From the same report:The valuations discussed in this report...

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magix66

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22/05/23

12:57

Post #: 67896325
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Originally posted by Chicarno88: ↑

What you point to is the misconduct of past directors to raise money for the projects in Alaska and then use these funds for the AUL project.

I understand that.

OK a basic question to ask, and again I am not questioning your intelligence or having a debate on who is right.

It's simple;

1. CSA Global provided an independent valuation of Red Mountain VMS (2020-21) as being 42 cents to 55 cents per share (@80M shares then)

So let's say the valuation is now 1/3 as there are 300% more shares.

So 14 cents to 18.22 cents

Why has the SP decreased from 30 cents to 6 cents over that 3 year period? Due to the dilution by 300% more shares being issued.

So ~10 cents per share

Why 6.3 cents? The now famous ML money pit. You were right and was wrong, happy?

I do not think it was the assets, it was management.

There is new management now. That is why they closed down the mine period recently when it did not return the gold they forecasted over the past 3 months.

At worse, if WRM give back Mt Carrington to the NSW government they get back $1M (mining bond). [divested]

At worse, AuStar and Morning Star are put into vol. admin. EL and ML sold off get back $500,000.

3 directors and 5 staff across one project?

No chance to "re-direct" funds to a 2nd project as it no longer exists.

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From the same report:
The valuations discussed in this report have been prepared at a valuation date of 1 March 2021. It is stressed that the values are opinions as to likely values, not absolute values, which can only be tested by going to the market.

Market says: nah...

WRM Price at posting: 6.3¢ Sentiment: None Disclosure: Not Held
5 Upvote

2 Great analysis

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