Ann: Quarterly Cashflow Report, page-413

Happy anniversary ..............
It is a year since the trading halt on the 5/6/18, when hype was in full swing on anything to do with cobalt with the following posted on HC on that day.......


Cobalt over $US80,000 per tonne.

Those were the days. Anyone notice the price of Cobalt is still in the low $US30,000's??

For me, that is the major part of the story of this opportunity. While WFE has been in suspension the price crashed. Long suspensions are usually bad for shareholders, this appears to be no exception.

If WFE had gone about this by the way of feasibility a year ago, they would not have been suspended. They could then have raised cash for the study, ongoing costs, deposit etc, while the cobalt price and hype was high.

A year ago the 'talk' on these threads was about the acquisition of cobalt tailings and a processing plant or a JV into a processing plant, all weeks before the actual announcement (23/7/18).

This type of comment was fairly typical, from 5/6/18..............

"From the now until annual meeting it will be a buying frenzy and at the meeting or after we might get further news and information on JB’s plans for the next 6 months - 1 year

We could hear and have the road to production explained very shortly"

Here we are a year later, with not much more known about any details, apart from the name of the plant and cost for the 50/50 JV.

In the year since this went into Trading halt/suspension, I have gone from enthusiastic and bullish, looking to enter during the cap raise, to wanting costings and prices, to studying the cobalt market and players in a fair bit of detail, to watching the cobalt price fall, and with delay after delay losing the desire to invest here, to wondering why no-one questions the path the company has taken, etc.

The journey of this company over the last year is one of great fascination for me into investor psychology, with no market available for the re-enforcement of one's theory of where this share price might head.

I was a shareholder in a company a few years ago where there was an almost religious following (belief) of the chairman and his 'different' way of running the company. That one also fell foul of the ASX, but believers kept believing, no matter what the news. In that company's case, the SP fell from $10 to 23c, but has been suspended for nearly 2 years now and is broke.

As investors all we can do is keep learning, and try to keep our mistakes small (cut losses quickly). When in suspension no-one has that opportunity.

Strange as it might sound, my ongoing research into WFE and all the different nuances has helped me in other companies that I've invested in. One cobalt junior I was invested in last year, I sold for a small profit, and it has since lost 40% of it's value. Without the research I did into other companies in the DRC with cobalt plants and plans, I probably would have kept those shares, so yes I have gained from researching WFE.

Today I read through a lot of posts on DCN, another company where lots of lessons are learned. Clearly the market knew what was happening before the shareholders, and unfortunately many investors discovered another costly lesson. Stories like that give very little confidence in what directors say, even officially (via announcements).

On this anniversary day, I wish all (well most) holders the best, and hope you can come out of this with a return of investment at the very least.