaving the WKT forum, I am keen to see how well this graphite project turns out. So far my interpretation of the DFS has been accurate, we have had cost blowouts, time delays, I will be very surprised if they can retain their flake size and maintain the graphite recovery/purity.

@Gammat Farmer is correct, WKT current SP is near its all-time lows. This is the market telling you they think the project is a failure. if they thought WKT was going to achieve funding or its DFS forecasts it would be trading much higher. You only need to look at RNU which is trading close to its future NPV forecast. Then we have the other metrics in determining the market's thoughts, the success in raising capital, all have been a failure where significant discounts or the books have closed well short of achieving the required amount.
I would have thought this would have been clear to you after the last CR was only days away from handing back the $16mil raised due to the company not reaching the minimum required. WKT was lucky to obtain an extension from the ASX to allow WKT to find someone else to take the $400k in shares Peter applied for but were in breach of the ASX rules.