HB, every now and then I question myself as to whether the WWI thesis holds. I've been a holder since way before Covid so seen the highs and lows.
However, when I look around, the valuation of WWI relative to others explorers/juniors does not make sense.
Take for instance, WIA Gold which I came across via the Money of Mine blokes. Below are its stats.
Still an explorer,
presume it has the "African discount" baked in
nowhere near a DFS.
Market cap? A$112m.
Contrast that with this WWI:
On the cusp of being a producer (yes I know...I know...we've been on the cusp for years but with IDC in the mix, seems pretty close)
has the "South African" discount baked in, which is arguably worse than having the bog standard "African discount"
DFS
Market cap? A$33m!
Based on the above, the market is saying that WIA's total value is more than 3X that of WWI. Once can compare with a few other explorers in Africa and the value gap is still quite stark on a relative basis. I cant quite reconcile this value difference. Generally I don't bet against the market but in this case I think WWI is fundamentally mis-priced and there will be a massive reset at some point.
Anyhow, keen to hear yours and other ppl's thoughts.
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