WR1 General Discussion, page-29324

Regarding a buyout scenario, it's about the synergy between Adina and Renard. Controlled by the same party they increase the value of both assets. Each alone is less valuable. That's why it is a no-brainer for WR1 to acquire Renard for 50m, and really one of the luckiest things I've ever seen happen to a junior resource company (aside from big wildcat discoveries.)

I think what Kev needs to understand is that just because Renard's replacement value is say 1bn AUD it doesn't mean its sale value would be anywhere near that, even when sold along with Adina. The project requires development and the buyer takes on various associated risks. It's not about pulling numbers out of the air but rather deciding what discount is fair to both parties.

Yes there would be a geopolitical premium, but that imo still doesn't get us to 2bn or 2.5bn even once Adina is 100mt by EOY as geologists and management have projected.

Btw I'm relatively sure acquisition offers would've already been made, but during talks protected by confidentiality agreements so mgmt cannot disclose. Given the need for further derisking I imagine these were lowball offers in the 400-700m range.