Checking in....Like everyone else, I too have concerns about dilution at current share prices as WG will no doubt need additional financing heading into 2015. As evident by the past two years, current management has undertaken a minimal PP at the end of the year/early next and a more substantial PP in late Spring/early Summer. The point being that only because WG needs X funds to finance the various work programs and other for 2015 does NOT mean to imply that these funds will be sought all at once. In addition, and unlike most others in the JR space, WG has demonstrated a reliable source of funding. Put another way, the inability to raise funds is worse than additional dilution.
With respect to the pending PEA, I actually wouldn't mind management stating "early next year" so as to better enable those wanting to take a tax loss this year the opportunity to buy back in next year just prior to the report. As we all know, timing is everything and to release the report in this environment of depressed PM prices and tax selling does not bold well for the stock price. No matter, and despite the delays, what matters most is the QUALITY and CONFIDENCE of the pending PEA. How the market will respond is anyone's guess. My gut feeling, however, is the the PEA will bring in some new and renewed investment into WG in 2015.
Take the recent acquisitions of Duluth Metals (DM) and Eastern Platinum (ELR). Chances are, and as investment is freed up from these aquired companies, those same investors are apt to look for opportunities in the same sector - platinum. Here, I would not be surprised to see some cash inflows into WG as these investments are unwinded. In addition, WG does not exactly fall into the category of institutional window dressing by year end. Come early next year, however, WG is in line for new investment undertakings by institutions. The point being that there are signs of cash building up on the sidelines where potential investment into WG is concerned. What will be the catalyst is anyone's guess. Maybe the PEA and then again, maybe sanctions against Russia (ie: like nickel and palladium) as they are not backing down and who knows, maybe some exploration drill results.
GLTA