FA & General Commentary

Hello all,

I have taken an initial / pilot position here, and will look to add if the fundamentals strengthen in due course through the delivery of material announcements.

There can be little doubt that WML sits firmly in the arena of highly speculative explorer at this stage, and I suspect no one is under any illusions to the contrary.

However, if I can make a few unstructured comments that represent a collation of my thoughts for now:

1. In my respectful opinion, top quality management is always the pinnacle of any investment and the first thing I consider.

The latest restructure at WML definitely caught my interest in this respect:

- David Richards as non-executive director.

DR is the Managing Director of Liontown Resources (LTR), another company of which I am a shareholder. In my view his performance in that role has been outstanding, with the company having delivered the goods in a professional and timely manner at every stage, while building shareholder value.

I can also see that Richards’ experience across both the gold and lithium spaces makes him a smart addition at WML given its tenements at Mt Venn and Ravensthorpe, respectively.

- Kevin Seymour as Managing Director commencing early 2021.

Again, Seymour would appear to be another high quality addition to the team given his experience. In particular I note he is the general manager of exploration at Ramelius Resources (RMS), a gold producer with a market cap of circa $1.31 billion.

Between the 2 of them, in my view WML have added some serious directorial pedigree and fire-power here, and might be viewed as an encouraging endorsement of WML’s range of prospects. I would be prepared to hazard an educated guess here that both will fully intend to maintain their excellent reputations at WML and are unlikely to have associated themselves with an obvious dud.

2. Brief review of the capital structure tells me that WML has a market capitalization of circa $10 million, with a modest 340 million shares on issue.

If the company is able to deliver some material results, then this bodes well indeed for a potentially sharp re-rating of the share price within a limited space of time.

3. Cash on hand $1.48 million per last quarterly and spend for that quarter was some $476k.

This says to me that WML is sufficiently funded to carry out its present drilling program at Mt Venn, but will likely need to replenish its war-chest and raise capital by, say, mid-2021?

4. WML has extensive tenement holdings across Western Australia and South Australia, with highly prospective ground and some promising initial results (but no JORC resources).

Notably the current drilling focus on the Mt Venn project - WML having an 80% interest with Cazaly Resources (CAZ) making up the remaining 20% - has previously indicated rock chip assays at the Chapman’s Reward prospect of up to 201g/t and is located only 30km away from Gold Road Resources’ (GOR) Gruyere mine.

Interestingly the source of the rock chip assays noted above is reported as deriving from the WA Department of Mines Annual Report from 1923(!) - you can have fun wading through all 281 pages here:

http://dmp.wa.gov.au/Documents/About-Us-Careers/AnnualReport_1923.pdf

5. Last point - if the company can deliver meaningfully on its fundamentals in a timely manner then the WMLOB listed options may prove to be a lucrative option going forward (while similarly a high risk option if the company fails to deliver).

They have a strike price of $0.03, exercisable by 30 June 2023 - needless to say, there is a very long runway here for the company to build value and for the options hopefully to be well “in the money”.

Personally I like the “buy now, pay later” aspect of options and the leverage opportunity they can provide. However, I suspect other holders of WMLOB do as well, given they are currently in short supply on-market.

Anyway, the above represents my personal commentary and is not to be relied on as advice in any form.

Looking forward to the upcoming newsflow. Very best wishes to all WML shareholders.