Ann: Quarterly Activities and Cash Flow Reports, page-280

hi Skell, I like the story & have plenty & keen to see this do well. But how do you get 13moz? Those were historical numbers based on open pit mines & a larger footprint.

while we claw back some of the resource when the approval for neighbouring area comes through, it’s still a small % only & we’re not going to get any of those recoveries from open pits.

7-8 moz yeah potentially but 13? Keen to hear more on that & yes, we’re unable to have even stage 5 of Bird Reef central counted towards scopping study at $1750 (which is a reasonable conservative price for long term projections) that had a decent chunk of the existing 4.3moz resource that gets highlighted at every presentation but isn’t economical to make a profit from.

While I agree the company should be valued a lot more than it currently does (& hope it recovers because not everyone has a < 2c avg with a lot of ppl buying in the 6-10c range when it was there for almost an yr), not quite sure we’re going to get 13moz worth valuation & the Uranium is a good one to have but still needs to be drilled to confirm grade-volume-feasibility studies before we can count on it.

Given how Mt Cecelia JV was on a paltry amount (albeit with a major), lets hope if Bird Reef Central is JV/Sold to a 3rd party to help pay for stage 1-4, it’s done at a decent price else that 18m pound uranium while worth plenty is feasible won’t be of much use to the bottom line.

Not blaming anyone here, think MQ & Jac have done the best from what they could control & giving up that area to get MR was the right thing & so was the RIO-JV (but could’ve potentially been at a better price).

however, I’m pretty sure as a the 1 holder you’d have been disappointed with the 3c price for rights issue when a 6c CR was done just 2 months prior to that (& could easily have had better deal come from the market straight after EA/MR) & worse the 100m options for broker at 5c which put a strong ceiling on the company valuation.

Good potential yeah for sure, P200 is a good direction to work towards, but given the recent history with rights issue at 50% low from prev cr, I’m not buying into the 13moz gold & 18m lb uranium quite yet. We’d do extremely well to get to 70% of that but even then if half of the mcap growth comes through dilution instead of sp appreciation, what good is it for the shareholders.

At 20m mcap we were around mid 2s & at $60m mcap we’re still around mid 2s despite getting EA-MR-DFS-RioJV-Updated SS & Uranium potential.

yeah, am pragmatic enough to know it’s not an isolated issue with WWI alone with producers like NST NCM RMS etc all having lost 30% mcap in the last 12-18 months but none of them were this heavily diluted so fair to say upside expectations from most holders outside top 20 perhaps aren’t as rosy as they were a while ago & we’ll see a lot of sell pressure in that 7-12 range (am still hoping it’s a when it gets there & not if it gets there) esp from the broker having those 5c strike options who simply care about rinse & repeat & won’t be here for any 100-200% gains.

anyways lets see how this unravels over next 12 months. For all holders sake esp the largest ones we see some strength eventually after what’s been a constant sell.