mate I’m long in here, but no denying wwi hold 66% interest in wbp (as of now). They did try to increase stake a while ago but that fell through. MQ has publicly spoken about this in webinars that the local party does eventually want to sell/reduce their stake so wwi will have an opportunity to increase % stake in wbp. Website is accurate on the 66% & here’s Gregor’s latest update this weekend confirming in case anyone is unsure.
Even if short term we see gold decline/consolidate, long term most do expect it to go higher be it 2700 or whatever peak we get to. Even on current PoG, getting to > $400m usd npv is pretty good. I’ve muted ogm & some others but always open to hearing genuine critique.
Board hasn’t been great at raises etc (our history pretty much shows that) & yeah have low cash balance so doesn’t take super intelligence for one to know if we don’t get $5-10m in front end funding etc confirmed in the next few weeks then would expect a small raise to keep the lights on (which isn’t great position for us but how else does a pre revenue company stay afloat).
while it’s taken longer than expected, someone posted it’s been 10+ years which is laughable. We got MR in July 2021.
how exactly does one get a loan to start a mine without even a DFS (when you’re still working out how much $ will be needed & what the IRR etc will be on various plans).
many will agree that the board probably expected a TO back then & didn’t drill in close intervals to both increase resource & convert more from inferred to M&I, add to it we lost the potential to do open pits to get the MR so the slow ramp up over 3 yrs with low ozpa resulted in an ok DFS. $ flowing out of sector + the low cash on hand resulted in the 3c rights issue. While it looks like that’s been long time in history, they have developed the mine to make it ready to go now which costed $, got a toll treaty signed with Shibanye (which took longer than expected & according to recent interviews was the reason why emi was stopped).
huge mistake from board was having the 3rd party company assigned to getting funding for us. When they didn’t deliver, thankfully were booted off. Since then, IDC & Wingfield have been good with half the funding needed on 1850pog & they’re still working with potentials for other half.
hopefully of pog stays high, they’ll need leas $ as has been mentioned in the table below & quicker payback so lets see.
Despite all the doom & gloom from some posters, having met Michael-Simon at the last AGM & prior discussions, they aren’t here for the lifestyle & just as frustrated as us with both having plenty skin.
Remember having same negative sentiments towards EA “oh we’ll never get it” & MR “will be yrs before SA sign it off” or DFS “not feasible with underwater etc” whatever people can come up with but just need to look at the update below to see how good the metrics are. Toll Treaty took long as well but at least we know Shibanye did plenty due diligence & are counting on getting that ore from wwi.
EA ✅
MR ✅
DFS ✅
TT ✅
Appeal dismissed ✅
Finance
Matter of time before the last one is confirmed & should them be all systems go. Be it in a few weeks or few months is beyond our control so can try to time it or just hold is an individual call.
dyor etc
