Member Info for LOTM-13

To expand on an earlier post of mine.....

A totally incompetent BOD.

WSBN the "Darling" & talk of the market for a couple of weeks in August & instead of capitalising on all that attention the company had, the BOD have done nothing officially informative for over a month now to back it up.

They could have put out an RNS regarding the rough assay timeline for 25RSDD001 - but failed to do so.

They could have put out a new Presentation on Red Setter Dome based on there latest understanding of it - but failed to do so.

They could have RNS'd the forward plan of action regarding the £1.5M fund raise to keep shareholders engaged - but failed to do so.

They rush out an RNS on 25th Sept & in doing so contradict previous things they said were going to happen but haven't on assays etc.

They haven't explained in any way how they managed to end up 200M from Hole 1, as it wasn't in any information made public to that point in time, the only plan until then was to be 50-75M away at a depth of 550M (I've already aired my view that they ran into a drilling issue & had to side track it, but refused to inform shareholders of that fact) anyway whatever caused it should have been properly explained, not ignored.

Yes the increased distance of mineralisation was welcome news, but the BOD showed no respect to shareholders by failing to inform them of how it happened.

Dumb & Dumber couldn't do a worse PR job than this BOD.

Well Mr Chairman, very soon you'll be accountable for all of your recent actions to shareholders at an AGM & if you're up for re-election, I don't fancy your chances of remaining in your job, unless there's a remarkable turnaround in your priorities, conduct & actions. You've lost the trust of your shareholders, treated them with utter contempt & failed to keep them properly informed.

LOTM

Nearvana,

Nowadays very few people actually bother to vote at these meetings, nevermind attend them.

If people get off there butt & act, its much easier than you think, the problem is getting them to fill in the form or call there broker & tell them to submit the proxy form in with the right boxes ticked. However the more that are angry about the BOD's actions the more likely they are to want to do something about it.

LOTM

The only way its a good day right now, is if the drill rig is still drilling 25RSDD002 at roughly 16M a day & the cores are still in exciting mineralisation.

Drill Baby Drill

LOTM

nearvana,

he's not safe, they've not had this year's agm yet & in the past month, while he's been too busy congratulating himself & the rest of the bod for them getting so lucky at red setter dome.

they've ignored there shareholder base or mis-informed them & are now reaping the consequences of there stupidity & lack of integrity during that time. once trust is broken its near impossible to get it back.

i doubt he'll be getting £200,000 as a salary from anyone by the time the agm's finished. he couldn't organise a ****ss-up in a brewery.

lotm

A totally incompetent BOD.

WSBN the "Darling" of the market for a couple of weeks & instead of capitalising on all that attention the company had, the BOD have done nothing officially informative for over a month now.

They could have put out an RNS regarding the rough assay timeline for 25RSDD001 - but failed to do so.

They could have put out a new Presentation on Red Setter Dome based on there latest understanding of it - but failed to do so.

They could have RNS'd the forward plan of action regarding the £1.5M fund raise to keep shareholders engaged - but failed to do so.

They rush out an RNS on 25th Sept & in doing so contradict previous things they said were going to happen but haven't on assays etc.

Dumb & Dumber couldn't do a worse PR job than this BOD.

Well Mr Chairman, very soon you'll be accountable for all of your recent actions to shareholders at an AGM & if you're up for re-election, I don't fancy your chances of remaining in your job, unless there's a remarkable turnaround in your priorities, conduct & actions.

LOTM

Tom1986,

Perhaps you didn't bother to read this bit from note 13 of the annual report .....

"At the year end, there were 613,544,706 warrants outstanding (2023: 113,544,706) that could potentially dilute basic earnings per share in the future but were not included in the calculation of diluted earnings per share because they are antidilutive for the period(s) presented.

Post the reporting period end, the Company entered into transactions to issue 1,803,652,968 ordinary shares with associated options, which if exercised would involve the issue of a further 913,442,009 ordinary shares which will be assessed in the earnings per share calculation in the next accounting year."

I can't find more details on it all regarding exercise prices etc, but it sounds to me as if there could potentially be a lot more dilution still to come.

DYOR

LOTM

Ha ha ha, BeardedDragon, you've clearly not followed AEG closely.

Directors were buying in the market on 28th & 29th August at roughly double the placing price that occurred within just 10 days.

I'd be more inclined to think of it as a pre-cursor to another massive placing being inbound, afterall they need £2.5M to fund yesterday's announcement & they last fund raise has already been spent on there UK strategy.

We shall see.

LOTM

I happened to be going back over the WSBN RNS from 4th June, in it they actually only planned to 550M initially in both the 001 & 003A holes.

I wonder what they would have done if they'd got to that depth & still not hit the Dome hinge !!!

They seem to have got very very lucky here, I wonder just how deep ExpectGeophysics thought the Dome actually was in all the data they gave to WSBN ?

You surely wouldn't plan to just penetrate it by 30M !!!

LOTM

Hole 25RSDD001 took 31 days to deepen from 300M to 777M (20July to 20th August) that's 477M or approximately 15.35M a day

Hole 25RSD002 took from 21st August until 10th Sept to get to at least 344M (that's 21 days or 16.25M per day).

On 25th September it was at 581M which equates to roughly 36 days from spud or 16.1M per day .

Or taking the known 344M starting point - (237M covered in 15 days is 15.8M per day)

So assuming they are still drilling RSDD25002 & haven't stopped, then by the end of todays shift in Perth, which equates to over 6 days drilling, then they should have covered another 100M during that time putting them at 681M.

I say assuming because given what's happened you just can't trust the BOD not to be hiding things from us. We've had no pictures or tweets (other the the RNS) for over a week now, so there is no guarantee that we are still drilling or in mineralisation ( I hope to heck we are) until it becomes factual.

If we are still in mineralisation & drilling at the same rate of knots then this time next week we should be at past the 777M achieved in hole 1 & exploring new possibilities !!!

Drill Baby Drill.

LOTM

FillToSpill,

That's not a very thoughtful last post is it.

That's like saying its ok for those poor new WSBN investors who got suckered into buying WSBN shares last week at 2p or more on the back of the intraday announcement & instead of having sympathy with them & them seeing "the chosen ones" getting a 33%+ discount to the price they paid & them being 33%+ underwater now & all your concerned about is the place'es being a tiny amount underwater instead of thinking of there sad situation instead.

There are consequences to the BOD's actions that just ripple out there & are not good in the long term when you alienate potential long term shareholders.

LOTM

FillToSpill,

Think of it as cutting a slice cake from a round one you've just baked.

You make the first cut from the center to the outer edge, then you decide on how big a piece of cake you want & make a 2nd cut from the center outwards & then remove that piece of cut cake & put it on a plate & then eat it.

Well if you take the plate the rest of the cake is on & turn it so the right hand end of the first cut is facing south (towards you) & the 2nd cut line is to the south-west of it. That is very much what has happened with the drilling of the 2 holes.

Ok they started not quite in the exact same place but pretty near it. Now imagine the outside edge of the cake is 550M from the center of the cake, the distance of the gap between the 2 edges of the cake 200M ( it may look slightly out of proportion depending how big a piece of cake you cut) but the point is, the enlarged gap is entirely due to you cutting the second line at a different angle to the 1st one.

25RSDD001 was drilled at 210 degrees from north (ie in a SSW direction) whereas hole 25RSDD002 was drilled at around 230 degrees from north in a near SW direction instead. As both holes go deep, they will get further apart, by around 750M (depending on how far apart the surface collars were & the exact angle in degrees that 25RSDD002 was drilled at both of which affect the calculated number) we'll be looking at around 275M apart.

This is not normally how you want to drill these types of holes normally you want to keep the drill angle & direction constant & simply move the surface collar location by the distance you want the holes to be apart.

However I suspect WSBN hasn't done all the "heritage" work that it should have in advance of this drilling campaign & may not be able to simply go & create a new drill pad 200M south south west of the 25RSDD001 surface collar.

I hope that helps.

LOTM

Cebo-456,

hmm you've basically said you don't think the share price is going to increase much in the next 2 weeks, if you think they would only have possibly got it away at a 20% higher price. The base price was around 1.5p or more before the "chat of a fund raise was feed into those in the know to keep a lid on the price).

I'm not sure you've understood what hole 25RSDD002 is potentially indicating ( nor for that matter are many others people to).

If its anything like what I (pre yesterday) was thinking it was going to turn out to be, then they'd have been able to get the placing away at 2p or better by simply waiting for more informative information from it to come out & present it properly in a presentation etc so that its much easier for investors to understand, not just the nerds.

Anyway Drill Baby Drill

LOTM

News,

With all due respect, read what you write. I didn't ask you, you asked me a question.

To quote you in full on the part that matters in your post of 16:44.

"LOTM

Your reasoning to another poster is your view as you stated from reading into the raise today of £4m dated 30 Sep 2025. However, you must consider this and it is MY VIEW ONLY [others can disagree as its their decision and money] that were Hole 1 and 2 , say for example ONLY, not successful, then it could NOT CONTINUE ie NO MINERALISATION ISNT IT?"

You gave an opinion & asked a question which I then answered.

Then you claim you never said any such thing!

Best leave it there.

LOTM

Casper786,

When someone or a BOD do something that doesn't make sense to me personally then I have to question why they are doing it.

If your putting out a significant upgrade on your assessment of Red Setter Dome intra day on a Thursday because its deemed to be price sensitive information & then raising cash on the 2nd business day after it (but with nearly 5 days of additional core data to go on in the meantime).

Then if you had more positive news you'd want to put it out into the public domain in a much more investor comprehendible manner than Thursday's rushed RNS, knowing it would boost the share price & then do a raise on the back of that at a higher price than they achieved, along with the forward plan of action. Not this airy fairy expansion crap with no substance to it.

That's why I'm very concerned, as I said I hope I'm wrong but that's what my gut instinct is right now.

Time will tell if I'm right or not, just as it will with regard to them side-tracking this 2nd hole & not telling us about it.

LOTM

News,

You said the following "However, you must consider this and it is MY VIEW ONLY [others can disagree as its their decision and money] that were Hole 1 and 2 , say for example ONLY, not successful, then it could NOT CONTINUE ie NO MINERALISATION ISNT IT? "

I replied showing you why they could continue because they haven't spent any of the £1.5M raised 34 days ago.

I never commented on what the Chairman said or didn't say in your post.

LOTM

Casper786,

Absolutely agree they have had a full month to ramp up drilling either by double shifts or by bringing in a 2nd rig, they done now of that, too busy tweeting instead of doing the things that matter.

Well there going to have an AGM coming up at some point fairly soon & some of them will be up for re-election, they might want to start putting out feelers for a new job, because I for one will be vigorously campaign for people to vote them out of office.

LOTM

Hi news,

34 days ago they were crowing about how much drilling they'd get for £1.5M ie A$3.1M well they haven't even spent a cent of it yet because the drilling they have done to date was covered by the funds raised in June for the deepening of holes 1 & 3A from the 2023 drilling campaign.

Baxter's company is drilling 4 holes to 1000M plus around 50km & it won't cost them £1.5M to do that, so WSBN have plenty cash to fund several more holes without the fund raise they just did. So even if both the current holes were duff (& by there comments to date I wouldn't expect that to be the case even although they might turn out not be anything special, just average) . Which means they'd have at least 2 more attempts plus the deepening of 3A to find something worthwhile.

I would also remind you there the ones already talking about a Tier 1 discovery.

LOTM

Sorry posted this on the wrong thread :(

To quote the Chairman from 27th August & make yourself & the BOD look like a total set of deceitful fool's 34 days later .........

"Richard Poulden, Chairman, commented; "The proceeds of this fundraise will provide a significant boost to the Company's cash reserves and provide additional working capital to significantly expand the Company's drilling efforts at its key 100% owned Red Setter Gold Dome target near the Telfer Gold Mine.

The strength of the British Pound versus the Australian dollar (1.0 GBP gives 2.07 Australian dollars) means that this fundraise equates to nearly A$3.1 million which pays for a lot of additional drilling and expands our exploration activities well into next year."

-----

A lot of additional drilling !!! we haven't done a single Metre of additional drilling yet & bang out comes a £4M raise.

Trust & Integrity blown out of the water in an instant by the total stupidity of the Chairman & BOD. what institutional investor is going to touch WSBN - none end of story............

LOTM

To quote the Chairman from 27th August & make yourself & the BOD look like a total set of deceitful fool's 34 days later .........

"Richard Poulden, Chairman, commented; "The proceeds of this fundraise will provide a significant boost to the Company's cash reserves and provide additional working capital to significantly expand the Company's drilling efforts at its key 100% owned Red Setter Gold Dome target near the Telfer Gold Mine.

The strength of the British Pound versus the Australian dollar (1.0 GBP gives 2.07 Australian dollars) means that this fundraise equates to nearly A$3.1 million which pays for a lot of additional drilling and expands our exploration activities well into next year."

-----

A lot of additional drilling !!! we haven't done a single Metre of additional drilling yet & bang out comes a £4M raise.

Trust & Integrity blown out of the water in an instant by the total stupidity of the Chairman & BOD. what institutional investor is going to touch WSBN - none end of story............

LOTM

Cebo-456,

I'm sorry but I don't agree with you at all.

They absolutely need to speed-up drilling & fast & yes that is going to cost money, so yes more placings were undoubtedly going to be needed.

However the timing of this was quite frankly all wrong & has sent the wrong message to shareholders, investors & the market.

They never disclose what the £1.5M 34 days ago was going to be spent on & it certainly hasn't been spent to date as there has been no increase in drilling rate or a 2nd rig mobilised to site.

A savvy BOD would have waited until either the assay results from hole 1 were published or there was a lot more data released on hole 2.

To do it now, after all the positivity of what was said last Thursday & ahead of any assay results SCREAMS "EXPECT POOR ASSAYS & / OR A SUDDEN DISAPPOINTMENT WITH HOLE 2"

I hope to be proved wrong, but my high hopes of a true Tier 1 discovery have been greatly diminished by there actions.

If they truly believed what they wrote then they could have held of the raise for a couple of weeks & done it on the back of good news & a presentation of there forward plans for the project & the spending of the new funds, not this behind everyones back & deceitful manner.

LOTM