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6.3¢ white rock minerals limited

Ann: TMZ:TMZ & WRM Sign Term Sheet to Progress Mt Carrington Proj, page-15

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Mickloaded

53 Posts.

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25/02/21

11:24

Post #: 51315959
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Originally posted by Jungle Cat: ↑

People complain about "giving away" Mt Carrington. It is important to remember that Management saw the gold and silver opportunity coming back in 2019 to raise the funds to advance Mt Carrington through a Rights Issue (see the Chairman's letter in their 2020 Annual Report), but only 20% supported that. No-one was backing them then, so you can understand that to move the project forward and get some value out of that asset, an alternative had to be found. At least this way, cash comes into their account (>$1.5M just to go to 51%), TMZ fund the DFS and Approvals (~$5M), and then if they go to 70%, WRM get another $12.5M. This allows management to focus on Alaska where their money can return greater rewards AND allows them to close the deal with AuStar, pick up 670km2 of great exploration ground AND a producing mine in Victoria.

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Any educated guesses for a time frame, if all goes well for stage 3 and 12.5M for us to use?

WRM Price at posting: 60.5¢ Sentiment: Buy Disclosure: Held
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