so... whats the go with wlf(o) ? - summary, page-6

seaemay

the point you rightly raise about dilution is the biggest issue in my mind. The DFS envisages 50/50 debt/equity split as the starting point. However goes on to say:

"Wolf and Traxys are in advanced discussions with potential Tungsten offtakers... It is anticipated that merchant funding by suppliers and offtakers will ease the debt/equity burden." (pg 13)

This merchant funding IMO will be key difference between good returns and great returns given its bearing on dilution. Considering the party doing the negotiating on Wolf's behalf, that is Traxys, has a big stake in the company itself, WLF stands a better chance IMO of getting favourable up front merchant cash than otherwise would be the case, as their interests coincide.

In terms of $1 target post DFS? Probably bit of a pipe dream... Getting close to $1 after the signing of a long-term, cash up-front offtake deal? Maybe... Then a cap raise at a half decent price... maybe...

Thanks all for your criticisms and comments, much appreciated