Ann: Blackstone's Wabowden Deal Sparks Global JV Partner Interest, page-37

At this stage I’d rather buy in at a higher SP knowing all the numbers, than risk it now with so many unknowns and future CR knowns.

CR guarantees.

CAD$10M of stock to be issued next year for Canada.
CAD$25M in cash to be raised next year for Canada acquisition. SW says the partners will cover this, but he has no partners at the moment. And he’s been so full of BS on the partner front for so long that I’m happy to wait for him to actually deliver. Ecopro aren’t a partner, they are an investor at the moment, and one of many that are significantly underwater. Will Ecopro hang around if SW does a deal with the Chinese?

Current CR
Has a confirmed insto shortfall.
Will most likely have a retail shortfall.
How big is the overall shortfall and what plans from the CR will be put on hold until the funds are raised.

Canada Timelines
Current PEA shows the mine is unprofitable at current Ni price and it’s not JORC compliant. What’s that mean?

Option exercised - should only take a month if SW isn’t full of it. If this is the missing piece of the puzzle, then why aren’t the instos all over it and why is there a insto shortfall?

JORC compliance - 6 months and say $5M-$10M in drilling.

New SS/PEA due to change in UG vs OP mining - 6 months post JORC and $10M.

PFS -12 months post PEA. $20M studies. Maybe another $10M infill drilling.

DFS - 24 months post PFS. $40M studies. Maybe another $10M infill drilling.

Canada is not going to be fast tracked into production. 4 years minimum before any meaningful tonnes come out of the ground.

4yrs of SW’s working capital - $50M

FID - 12 months after DFS.

I like to look at investments from an overall perspective.
Am I out at the moment? Yes
Did I make a profit? Yes
Is this “the last chance to catch the train”? Never, they may fail, they may succeed, the market is cyclical so there will always be opportunities.
Is the SP going straight up for the next 50yrs of the supposed refinery life? No.

I have patience and have no need to average down on hopium. Show me the numbers SW.

Opportunity cost is a very valid point. With the US pausing rates and looking like cuts next year, gold is looking like an easy win over the next 6-12 months?

Whether I’m in or out, I just hope people take onboard that they should be trying to find holes in a company’s plan both before and whilst investing, so that they have the most information available to assist with decision making.