HB, every now and then I question myself as to whether the WWI thesis holds. I've been a holder since way before Covid so seen the highs and lows.
However, when I look around, the valuation of WWI relative to others explorers/juniors does not make sense.
Take for instance, WIA Gold which I came across via the Money of Mine blokes. Below are its stats.
- Still an explorer,
- presume it has the "African discount" baked in
- nowhere near a DFS.
- Market cap? A$112m.
Contrast that with this WWI:
- On the cusp of being a producer (yes I know...I know...we've been on the cusp for years but with IDC in the mix, seems pretty close)
- has the "South African" discount baked in, which is arguably worse than having the bog standard "African discount"
- DFS
- Market cap? A$33m!
Based on the above, the market is saying that WIA's total value is more than 3X that of WWI. Once can compare with a few other explorers in Africa and the value gap is still quite stark on a relative basis. I cant quite reconcile this value difference. Generally I don't bet against the market but in this case I think WWI is fundamentally mis-priced and there will be a massive reset at some point.
Anyhow, keen to hear yours and other ppl's thoughts.
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