Member Info for K3VMC

soss613, you didn’t read the RNS about the 0.28p placing with 0.42p warrants?

No. Hbob is a couple of hundred miles away.

I came in for a cup of tea and see what the trolls were saying on here.

I also bought 4m at 0.45p.

I repeat, I can understand the anger and disappointment at seeing the sp drop today, but you get to buy at 6% over the placing price. I was buying at over 0.6p, when the project was nowhere near completed, so I am certainly interested in buying at a 33% discount to that, now we are crossing the finishing line.

Other views welcomed, as always.

Placees, including, Mr Masterman, have funded WRES from day one.

If you wanted to be part of a placing, you just have to pick up the phone and ask the broker, as I did. You could have had the same 0.28p placing, with warrants, but you chose not to.

Try not to blame the investors who funded WRES to get it to this point.

Ok jaf. Try another scenario.

We get production ramped up at the end of April, then a gold JORC in the middle of May. So the sp starts moving up nicely. Everybody is happy, then warrant holders start dumping up to 38m shares into that rise. How does that feel?

Strider4, yes. Busy today.

I have gardening to do.

oldskool, I am exercising my warrants, but with new money. I have not sold any existing shares to do this.

On top of that, I bought twice in recent weeks,

Anyone on this board could have bought at 0.45p today, as some warrant holders will be selling existing stock to settle the warrants. I could have sold millions within seconds of the RNS, but chose not to, as I believe the sp will not be down here for long.

I can understand the anger and disappointment today, but the fact is, that without the 0.28p placing, we would NOT be heading for production soon, if at all. That placing needed warrants to sell it and the warrants were expiring in June, so were always going to drag the sp down until then. This way, the blood is on the carpet now, there is a buying opportunity and we can look forward to a more orderly rerate of the sp, when production kicks in.

Kalan, that is true for a share trader.

I am an investor, not a trader. What matters to me is the quality of management, assets, access to finance, customer base and revenue potential.

Thumbs up, you can keep.

Same page as you safetyman.

Investment is about risk / reward ratio. I prefer high risk / high reward. With wres, the highest risk was at the time of the 0.28p placing, which was why it needed warrants to sell it. So, recently we were about double that sp, but the risk is disproportionately smaller than at the time of the placing. I am still a buyer at these levels and have bought twice in the last three weeks. The placing was risking capital, but now I am just buying money.

All imho. As always, DYOR.

Bob, I am not arguing with you either. I am just giving you my honest view of the facts as I see them. You are not the only one that relies on “facts” from RNS, even when those “facts” are superseded.

Sorry jaf. You cannot get away with that. At NO point did I say your post was negative. I said that it was a LACK of cash flow that damaged companies. Nothing more than that.

I further posted that, as far as my arithmetic goes, wres has SUFFICIENT cash flow. I invited you to post alternative figures, but you did not. You never do. You never answer even the most simple direct question, which is why you are mistrusted.

Personally, I have only an academic interest in whether or not you are a genuine investor. I can see you rattle various cages here, but not mine.

:-))

Bob, I’m sorry you haven’t seen 20 tons reported anywhere. It certainly fits in with 50 tons shipped by 5th February and it was stated by Mr Masterman in his last presentation, where a mutual acquaintance was sitting next to me, so maybe ask that person for corroboration?

Thank you for making it easy for me jaf.

Perhaps I can help in return? Wres borrowed $35m from Blackrock and spent $30m, tops, on plant. That left them with $5m in the bank. Since January, they have been selling 2,000 mtu per month. That is roughly 2,000 mtu x $280/mtu x 80%, so about $450k per month. We get paid three days after shipment.

I am happy for you to provide alternative arithmetic, but as a rule, you simply tell me that I am wrong.

I live in hope.

Bob, we started production in December and had shipped 50 tons by the February RNS. Mr Masterman has also stated that we are producing 20 tons per month, which will double to 40 tpm when the Jig and Mill is up and running, so in the next few weeks.

All afaik.

The biggest cost will be payroll. That could be €3,000 per person, all in.

I can’t see WRES running out of cash any time soon, but I am open to exaggerated negative views, as always.

Eh? Cash flow hurts nothing.

Cash burn equals cash outflow, which hurts companies of any size.

$400k revenue per month, set to double in the next month or so.

At $800,000 sales per month, how long do you think the remaining cash from the $35m loan will last?

Buying and selling on the basis of facts not known to the market is EXACTLY what insider trading is!!

When did you take part in a placing? Placees fund the company, including the CEO.

I have a lot of respect for Mr Masterman. He is not unique amongst CEOs, but is well above average. Having said that, if the assets were poor, I would not have invested a penny in WRES.

As for me confirming anything, that is not my job, sorry.

Kalan

“Mr Masterman is doing this for the salary,”

This is his first year of salary, which is accruing and will not be paid in cash until the plant is finished.

“the share options,”

There are 0.55p options for certain directors and senior management. Not sure if Mr Masterman is included in there or not, but the options are extremely well deserved, given their performance.

“any warrants he can issue to himself,”

Mr Masterman has warrants on exactly the same terms as PIs who took the 0.28p placing. No more than that.

“royalties if he can get away with it”

Royalties are only paid to the Bonilla family, owners of La Parrilla land.

“and capital gain if he times things right which he should do with all the inside information he has.”

Capital gains timing has nothing to do with insider trading. Why you think anyone would risk the future of perhaps a $500m company, through insider trading, is beyond my imagination.

“Always remember it's the head honcho with his nose in the trough first and we come well down the pecking order (mixing metaphors again).”

The head honcho has always been the first to put his hand in his pocket to get this mine up and running. In addition, he has put in thousands of hours of sweat equity, all of which will provide plenty of trough for the rest of the PI(G)s.

“Come September there should be some scraps left over for us - enough to feed everyone.”

The share price will increase with production at 20,000 mtu of tungsten concentrate per month. I will agree with you on that point.

Still higher than your last pretend sell price.

I knew what you meant!