Unlike their involvement in tantalum, this will not be a proud...

Unlike their involvement in tantalum, this will not be a proud memory for RCF. They followed a bunch of kids (Todd Capital) and promoters (Subiaco folk) into this and probably thought that because Minres/GRES were involved (GRES is basically the same group of mining identities as Mineral Resources Ltd) that it would work. It doesn't.

The tungsten price forecasts of $US450/mtu that the funders were shown were paid for by WLF - top dollar to get the price forecast that would make the project look viable. Basically, they go to someone like Roskill who are parochial poms, sponsor them and remunerate them excessively to write the tungsten market publication and bob's your uncle. Re-badge the price forecast under the name of one of the European syndicate lenders who have no knowledge of tungsten and it almost looked credible.

Petra, Patersons, RCF, Todd.........I expected there would have been more due diligence from at least one of those parties.

As for the "offtakers" they take no risk whatsoever. Neither of them have direct investment in WLF or the mine. They are not going to prop-up the tungsten price simply to support WLF and their benefit comes through having an oversupply of tungsten concentrate. They don't really care if any of their suppliers makes a loss supplying it