Short term correction, page-4

just by looking at tiny NPAT every shorter wants to run. It's natural because it's terrible at first sight.

2.9m loss in Npat contributed by the fall of ni price. $1/lb = 35m
Napat is turning into positive territory compared to the last two reports but It's again influenced by the 3m profits made from the sale of shares in FinAust mining plc in Finland.

Consolidate statement
Operating cash flow is better than the previous ones
HY Dec 2016 33.567m
FY Jun 2016 15.563m
HY Dec 2015 14.412m

Investing cash flow is better but it's still in negative territory.
Hy Dec 2016 -5.367m
Fy Jun 2016 -72.384m
Hy Dec 2015 -45.617m

Financing cash flow is better
Hy Dec 2016 -0.133m
Fy Jun 2016 -62.828m
Hy Dec 2015 -134.460m

Cash and cash equivalent is stand out at 103.773m

Operating cash flow is good enough to fund any exploration and development works.

Excessive cash flow is useless because the sole purpose for a strong cash backing is to pay down debt in which wsa has none.

It should be used to pay divi, which is stopped this quater due to volatile in ni price, or to do some acquisitions or to invest rather than to put the money in the bank.

Leverage
wsa has bought some hedges for nickel productions. It's also use some derivatives to hedge against ni price against contracts and the exchange rate between usd/aud is also in favor of usd

Exploration/Development
Flying Fox
Ore Sorter has been in trial for 2 months
The results produce double the grade and turn un-processed ores into useful quantities.

Spotted Quoll
This produces highest quaterly mined with 8.5% increase in nickel tonnes
WSA successfully turned nickel sulfide into nickel oxide and blend with low grade laterite ore to produce stainless steels, the highest quality 300 series to Chinese customer

Cosmos
Extra expenditures could be used to fund upon board approval in light of successful drilling to deliver an upgrade in inferred resources.

Western Gawler, SA
Planned drilling in mid year 2017 to search for nickel, copper and gold

Bioheap
Potential offtake partners have been in discussion for a year

Lithium
Non core assets have shown some interests from corporates

A Speculative buy as this stock will respond strongly to ni price but never ignore it.