Ann: Winmar Appoints Airguide as Strategic Advisor, page-178

I avoided posting here with all the noise during the day. Although am guilty of tweeting on open from excitement.

I'm still holding all my shares.

Firstly, great to see Airguide join the team, and strong interest in such a large raise - I say that because you wouldn't have it trading at this premium unless a bunch of soph's and big money got rejected and had to get on market.
Cashed up and ready for a second acquisition now. Great work by the team.

Secondly, as for the discussion on "this is a ridiculously expensive shell" my thoughts:
WFE fully diluted EV of $33.4M @1.5cents.
Now we have one tenement in a good location: What value would you throw on that? I'm gonna just go ahead and say $10M
So as a shell its essentially $23.4M EV.


Is this an expensive shell? Straight forward answer is yes. Would it be worth buying? No clue it really depends on everyone's individual risk appetite and timeframe.
The only reason for buying at these levels has to simply be for a larger timeframe of 3-6months - a strong project acq/DD complete/Right grades/Team expansion??/Huayou involvement?? priced in. Otherwise the downside risk simply outweighs the rewards and it makes no sense.

Now why is it such an expensive shell? Straightforward answer is Michael langford/Airguide. He's created some millionaires over the last year, I don't think hes gotten involved in anything that hasnt 10bagged minimum.
Rightly so, hes got an incredible loyal following (especially from AVZ) from the wealth he's generated for others. That money has to go somewhere, and as expected its moved relentlessly into his next project here. Those guys are well aware Michael only does 10bags+ so they'll be looking on a much longer TF and much greater expected returns. As for a ST perspective the Risk Vs Reward is a bit skewed. Perhaps worth to wait to see what is acquired or even IF anything is acquired - ofc you'll be paying higher but downside risk is reduced.

Then you have Brewer who also has made a tonne of wealth over this year - VEC 0.005 original raise went to 0.04+, 4CE 0.015 raise went to 0.17.
Rightly so once again, he has a loyal following (likely not as wealthy as the langford bunch lmao). Most of which would've got set early when he got appointed and hold tightly.

There are certain issues with expensive shells you see time and time again FGF (Raised Blockchain Global and got quite expensive), GTG $45M Shell (DCC team t/o), CAV (Klaus Shell - AVZ money entered here too). All struggled to maintain their expensive valuations - Goes to show when tailwinds dry out, i.e market drips, sector cools off, no progress made by management, these things come back to ground.
I think the key here will be management arrange an acquisition within next 4weeks, otherwise it will struggle to maintain these valuations.

Few other notes why we have an expensive shell on our hands - reading the announcements carefully the acquisition they are after are "near term production". We also know if this is the case Offtakes/MOU's are pretty much sorted courtesy of Michael. Now what would a Cobalt stock on ASX with Offtake sorted with near term production be priced at. Lead Manager options vest only when price goes 0.04.

Conclusion, there is plenty of upside on offer. Risks are just as much there if they don't deliver a project soon - I'm backing the diligence of Brewer to secure something soon.

Just my irrelevant 2cents,

Goodluck guys