Whate Really is goig ON, page-90

@Scarpa ............." My reasoning is simply that having an existing plant to work with (and therefore requiring incremental spends) doesn't impact NPV and IRR in a project assessment framework as much as having to build a new plant from scratch"

Here is the catch 22. They don't have an existing plant. WFE have to come up with $U5.5M to buy into it, then raise more cash to refurbish it, so while they do not have to raise as much cash as others to build a plant from scratch, they do still need to raise cash to get the plant up to fully operational.

There is also the fact that unlike other plants that are designed and built to accommodate a particular ore type, WFE will have a plant that is not designed for the ore they will be getting, so aspects like recovery could be lower than a specifically designed plant. Swings and roundabouts, save here and lose there.
IMHO why a huge amount of metallurgical test work should have been a priority from the get go, and why an option should have been taken over the plant, instead of just doing the deal.

I'm finding the whole WFE experience very enlightening and educational, a I almost bought into the hype last year (and have friends that did). If I had just passed and moved on, I would not have learned as much as I have about ASX/ASIC guidelines and reasons behind them, plus investor/shareholder psychology/changing dynamics in how investor forums are used etc. I've been in this investing game for 40 years but there is always something new to learn.