The main issue is that a lithium recovery isn’t expected in the coming months. At best, it might happen late next year. Mothballing Adina and shifting focus to exploration at Sirmac/Clappier still requires additional funding, meaning another cap raise. Unfortunately, this would come after walking away from Renard, leaving us raising funds at rock-bottom prices (probably in the teens) just to drill at SC, with no guarantee of meaningful results (it could end up being another another Cancet).
Ultimately, if they don’t secure a deal in the next couple of months, there are no good options left. Frankly, I’d rather see us given away for scrip because I no longer trust this management team to make smart decisions. Even if we got taken over for next to nothing, at least we might end up under more competent leadership. WR1’s current trajectory feels like a dead end, with Chris desperately trying to keep shareholders engaged by constantly claiming they’re “so close to a deal.” This is starting to look like AGY 2.0.
WR1 Price at posting:
25.0¢ Sentiment: Hold Disclosure: Held
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