I still don't understand the BOD alignment with CMM regarding this T/O (STEAL DEAL).
Sounds like some dirty back door dealings by the BOD IMHO.
1. Undervalued Gold/Antimony in the ground.
2. No value added for the plant.
3. No value added for Big Springs.
4. No value added for the $24M in the bank.
5. No future value added.
Im not saying that a value can be easily worked out here, but I certainly know that the value attributed by the BOD of WA8 and CMM is an absolute embarrassment.
Below is an extract from an article with some comments from AB back in FEB 25. I notice the talk of having lots of money to continue the drilling for the remainder of 2025, so why the surprise CR a few weeks ago after a deal was already on the table?
Pathway to development…or M&A?
Warriedar has completed initial met testing on primary Ricciardo mineralisation samples, which returned recoveries of up to 96% achieved.
The project historically produced 350,000oz of gold up until 2019 from an onsite oxide plant which is currently on care and maintenance.
The company estimates the plant has a replacement value of roughly A$80 million and with the help of consultants, estimated it would cost A$13-20 million to refurbish.
“We wanted to understand what a refurbishment of our mill would cost,” Buckingham said.
She added that with a mill, a camp, sealed roads and granted mining leases, the project ticked “all the boxes in terms of a pathway to development”.
Warriedar is also close to many operating mines in the Murchison region, including Vault Minerals’ Deflector and 29Metals’ Golden Grove.
“We are surrounded by long-life, deep-tapping gold and base metals mines,” Buckingham said.
The company is chaired by Mark Connelly, who is known for deal-making, including at Astral Resources, which just announced the takeover of Maximus Resources.
Buckingham said Warriedar had been keen to get to know its neighbours.
“The door is always open for interesting conversations,” she said.
Warriedar is fully funded for its 2025 exploration program with cash of A$10.57 million at the end of December.
Buckingham said the company runs “on the smell of an oily rag”. “We spend as much money in the ground as possible,” she said.
So not long after this article was printed, confidential talks were in progress with CMM and everything changed, we all of a sudden no longer had enough money to drill for 2025 and a CR was needed, even though a deal was already in motion.
So someone from the WA8 BOD needs to explain why the CR was announced in May 2025, only 3 months after we supposedly had enough money to drill for 2025 and a deal was on the table, which killed the momentum of the SP.
GLTAH
DYOR
(20min delay)