WR1 General Discussion, page-185

Hi, Shareholders,
I have done resource analysis of our peers - LRS, because they have started the feasibility studies for the Salinas project.
https://hotcopper.com.au/threads/ann-commencement-of-feasibility-studies-for-salinas-project.6884437/

Please see the following comparisons between WR1 Cancet Project and LRS Salinas Project.

		WR1 - Cancet	LRS - Salinas
1	Weighted average grade to date	1.88%	1.30%
2	Thickness of intersections to date (m)	231.62	140.28
3	Weighted average depth of intersections (m)	13.64	112.18
4	Market capitalisation ($)	$37.98M	$118.7M

From the analysis, we can see WR1 Cancet project looks better than LRS Salinas project with regards to all metrics - grade, depth and location. I don't know whether LRS has other projects factored in their SP and market cap. However, the analysis shows WR1 is much undervalued relative to LRS when turning to market capitalization comparisons (3.13 times larger than WR1).

The detailed spreadsheet calculations are as follows.
LRS - Grade (1.30%); Depth (112.18m)
WR1 - Grade (1.88%); Depth (13.64m)

LRS



WR1