Ann: Quarterly Activities Report, page-16

Don't think the comparisons to RED make any sense. WMX isn't valued to the full size of its resources because they are fundamentally different. We will be selling a concentrate at a discount to the gold price and need to rely on the offtake partners to realise value. As such for valuation you need to apply a discount for the additional risk of not having full control over one's destiny. So the value in WMX will slowly be priced in as they deliver on the narrative since its quite unique. Thats speaking as someone who believes in the narrative and I'm happy to take the discounted price and the risk associated with it.