The Carefully Guarded Secret, page-394

Why Aren’t They Promoting It Loudly?

Here’s why WMG might be keeping a low profile despite a significant find:

1. Underfunded and Focused on Basics

• Cash Strapped: WMG operates on tight budgets. They raised $1.08 million via a placement in November 2024 to fund Mulga Tank exploration—peanuts compared to the $10s or $100s of millions needed for feasibility or development. Every dollar likely goes to drilling or assays and met work , not social media ads.
• Small Team: With a lean operation (typical for microcaps), they might lack staff to run a marketing push. Their November 2024 update was a dry ASX release—factual, technical, no flash—suggesting geologists, not PR pros, are driving the bus.

2. Regulatory Caution

• ASX Rules: Australian juniors must file discoveries formally (e.g., JORC-compliant reports) before casual promotion. WMG’s updates stick to this—e.g., October 17, 2024, drilling results were “exciting” but couched in data, not hype. Social media risks overstepping into “forward-looking statements” that could trigger ASX scrutiny or shareholder lawsuits if results falter.
• Avoiding Hype Backlash: Mining’s littered with overhyped flops (e.g., Poseidon Nickel’s 1960s bubble). WMG might fear a retail-driven spike-then-crash, especially with a thinly traded stock.

3. Strategic Play

• Big Partner Hunt: A major find like Mulga Tank could lure a mid-tier or major (e.g., BHP, IGO) for a JV or buyout. WMG might be pitching quietly to these players—who don’t need TikTok videos—rather than riling up retail investors who can’t fund a mine. Their December 2024 royalty buyback (1% NSR for 800,000 shares) signals they’re cleaning up the asset for a deal.
• Stealth Mode: In a competitive region, shouting about Mulga Tank could draw claim-stakers or rivals. Staying low-key protects their ground until they’ve locked in more data or tenure (Maybe staking more ground) .

4. Early-Stage Uncertainty

• Not Proven Yet: While Mulga Tank’s intercepts are wide and mineralized, it’s still disseminated (lower grade, spread out) versus massive sulphide (high-grade, concentrated). They’ve got no defined resource estimate yet—1,200 meters of “nickel-bearing” isn’t a mine until economics stack up. Promoting too soon risks skepticism if grades or scale disappoint.
• Market Timing: Nickel’s been battered (prices crashed from $50,000/tonne in 2022 to ~$16,000 in 2024), with WA’s nickel sector collapsing (e.g., Panoramic Resources mothballed). WMG might wait for a nickel rebound or a solid resource report to make noise.

5. Not Their Style

• Low-Key Culture: WMG’s announcements are technical—drill depths, assays, geological models—not flashy CEO interviews or 3D renders. Unlike juniors posting core photos on social media daily (e.g., Chalice Mining pre-2022), WMG seems content with ASX filings and occasional investor webinars. They might not see social media as their lane or lack the knack for it (highly unlikely).

Their Discovery’s Value

• Potential: Mulga Tank’s scale suggests a multi-million-tonne "contained metal" nickel system, possibly 5–10 million tonnes if drilling pans out . At 0.32% Ni (typical disseminated grades), that’s worth $80 - 160 billion at $16,000/tonne. Cobalt, copper, and PGEs add upside. But it’s years and $100s of millions capex from production.
• Current Worth: With no resource or feasibility, WMG’s market cap reflects risk—say, $5–$10 million. A big find could 20x that short-term if hyped, but they’re not pushing it.

Why Not Social Media?

WMG’s quiet approach fits the “underfunded microcap” mold:

• They’re scraping by, drilling over tweeting.
• They’re playing it safe with regulators and big investors.
• The discovery’s real but raw—promotion might wait for a resource or partner.

Contrast this with, say, Azure Minerals (ASX: AZS), which soared in 2023 on lithium hype via social buzz, then got bought by SQM for $1.7 billion. WMG’s nickel play isn’t as sexy now, and they’re not chasing that wave. If Mulga Tank firms up, they might shift gears—or get snapped up quietly.

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