You must have watched a different interview than I did. At no point did he say there are "a dozen or so strategic partners on the shortlist." He simply mentioned that there had been about that many site visits, which is not the same as "we’re negotiating with 12 different parties."
As for whether WR1 is desperate—raising such a small amount of capital at a multi-year low is a pretty clear sign that they are. If they had multiple serious offers on the table, they wouldn't have needed to do that. Look past the reassuring words and apply some common sense. There may not even be a single offer worth taking, let alone multiple competing bids. It’s entirely possible they’re negotiating with just one potential partner who has been dragging things out to maintain the balance of power in negotiations—and may continue to do so. That puts WR1 in a weak position, and if Chris is willing to delay the option based on their timeline, it suggests they have him completely over a barrel for the next six months.
If you think the China situation will materially change in that time, you’re likely in for a rude shock. Betting against them could be a costly mistake.
That said, I thought the interview itself was decent. Chris presented well and said all the right things—but let’s not forget, it’s his job to make the situation look as good as possible.
WR1 Price at posting:
32.0¢ Sentiment: Hold Disclosure: Held
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