Ann: OzAurum Acquires Lithium Project in Brazil, page-115

I am not convinced that WC8 is a good investment for 2 reasons.

A. It has a very high MC of about $500m to $600m once the new shares and all options (all well into to the money) are included, which is very high given the stage of exploration. The stated MC is only $270m on share platforms and HC which is fooling investors as it excludes the options (they have a very large number) and shares under the recent share issue. It seems over valued at this stage. As an example AZS when it released its first assays with 1 over 100m at high grade, it only had a SP that valued the Andover project around $600m and that included the Ni part as well. AZS had far better initial assays than WC8 ie much thicker true intercepts and significantly higher grade.

B. The assays results are rather low grade eg 218m @ 0.78% and 128m @ 0.57%. The 85m @ 1.1% is Ok grade. Other thinner intersections were a mixture of the above grades. Overall the average grade seems like about 0.8% which is quite low. The true widths are also no where near 85m alone 215m.

There is no doubt WC8 will have a decent resource size but will the low grade make it a viable mine? However the grade may improve with more assays. It is on my watch list.

Even with its Andover valuation being circa $2b, AZS seems better value than WC8 and there are a few other lithium explorers than are even better value than AZS as they have great potential lithium projects and/or assays to date than WC8 - one of those stocks includes OZM which has a MC of less than one thirteenth WC8.