There would be 1.2M less shares on issue had the CR's been done...

There would be 1.2M less shares on issue had the CR's been done at $7 and $11, around 2% of shares on issue after the latest CR.

Just in the calc of Market Cap, I've seen a variety of SOI's when it comes generating the MC. Many market data providers only show the securities in section 4.1 (quoted securities) but unquoted securities should also be included in WA1's Market Cap calcs. The most recent disclosure of share capital on the 28th December shows the following securities:


I think it's important to add all of the unquoted securities into the calc because they are all deep in the money and I think its unlikely any of these options or rights would lapse. If we add in the extra 4M shares from the current CR we will see 65.1M shares on a fully diluted basis. This will generate a market cap of $1B at circa $15.36 per share. It shows what a difference dilution makes.

Developing a project is an iterative process, you can't unlock its value unless you add capital to it i.e. the money to develop the resource/feasibilty in this case. Any speculation about future market cap's must take into account the added capital required to get there. It looks promising that WA1 will achieve market caps in the thousands of millions in the future but what the share base will be is a big factor in projecting forward share prices. Management has proven prudent to date, raising smallish amounts of capital at ever increasing prices, this has allowed tight constraint for shares on issue. We hope that all the factors remain in place to allow this trend to continue