Smart move. Unfortunately these are the times to use your head, rather than listen to muppets constantly philosophically ranting about how if you sell, you're a sheep. Personally I've reached the conclusion a little too late that this turkey is probably cooked. Some fun facts:
1. WR1 has spent more money f*cking about and kicking the can down the road since announcing the Renard deal than what our entire market cap is now worth.
2. WR1's entire market cap is now worth less than the option to execute Renard (C$49m MC vs C$52m for the option).
3. The combined acquisition and CAPEX cost of Renard is US$295m, which works out to be A$471m. That means we need to find a partner willing to provide 8.5 times our current market cap, just to get the project off the ground. Anyone here ever see a mining company achieve that kind of funding multiple?
4. PWM assets are currently worth ~A$34.4m. After deducting this from our market cap A$54.9m, all of WR1's assets are worth A$20.5m. WR1's last reported cash balance was ~$24m, which means that essentially all of WR1's assets are currently valued at less than zero.
WR1 Price at posting:
22.5¢ Sentiment: Hold Disclosure: Held
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