WR1 General Discussion, page-30060

I don't agree those are the only two options.

There is a real prospect that there will be no more CR for Winsome.

They are well funded for the existing drilling campaign (and studies) that will take them to 100-120mt - with around 40-50% of that as indicated.

That is sufficient for study purposes - perhaps there is a small flow through raise for a bit more exploration drilling, but the economics of Adina at 100mt will be impressive enough without going beyond the current campaign.

Due to Renard (and the characteristics of our superior deposit), the amount required to get to production will be minimal.

That funding is not required soon and in all likelihood i expect it to be funded by a partner or facilitated by debt provided via a partner.

This is one of Winsome's biggest advantages and it is massive. Very little financial risk and shareholders face no or very little dilution from here (frankly, shareholders since the IPO have had very minimal dilution).

No other developer has a better pathway to production and will maintain anywhere near as much value for existing shareholders.