Yep attended the AGM - all resolutions passed, no issues and CE gave a presso after going over the current programme at Cancet and the BIG one at Adina.
Met the whole crew CE, Tsingtao and Justin there. Had a very laid back meet up at the bar too after the AGM haha. Everyone was super approachable and down to earth. Hoping and believe this will further multi bag for all the nice people there today if results are replicated and all things being equal with the markets.
![smile.png](https://hotcopper.com.au/images/smilies/smile.png)
Post AGM bar talking points to note and probably most are already known - hearing or interpretation/memory might be off after afew beers so don't hold me to it:
- Adina was supposed to be the support/backup deposit to Cancet until about 8-10 weeks ago when Jamar outcrop was discovered. Obviously that has now changed the dynamics between Cancet-Adina where the thinking could be Adina/Jamar is the bigger or primary deposit ? Cancet by CE's rough arithmetic is 3mt just based on based drills and hopefully more after current drill season.
- CE mentioned there is currently 1 x RC heli drill rig per site at Cancet and Adina so that is 2 rigs atm. Another RC rig has been secured and also a Diamond rig due at Cancet too! CE commented that he doesn't see the Rigs leaving site anytime soon and they will be drilling well into 2023. Gives one an idea how many targets they are potentially chasing i guess.
- There is no limit to the Canadian Charitable Flow Through cap raise scheme - however its probably limited by how fast the company can spend the flow through CR funds as they have to use the funds by the end of 2023 for the $6.8mil raised. And for example by mid 2023 WR1 could effectively do another CCFT cap raise and they would have up to 18 months (June 2023 to end Dec 2024) of use up all that cash in the ground.
- Huge interest received as we already know in the latest CR due to the scarcity of shares being placed. Actually they received offers for over $20mil in the short few days.
- Tsingtao mentioned one of our Top 20 shareholder is one of the world's largest Fibre class manufacturer with a US based plant in operation. They were selected during the IPO bookbuild because spods has very good application in fibre glass manufacturing apparently and they are US based which could be an avenue to supply some spod to their operations
- Had some discussion with CE about how PMET are travelling currently valued at a market cap of $600-$700mil - his thoughts are WR1's deposits are located on land vs alot of PMET's deposit are literally sitting under lakes, hence PMET needing to wait until the lakes freezes over for better drill access. I thought that was an interesting point in terms of a comparison WR1 and PMET. The implications for PMET could be that they need an extra couple of years permitting and environmental work to mine the deposits under the lake. Guess that is PMET's problem not OURS
As far as we know we don't have peg bodies under water which is a huge positive, which cuts down mine development time and over at Jamar it sits quite elevated where they have to pump the water up the hill for the drill rigs.
- Talked to both Tsingtao and CE about potential offtakes, saying I guess its still very early to do any offtakes - what I get from it is that there is ALOT of interests - but they would obviously prefer to hold back any offtake rights for as long as possible to maximise our value. Gist of it is alot of offtake interests, but if we wait longer we could get alot more all things being equal with the market.
So yea all positive, rigs are drilling away, assays a couple more weeks yet and they are chasing alot of targets. Heavy news flow period now and well into 2023. Watch for interests in PMET and WR1 - if we continue the same PMET style results who knows where we will end up.
![smile.png](https://hotcopper.com.au/images/smilies/smile.png)