The Warriedar story just keeps getting better., page-37

Geez, joel and 101 are already here!

If I were smart I'd probably sit back an enjoy the free ride as those two analyse the heck out of this stock. (for those not familiar with their contributions on threads like SPR, RMS and SLR my comment is intended as a compliment as both joel and spec are among the best and most generous on hc in my view).

I think joel might have elsewhere mentioned Warriedar as a prospect a couple of weeks ago but I've only just picked up on its hidden gems presso of 19 April. Raised a bunch of questions which I guess I will have to find answers for. The only one I will pose at this point is: why have the wheels seemingly fallen off of it in the last 12 months and has this company had its existential moment yet (what was the issue and has it been resolved)?



Of course Spartan - a late stage explorer - had its existential moment in late 2022 and its all been sunshine since then, Ramelius - a mature producer - has been printing money and Torque - an early stage explorer - got inventive when the sky was falling for gold explorers but Warriedar looks like it took a direct hit from investor disdain. Pretty brutal 12 months for them, down 65% over the year. Would have expected the oxygen masks to have dropped by now. I suppose with the recent cap raise (I don't yet understand how it works as it seems they raised $4.5m in the first tranche just before the end of March but they only had $4.8m cash at the end of March) they should not go belly up any time soon so they have that going for them.

The killer angle for me with Warriedar is for them to look underneath their old open pit mines. It's what Ramelius has been doing at Mt Magnet for a decade now, its what Spartan is sort of doing at Dalgaranga and it is what Torque is hoping to do at Paris. As "they" say: the best place to look for gold is where gold has already been found. As a counter to that glint of hope, I've yet to understand how much value there is in the Nevada asset, the mill seems to be about as useful as an ashtray on a motorbike, and management of juniors need to wash their mouths out if they start talking about the potential of low grade resources. Also a market cap of $30m seems a bit puffy for a company that appears to be starting again. Lots to learn no doubt so go easy on my ignorance.

Finally, I'm intrigued by this comment from AB on their website: "A big discovery eludes most explorers. But when it comes, it changes lives. The only guarantee we can give you is that we will work tirelessly to make your decision to buy a part of Warriedar the best decision you ever made".