WFE 0.00% 2.4¢ winmar resources limited

@Mutley8 ......."another ML basher taking over the shift" NO...

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    @Mutley8 ......."another ML basher taking over the shift"

    NO this has nothing to do with ML, it has everything to do with WFE.

    We are basically getting a lot of holders of shares starting to get worried about their investment and rightfully so.

    There is just a complete lack of information coming from this company, and in my experience that is never good!!

    Instead of trying to address shareholder concerns, as most holders try to do for each other on forums such as this, there seems to be a small very vocal group of company shills that try to hose down any and all discussion of the stock and issues.

    People should not have to call the company as you and others keep saying, the company has an obligation to keep the market informed!!

    In your conversation this morning did you bother to ask why the quarterly was not released?? It is a simple and very relevant question, yet there seems to be several holders here that have regular communication with the companies BOD, yet always fail to ask the simplest of questions, why??

    Shareholders are obviously getting more upset with the lack of information, which would be expected from genuine retail shareholders. Only company shills/insiders would be carrying on as if everything was super 100% OK, when it clearly is not!!

    Here is a small (incomplete) list of RED flags from WFE......

    1. No announcement of Category B License (the operating license for facility) being received, despite it only meant to take 4-6 weeks, now 6 months and no info!!

    2. No announcement about AHIC accounts being re-done to IFRS. Yet the company was waiting for these back in December. From 2/12/18 announcement......
    "The Company awaits receipt of the accounts prepared in accordance with International Financial Reporting Standards."
    But just crickets since.......

    3. Failure to provide quarterly reports as per ASX listing requirements..

    4. Consistently missed timelines, often by many months, despite the company themselves framing them. (They were expecting to be re-listed by Oct/Nov last year, AFTER they knew about needing a prospectus).

    5. Cobalt price collapse. Despite the usual suspects talking cobalt price recovery, it is still down 65% from the high last year.

    6. Accidental information from METS report, like the plant will be operating a 175,000t/a, the NPV of the 100% operation being $US108M. The cost of an extra $US10M (estimated) to get the plant up to fully operating.

    7. No offtake agreements, let alone any up front payments from any.
    I do not blame Airguide/ML for this at all!! They have virtually nothing to work with!! How could anyone get an offtake agreement with any company, when WFE have ........
    NO samples, ..................
    NO ore body to test............
    NO indication of how long ore can be supplied to the company........
    NO idea of potential detrimental elements in concentrate.......
    NO idea of when supply would start to offtake partner..........
    NO guarantee of the company being able to even raise the cash to buy the 50% of JV.

    Don't even bring Airguide/ML into this, they have nothing to work with!! The reason they have nothing to work with ALL comes back to WFE.

    BTW you only need 5% of all shareholdings to call a meeting. If the company keeps shareholders hanging, giving them nothing, this is one way to start getting answers!!

    IMHO all the talk about LSE, NSX other exchanges etc, is just a furphy to take people's attention away form the failure to get on with the job here, in a timely manner.
    MOD dual listed in November last year on the LSE, and promptly fell from 35c to 21c over the next 6 weeks after the dual listing.

    The ASX is not the problem here at all. They set out some of the major issues that needed remediation last year, clearly at least 2 (The Category B License, and AHIC accounts to IFRS) have not been met yet as there is no announcement saying they have!!

    IMHO it all comes back to WFE going about this in entirely the wrong way. If they had done a feasibility study on this with an option over the plant, the company could have stayed trading. However the approach taken of jumping straight in, has thrown up problems not thought about earlier.
    That's why companies do feasibility studies!! To find all the potential pitfalls of the new business, BEFORE you commit shareholders funds to it.

    What next for WFE?? A loan from Magna?? Why would anyone loan the company money when it doesn't have ANY assets?? How does WFE pay for lawyers, accountants, Independent Expert reports, listing fees etc etc without cash, nor the current ability to raise any??
 
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