Ann: TMZ:TMZ & WRM Sign Term Sheet to Progress Mt Carrington Proj, page-28

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Wisguy1

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02/03/21

01:52

Post #: 51435807
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Originally posted by JimmyAnderson: ↑

"There are no guarantees that the Morning Star Mine will throw off enough cash flow to fund all exploration"

This is my concern. Currently Morning star is losing money. I hope the mine becomes cash positive very soon, but there are no guarantees. I have seen no forecasts of what the mine could earn if it ever gets 'to be run well' and I haven't seen any announcements from AuStar management saying when they expect the mine to have positive cash flow.

Erik you are far more knowledgeable on mining than me, but do you or anyone else have an estimate as to how far the $11.6m cash that WRM had on hand at the end of December will go?

The company has two great prospects in Alaska, but they are both of significant size and I image will take a considerable amount of exploration. How much will it cost to hire one drill rig and associated costs for the short Alaskan season? Ideally the company will deploy more than the one rig they managed for the last half season but it is going to cost. Maybe it is not as expensive as I think and they can have multiple rigs at both sites, assuming they are available.

I would rather that the $11.6m was spent on exploration in Alaska rather than optimising Mornington (WRM did say the acquisition would not impact the development of existing projects).

I don't see the need for exploration potential in Victoria when we already have great opportunities in Alaska.

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I just copy and pasted Erik's post I am not him.

WRM Price at posting: 60.0¢ Sentiment: Hold Disclosure: Held
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Ann: TMZ:TMZ & WRM Sign Term Sheet to Progress Mt Carrington Proj, page-28

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