2006 - Listing
WKT's history of failure began about 10 years ago in 2006 after being officially quoted (then known as Nimrodel) on the ASX.
In 2006, the company discussed
how wonderful its resource was and how close it was to other existing mines. The board was filled with players with a history of being part of companies with wonderful successes.
2007
What a time it was, in 2007 the company reported having a mere
15 million shares on the register. The company also decided to
branch out to uranium too. These were, of course, significant uranium exploration assets all on top of the Buckaroo gold and base metals project. In classic WKT fashion, the uranium assets were bought with shares. But hey - dilution is no problem back in 2007, is it?
Also in 2007, WKT began scoping out a
Kyrgyzstan zinc and lead mine, too. WKT was getting right in amongst
everything it could get its hands on, and trumpeting the raving success it would be. They even had a Kyrgyz head office and regional base.
2007, year of WKT, they released a very low level auger sample stating they had
gold at Buckeroo - things were going awesome. Buy in 2007 so you don't miss out!
2008
2008, the
company said its uranium project was to be fast tracked to production. Albeit by this stage there was 84m shares on issue (6x dilution) plus another 15m options. Wow, 7x diluted in 2 years and with further capital raising on the way.
2009
Roll on 2009 and WKT takes on another
former soviet project, this time for gold. This was, of course, a significant addition to its assets. Of course there was surface mineralisation, so on and so forth.
2009 and
WKT has cancelled its capital raising in favour of a big corporate transaction. I wonder if it will be a big off-take partner? Not that it matters,
because the low level sampling from the new former soviet gold mine has come back bangers! And woohoo,
9m shares placed to sophisticated investors!
So, late 2009, and
WKT is unlocking central Asian mineral wealth. They were working 'one of the largest undeveloped gold belts in the WORLD!' WKT also doing some drilling and just living life to the full. So many projects, so much capacity to be the next RIO.
2010
2010, a new year and new prosperity as the
FIRST drill hole finds gold. So we're 4 years in,
we've done some drilling and a few samples here and there but nothing has been mined and sold... Hmm. Oh darn,
political issues in the former soviet union... But
nothing that issuing 15m new shares won't fix! Then WKT decides to do
another capital raising,
which amounts to issuing 22m shares.
Actually, you know what, forget it,
WKT is now an African coal exploration company at the end of 2010. Over and above the uranium, base metals and gold. Based on 3 continents and with no measured resource and no feasibility study, no mine, no revenue.
2011
2011, yada yada yada, drilling drilling, capital raising, same old story. Except this time they are targetting a
MAJOR coal resource in Africa. I should also mention here the report dicusses IOCG (iron oxide copper gold) targets. So now WKT is uranium, gold, iron, uranium, coal, copper and base metals. 240m shares on issue at this point in time, things are going well.
2012
2012, WKT is targetting
TWO BILLION TONNES OF COAL. So, let's do
another capital raising by placement to sophisticated investors. Who cares though, it's only 160 million shares (roughly 60%+ dilution) for $4.8 cash. So we're up to 400m shares now, good going. Then it's a pretty boring year except for declaring an
inferred resource of coal. Oh, I must have missed it, but in
2012 there was no mention of uranium, gold, copper, iron, base metals or anything previously worked on by WKT. But somewhere along the way they decided to start drilling in Specimen Reef, Tasmania. And also
a new managing director.
2013
2013 brings on a
copper JV in Tanzania,
discovery of gold and copper, an
off-take for coal and of course
a capital raising or two. And at some point the company
changed its name to Walkabout Resources. With no other fundamental changes to the company.
2014
Roll on 2014 and let's have
another capital raising. Don't worry though there's
only 800m shares on issue and the top 20 own 49%, woohoo. WKT goes on to say how much better it is than its peers in the coal industry in terms of metrics. From funding in 2016 to operations in 2022, the coal mine was going to be BIG.
Actually, forget all of the above.
WKT is now a graphite company. It is no longer interested in uranium, coal, gold, iron, copper, base metals, etc etc.
2015
2015, the year of WKT. WKT, in classic WKT style, does a few capital raisings such as
this one and
this one and of course WKT announces that its preliminary,
low level drilling has discovered yet another earth shatteringly good find.
2016 - Conclusion
Now here we are in 2016. There are 1.4 BILLION shares on the register. The company has failed in its uranium, gold, copper, iron, coal, base metals and other similar projects.
Since its initial quotation on the ASX, WKT share register has been diluted 100x from 15m shares to 1.4 BILLION, with more on the way.
There has been no revenue from mining activities. There has been no successful mining, no fast tracking, nothing except for a name change and payment to directors and employees on the back of shareholders.
WKT has done drilling before, it has announced massive awesome resources before, it has been diluted by 100 fold (that is, if you bought in 2006 then you are worth 100x less now) but none of it has come to fruition.
I personally wonder why nothing has worked out - and I also wonder, is it really different this time?
(20min delay)