Western Copper and Gold Corp T.WRN

Paul at Denver Gold

[jclarke042]

From WRN's Twitter page. Listening now:

https://www.goldforum.live/DGG/Western-Copper-Gold?bmid=89082923ee2b

[EvenSteven27]

Thanks, JC! Me, too.

[MetalMinded]

He used the words exciting and Excitement.  So, there's that.  Otherwise confirmation that PEA will be toward end of qtr but in 2nd qtr.  Feasibility this year.  Then 3 years permitting should they go that route.  He did reittereate that "tlaks" have increased with interested parties.. both partners and M&A.    

[EvenSteven27]

His explanation of grades kind of put things into better perspective. Grades appear low because of the sheer expanse of the project. Grades of core area are actually quite high. And market cap will likely improve over time. Still, it will be at least 2025 at the earliest before it becomes a mine. This year will just be pre-feasibility and feasibility. When things fall into place for ultimate

[jclarke042]

It sounds pretty obvious the buyer is there & is interested, we just can't agree on price. Paul believes the project is advanced/derisked enough and I'm inclined to agree. Why majors worry about premium-to-market-cap instead of NPV multiple or price-per-Cu-Equivalent based on precedent transactions is beyond me. Perhaps this helps explain how unloved this industry is.

[Heywood_Silvers]

IF the majors had any financial sense, they would purchase up to 19.9% of WRN on the open market and then they would be in much better position to negotiate for a purchase. Why only 19.9% you ask?  Because over 20% forces Accounting to consolidate the target company on their Balance Sheet. Actually, if I were Paul, I would strongly suggest that any potential suitor have at least a 5% stake

[Sooner]

Hey - my thoughts exactly....and in many cases this is how the suitor relationships begins...by them taking an equity position. This is why I'm of the belief that we are still just very premature in the outright buyout option....and have several logical first steps before we will see that. We have lots of smart people on this board and our management team I'm sure has thought about all

[jclarke042]

I agree wholeheartedly. That said, does anyone have an example of majors buying into juniors on the open market? I'm not trying to bust your chops Haywood, just all the examples I can think of it was done through a Private Placement. 

[nmpappy78]

evensteven:  I think your assessment is correct.  However, Dale is 83-84 years old.  How much longer can he wait and still enjoy his "dream" discovery?  I think he will accomodate the "perfect buyer" even if he has to give up some on the price.

[Diamondboy123]

Let's hope so nappy.  

[Sooner]

Seemed like a better interview - i was happy to see Paul at least mention VALUATION more in this interview ....although still not enough for my liking and not enough comparisons to typical ranges. I really liked his comment and seemed to imply from his standpoint we've derisked this enough that we should be trading higher...and i got the impression that MIGHT be the sticking point with

[Diamondboy123]

Sooner your on point.  Let's management isn't truly on board. 

[Sooner]

DB - it seems like Paul is nervous about stating things like: "Mr/Mrs interview - do you realize we are trading at $0.007 per copper lb? Do you realize typically major acquisition cost per lb is $0.04 - $0.1 per lb.....do you realize we have a very very likely 6-10 bagger over the next 2-3 years?" -or - "or do you realize we are trading < 5% of NPV from 2013 FS at current market

[Sooner]

I at least asked Sandy to encourage Paul to start playing like he's holding a FULL HOUSE...and weave in VALUATION VALUATION VALUATION going forward....not sure if it will help. 

[Diamondboy123]

Given all the talk bout copper from goldman sachs et al I think we actually may be close notwithstanding capex.  Let's hope so.