Last year about this time we were all hearing about the three...

Last year about this time we were all hearing about the three drills that were about to start spinning. Now it looks like WRM is about to spin off Alaska. The drillers had just started, then the drilling stopped with barely any explanation at all until one of those Q&A videos where Matt said that they all ran off to Nevada. Then no information or updates on Alaska at all until now. It was as if they completely forgot that they even had Alaska. After the resignation of Jeremy and Christopher I started looking around and I found there was an article in Stockead on 7 June where Matt gave an update on Alaska.

Here is a quote from Matt (with typos)

Gill says it is time to either find a joint venture partner, spin it out or sell it. “We are looking at all options for that asset that move it forward and that’s add value for our shareholders,” he says. “It is so big; it is bigger than we can handle at the moment with our current balance sheet. “We aren’t getting true recognition in our market cap for our Alaskan assets. That what we want to try and monetise for our shareholders.”

So here we have it, the plans for Alaska straight from Matt Gill on some obscure market website. This is pretty significant. Why isn't this on an ASX market announcement?

At least Matt has realized that after causing over 8 million to disappear on a drilling program that didn't progress that investors are no longer keen to had over their money to see the same thing happen again.

So is it a JV, spin or sell? Personally, I would recommend sell it. WRM would then hopefully have cash to fund regional exploration in Victoria. A JV might progress the project but it would not provide any immediate funds. To spin it, I really do not see the benefit in that. WRM has no money so the new venture would then have to raise cash which again may be difficult. My guess is that WRM will spin it as I am guessing that they have not found a JV partner or a buyer. Also when you look at the announcement on 8 June where two directors have resigned. If it were for "personal reasons" then the announcement would say "for personal reasons" but it does not. It says "Both have significant other interests which will require more of their time and focus going forward." IMHO this is a pretty clear message that they will be heading up the new venture. Kind of like when back in December 2020 Matt resigned to focus on WRM.

If it were a sale of Alaskan interest I would see this as good for holders. But a spin, when WRM has no money to speak of I don't really see anything here to get too excited about. Anyway there you have it. JV, spin, or sell? Investors can pick which one they think is most likely and take a guess at what the outcome will be. Here is a link to read the compete article on Stockead.

https://unauthorised investment advice/resources/white-rock-is-oh-so-close-to-grabbing-morning-stars-first-golden-pour/