Couldn't agree more. WR1 had $53 million in the bank when the Renard acquisition was announced, and by that point, all drilling for the current MRE had been completed, with results released the following month. Then came the $25 million cap raise shortly after. In total, they’ve burned through nearly $60 million on a scoping study and PEA—both of which strongly support Renard as an outstanding acquisition.
Yet, instead of confidently moving forward with that clear opportunity, they’ve sent the strongest possible signal to the market that the acquisition hinges on an imminent lithium price recovery. In doing so, they’ve effectively suggested that Renard may not proceed at all—because let’s be real, a price recovery is far more likely to take years than months.
Unless there’s something we’re missing, I’m stunned that they’ve maneuvered themselves into this position, especially after already extending the option twice. Executing the option now would have demonstrated confidence in their strategy and likely given the share price a small lift—at the very least, keeping pace with competitors’ movements today.
Apologies to those trying to keep their sanity, but this is one of those days where a rant is necessary. Honestly, I’d love nothing more than to be completely wrong about all this and see things play out smoothly.
Anyway, that’s my last gripe for the day—time for a few beers. At least my other holdings performed well; just a shame this happens to be my largest one by far.
WR1 Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
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