Quite an extraordinary read really.
The current board will not give value to the resource and have in fact gone out of their way in the response letter to understate the value.
It reads as though the market isn't interested, the resource isn't large enough yet, the SP shouldn't be higher!!!
This is the attitude that has the SP squandering some 4 or 5x less than its true market value. I certainly hope this isn't the underlying tone when selling the value of WME on road shows etc. You can just hear it now.
Yep, WME has good prospects but lets not get ahead of ourselves. We need to do a feasibility study which will take a long long time and we need to increase the in-ground JORC resource but even if we do we can't put a value on it and to be quite honest the market at the moment doesn't give a damn so really the current SP is well justified...
WHO WANTS TO SIGN UP?
What a joke.
Areva have already done a feasibility study on grades less than WME. For christ sake, put a value on the stock, sell it to the market properly and create some wealth to the loyal holders out there.
ITS NOT THAT HARD!!!
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