WR1 General Discussion, page-11312

There'll definitely be more CRs and dilution in the future. And/or they bring in a strategic partner. Presumably you know the great FTF mechanism to raise in Canada, and rebate for exploration in Quebec?

They won't need to raise until maybe Q2 2024, by which point WR1 should have drilled 25,000-30,000m at Adina.

I try to conservatively estimate the growth of the resource through drilling by pessimistically assuming we will never replicate the incredible results from Q4, and then modeling a decline in the rate of discovery for future drilling.

So, I think from examining the maiden MRE for GL1's Manna (3600m drilling for ~10mt) its safe to assume that WR1's first 5200m at Adina "discovered" at least 15mt.

Thread about Manna here: https://hotcopper.com.au/threads/wr1-general-discussion.6543412/page-11204?post_id=67325484

And a comparison with SYA's drill results at Moblan: https://hotcopper.com.au/threads/wr1-general-discussion.6543412/page-11147?post_id=67311153

If 5200m of drilling at Adina "discovered" 15mt, then the rate is 2.88mt per 1000m drilled.

With this years estimated 20,000m drilling, if we continue at the same rate, by EOY the resource would be 72.6mt, at half this rate 43.8mt, at a third of this rate 34.2mt, and at a quarter of this rate 29.4mt.

As an aside, if you think WR1 has 20mt from assays released to date, then we're progressing at approx the same rate as PMET at Corvette, if you assume they got 100mt from their 26,600m of drilling in 2022. (WR1 actually slightly ahead at 3.85mt / 1000m vs PMET's 3.76.)

Imo WR1 will release a MRE before the 2024 raise and this should provide a springboard for the SP to appreciate to a level where a CR can be done most efficiently.