IMO the disconnect between market cap and potential here is the...

IMO the disconnect between market cap and potential here is the Canadian permitting system and WR1's lack of clarity around guiding the market towards a date or quarter or even a year for production.

This presentation is titled 'On the road to .... production' .... but it does not set out the pathway to production (other than talking about the Renard DD and options).

To be this far into exploration and development of a project and still not even have a guide for which month/quarter/year production will occur in is the issue.

In fairness to management, it reflects the uncertainty of the operating in Canada as well as the Renard process (which is not yet final).

If management don't know when they're going to produce, then investors definitely don't know when WR1 is going to produce - hence the market cap where it is - i.e. WR1 could conceivably produce first spod anywhere from the back end of 2027 to mid 2029 (in a worst case).