RE:RE:RE:Logging roads....I think the land sales have some upside but won't be a silver bullet.
They reference this as "Additional Sources of Potential Liquidity" in the investor deck. These are "Other non-core assets (Orca quarry, private timberlands, non-core lands) "
https://www.westernforest.com/wp-content/uploads/2017/10/WFP-Investor-Presentation-August-2020-vFINAL-1.pdf
Importantly, it's the non-core land. They have lots of waterfront -- it's the dryland sorts and mills for the most part. It's quite core to the business.
The private timberlands are a stark contrast to Mosaic, which has HBU upside. WEF's private land is far north, and has both greater hemlock which hits the timberland valuation, but also just not a lot of population. It's either by Port McNeil or further notth, Quatsino. It's able to be sold, but there's not a lot of buyers out there given the attenuated value of exports due to the 'blockmail' of the surplus test on exports. Ideally it would be HBU if Willie Mitchell came to build a huge resort or something; anything not contingent on exporting Hemlock.
The quarry.... who knows what's going on there. They've been trying to sell that thing it seems for as long as I've followed this name which is going on a decade.
The tenue map tells the story. The HBU thing is illutated by one of the two constituent companies in Mosaic which owned about 1/3 of the large Nananimo Regional District, which has great land sale upside. It's just easier to sell that area than it is Port McNeil.
https://www.westernforest.com/wp-content/uploads/2017/10/Tenure_Map.pdf