In about 6 months we will find out whether it was wise for John Lee to have sold all those WG shares. PCY still owns some WG shares but my guess is they will be under financial pressure to sell some or all remaining shares. I own WG shares and I just increased my bid from 61 cents to 65 cents (almost $30k).
Decide for yourself. All these are recent credible third party comments (not like fictional stuff geezer likes to post).
https://www.cnbc.com/id/101293788
Top commodities for 2014 include palladium and platinum, Morse added.
Trading around $698 per ounce, palladium has an average forecast for 2014 of $800 per ounce, Morse's research showed. Meanwhile, the precious metal is facing growing demand in the trucking and automobile industries.
"Platinum's not far behind," he added, noting that inventories were on track to be drained by the end of 2015.
"There are bright spots on the commodity horizon," Morse said.
2) Mackie: Buy rating and $2.90 target for Prophecy Platinum
According to Mackie Research:
December 19, 2013
WELLGREEN PLATINUM LTD. – SPEC. BUY
TARGET: $2.90
NKL Makes Changes For The Better
EVENT – Results From AGM On December 17, 2013
Prophecy Platinum (NKL-V) announced that, effective today, December 19, the Company will change its name to Wellgreen Platinum Ltd. and trade under the symbol “WG” on the TSX Venture Exchange. In addition, the Company announced the results of the Annual General Meeting (AGM) held in Vancouver on December 17, 2013. The five directors elected to the board include Wesley Hall, Greg Johnson, Myron Manternach, Jeffrey Mason, and Mike Sylvestre, with Mr. Sylvestre being appointed the Chairman of the Board. It is important to note the departures of Harald Batista, Greg Hall and John Lee from the board. The Company also changed its financial year end from March 31 to December 31 to allow it to provide continuous disclosure information on a comparable basis with its industry peers.
IMPACT – Positive; 2014 Set To Be Important Year
Out with the old: The departures of John Lee, Greg Hall and Harald Batista are a positive for the Company as it attempts to gain a more independent board going forward. Recall that John Lee was previously both CEO and Chairman of the Company, as well as heavily involved with the Company’s largest shareholder, Prophecy Coal, at the time. Management has been working hard to gain a more independent fresh start leading into the coming year. Prophecy Coal has recently been eliminated as the largest shareholder of Wellgreen, and the name change distances the Company from the Prophecy name. The board has been scrubbed clean and replaced by an independent team led by former Inco executive Mike Sylvestre as Chairman, who is also CEO of Castle Resources (CRI-V: Spec Buy, $0.30 target).
Drilling, resource update, and PEA in 2014 plans: The Company has noted that drilling for the year has been completed, with final assay results still pending, and is now looking to 2014. A number of drilling targets were identified on the back of the results released earlier this week. In addition to drilling in 2014, the Company will incorporate all results from the 2013 field work program into a resource estimate update as well as a preliminary economic assessment (PEA) planned for Q2/14.
Financing next up: The company remains underfunded for a critical year ahead with only $1.3 million in cash as of the quarter ended September. As stated above, a significant amount of additional drilling, metallurgy work and money is required to move the project materially ahead, and this will likely remain an overhang until a financing solution is in place.
ACTION – Speculative Buy
The Company has set itself up well to enter 2014 with a new image and a new plan for the Wellgreen deposit. We continue to like the new asset and view the corporate changes as a significant positive step. We maintain our Speculative BUY rating and $2.90/sh target price, but prudent investors may wish to wait until a financing solution is in place.
Upcoming Events
Additional Financing: 2013–2014
Updated Resource & PEA: Q2/2014