@Chicarno88These accounting techniques are more appropriate for...

@Chicarno88

These accounting techniques are more appropriate for looking at a private company's share value ... a listed/public company's SP has very little to do with it's balance sheet (particularly with spec stocks).

The best example of this from the numbers you're looking at is the $9M on the balance sheet for "Exploration and evaluation expenditure"..... you really can't divide these balance sheet numbers by SOI and arrive at a fair or meaningful SP.

It's coincidental that WC1's net tangible assets is similar to the MC.... proof of this is the fact that not so long ago the MC was over double it's current value whilst the balance sheet was the exact one you've posted (as at 31/12/22).

Good luck with your analysis but with all due respect, I think it's flawed.... if the next round of assays continue along the same level of success as the recent results, then the 31.12.22 balance sheet numbers will be even less relevant/meaningful.

Low volume and liquidity will lead to dramatic shifts in MC whilst the actual balance sheet remains fairly stagnant in the short to medium term.

No disrespect intended and I hope you aren't offended.... I do understand the approach you have taken in your assessment of the SP and appreciate the effort that you have put into it.

Good luck to us all.