Ann: Laying the Solid Foundations for Project Development, page-21

WA8 share some favourable attributes with MAU.
The key differences between the two at this stage (MAU has already released scoping study), scale (their project is already at critical mass) and location.

Our location is good (B-)
MAU location is excellent (A+)

Why?

Lady Julie Gold Project is literally surround by underutilised infrastructure. This infrastructure is owned by deep pocketed larger capped companies.
The market is (probably correctly) guessing that Lady Julie will be very likely acquired by one of these miners in the not-too-distant future.

Golden Range has the location attribute but to a lesser extent. Our surrounding infrastructure is not owned by such illustrious companies.
29M is literally in the fight for its financial life.
VAU has their focus squarely concentrated on their larger scale Koth asset.
Capricorn need to digest what they have in the region before looking at add-ons.

We still have multiple near-term avenues to production. The market is clearly not incorporating this factor into current valuations.

What are the nearer term options?

* Toll treating is definitely an option for our deposits, the more desperate 29M financial position becomes, the more likely this will happen in the near term.
* It appears increasingly likely that Vault may choose to sell Deflector, there is a solid chance that the new owner of Deflector could see Golden Range as an obvious bolt on.
* We have existing mining infrastructure in place (note that the entire mill will likely need to be replaced).
* There are surrounding Iron Ore and Tungsten producers in the area. Could there be a merger and subsequent re purposing of milling infrastructure?

The board have recently stated that they will not sanction a scoping study until Golden Range MRE reaches 1.5m ounces.

All just my opinion Wayne.
Hope this helped.