The valuation of WRN is remarkably low.
McEwen Mining's copper asset in Argentina is now valued by the market at 1.2 billion Canadian dollars. The asset is located in a region lacking existing infrastructure at a high latitude 3,000 m above sea level, and carry jurisdiction risk. Notably, there hasn't been a feasibility study conducted yet.
Similarly, Lundin Mining acquired the smaller copper asset Jos Mara in April 2022 (gold was at $1500/ $850 less) for approximately C$625 million. This asset also is situated in a region with no existing infrastructure and at a very high latitude, and exposed to jurisdiction risk.
The valuation gap between WRN and these assets is staggering.