"Fair value" is more than likely $35-$40 and has nothing to do...

"Fair value" is more than likely $35-$40 and has nothing to do with current stock price.

A clear indication of how the market can price stocks incorrectly was shown in 2020. In January 2020 BHP was 'valued' by the market at $37/sh, just 2 months later it as valued at under $22/sh and a short 4 months later it was valued back up at $36/sh. Which level was "fair value"?

Current share price is always a combination of what current buyers and sellers are willing to exchange shares at, nothing more and nothing less.

So how much would we be worth or valued at with a small starter mine, that only cost a few hundred million to set up and wouldn't even use up half the growth in niobium demand over the next 'few' years??

A 600K tonne per annum throughput and deliberately high grading the ore, say like the met tests at 4%, would see an easy $500-600M/a in EBITDA. With the growth potential, a 10 X multiple of EBITDA could easily be expected, probably a lot higher, which would be a Mcap of $5-6B, so a current Mcap, less than half of this, of $2.5B is easily justified, which is the $35-$40/sh.

Worst case scenario of having to raise another $300m at $15, would give us a value of around $60/s after dilution, with the small 600k plant operating, which is a 4 bagger from here, assuming more dilution that we don't need..

We can slice and dice the numbers all day long, but it doesn't matter, we are currently way under "fair value" by every metric of valuation that can be applied.

Also as the local competition drops away in having any type of standalone ore body, our valuation goes up relatively. Today's results for ENR clearly show they have a minor extension of Luni to the North East, which adds a bit of value to our mine. Likewise when they have more results from 'Emily' to the North West. The smartest thing they would do with these assets is to sell them to WA1 for a few shares.

WA1 does not 'need' either of these extensions, but they would add tonnage for lower grade mining in 20-30 years time. If ENR don't sell them to WA1, then they will just sit there undeveloped forever. Hopefully they take whatever small sum WA1 do eventually offer for them.

As every company drills the most likely targets first, the odds of another major Niobium find for the area decline as the 'best' spots come up with less than stellar results. I'd expect a few more REE/Niobium companies to bite the dust over the next few months, adding more value to us, especially if they find just a little bit!!

The combination of geological factors needed to produce a deposit like Araxa are indeed unique, which is why it took 70 years to find something similar in Luni. Finding another Luni sized deposit near us is probably similar to finding another Araxa around their location, that no-one has done in 70 years, simply because they most likely don't exist..