I don't think
@reiners is trying to be deceitful, it's just the WKT people can't have it both ways - on the one hand, they want to argue that funding is years away, on the other hand, they want to use today's share price to determine what Castlelake will pay, while also not acknowledging that they will provide the $80M to build the mine and drive the revenue.
The share price drives the MC, if he current MC is ~17M, imagine what will happen when Castlelake/raise push $80M into the Company, let alone BFS, conditional funding cleared etc.
There are some significant SP drivers to come in the next few months which should lift the company SP - However, even if it doesn't, its a reason for existing shareholders to get in on the funding raise on the cheap as the SP is leveraged to the mine build.
GPX has far more SP upside than WKT and a more profitable cashflow proposition....the post-tax NPV alone:
GPX: US$347M
WKT: US$197M
I notice nobody has questioned
@reiners allegation that WKT approached Castlelake in Feb and was turned down. I know for a fact this wasn't the only shop WKT were turfed out of - but it makes sense if Castlelake looked at all the projects and settled on the one that makes investment sense, still pretty cheap, the potential for high profits and probably most importantly - a competent management that hasn't diluted their shareholders with consolidations and rampant share issuances.
