@cfp ....." I am 100% positive that WFE will follow every ASX rule to the letter of the law "
Then why did you suggest they wouldn't by with-holding market sensitive news??
I also think they will abide by the continuous disclosure rules and announce things as they happen, which is why I am stating they do not have any offtake agreements.
If they did have any they would have been announced.
The ASX is not asking what colour plants they are planting in the garden either. The ASX wants all companies to follow a well known protocol for changing the primary business of a company.
WFE had a concept of becoming a cobalt producer, but instead of doing a feasibility study on it, to give the market re-assurance that the plan was profitable, they went bull at a gate and tried to just do it. For the ASX (and ASIC) they want Independent Experts to sign off on the idea, to give investors some measure of assurance that the idea/concept has a good chance of being profitable.
Here we are nearly a year after the idea was first floated, yet no-one knows if this venture will be profitable, as there are simply no numbers released about cost of ore nor cost of production, nor recovery, nor expected consistency of ore supply. The only real known is that cobalt prices have fallen from $86,500/tonne when the company went into suspension to the current $32,000/tonne.
The recent valuation of the plant by an IE should have happened in the middle of last year, just like a whole raft of other Independent Experts reports (on costs, source materials, detailed refurbishment budget etc).
I have posted several times that the amount needed to purchase all that mentioned in the announcement of 23/7/18 and the capital to get the plant up and running again from the recent IE report comes to just under $A25M. I've also suggested to shareholders that keep saying I'm incorrect, to simply phone the company and ask the question.
Why does suggesting people ask a simple question of the company get people so upset??
Is the $US10m mentioned by the Independent Expert on top of the$10M cap raise needed to pay for the 50% interest in the plant and the exploration leases?? Let WFE answer the question!!
