WSR market cap is $3.4M and cash / shares is $2.4M so EV is $1.0M. The Mount Finnerty JV with RMS (75%) has already seen a exploration and drill spend approaching / exceeding $3M for development of a 10 km long strike line. Hi grade gold identified along 5KM of this trend. The Finders Prospect has been lightly drilled within a 300m strike (width 100-150m and depth of 100-200m) for a potential high-grade gold system. A similar pattern is evolving at Tasman (along strike). Further drilling along this strike line is planned after permitting is received.
Based on the current RMS spend, the EV for 25% of Mount Finnerty is worth $1.0M, with significant potential for upside appreciation.
WSR Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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