Ann: Trading Halt, page-85

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teiris

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13/02/25

14:55

Post #: 77842806
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Originally posted by Rob826: ↑

Not so sure about that, mate. If anything, it makes me even more suspicious that LLL could be eyeing WR1 as a potential acquisition or strategic partner. If I try to find a logical reason for extending the timeline to August, the fact that LLL won’t receive their Tranche 2 funds from Ganfeng until June 30 at the latest definitely raises some red flags.

LLL currently holds US$37.8 million in cash, with another US$171.2 million due by the end of June, bringing their total to around US$209 million. If WR1 is trading in the mid-30s by the time LLL secures those funds (which is looking likely), they could likely acquire it for around 70 cents per share (roughly A$175 million/US$110 million) if they wanted to—and to be honest, at this stage, that might not be the worst outcome (my view only of course).

On top of that, LLL could liquidate their position in PWM for another US$20 million or so, assuming the additional options are exercised in March. That would leave them with around US$120 million for development—about 50% of CAPEX after factoring in the Eskan grant. If they went with a part-scrip, part-cash deal, they’d be in an even stronger position.

I can’t think of another target that fits LLL’s needs and is in a more vulnerable position, aside from maybe GLN. But even GLN would require significantly higher CAPEX than WR1 (if Renard is exercised). So, in my view, WR1 remains the most compelling pre-FID acquisition target at the development stage.

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If there is an discussion between winsome and leo, then this CR is not really necessary. Winsome still has got 23mil. There is no problem to path upto Aug with that cash. Why chris need more cash while they discuss any TO or JV ???

WR1 Price at posting: 42.5¢ Sentiment: None Disclosure: Held
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