RE:Comments on Ormonde/Almonty/Woulfe- I have no special insight into this and could be totally wrong here, but either one of two will develop in the next few weeks: 1) Almonty makes an offer for Woulfe before IMC financing; 2) IMC/Korean financing comes in first, and Woulfe now with the bigger mine makes a move for Almonty.
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I continue to believe that IMC is the ghost behind the curtain that has been and will continue to ultimately determine how this entire Woulfe venture plays out. Unlike all the other players who are simply equity investors, smartly, IMC is a secured creditor with secured creditor rights. Under Woulfe's MOU with IMC, as a condition of IMC's now 10m loan, Woulfe is powerless to take any action whatsoever w/o explicit IMC agreement. Currently, both Almonty and Dundee are simply non-majority WOF shareholders. Neither Dundee, nor Almonty, appears to have the apetite, or the ready10m to buy out IMC. Moreover, why would they? As long as IMC is on board, it acts as the white knight. As a potential JV, IMC brings its balance sheet, proven profitablity, staying power, ready market for Woulfe tungsten, offtake agreement, location, financial stability, Korean clout, and co-signing ability to the financing table which, especially during low tungsten prices, is likely vital to any realistic financing agreement to develop the mine. In exchange, the price is steep. If any of Woulfe's current or future equity security holders drop the ball and are unable or unwilling to cash flow current or future Woulfe operations the company is insolvent and, without another white knight, IMC secured creditor rights likely gives it the mine and the shareholders the shaft. Not that IMC cares about us shareholders, but I do believe it is the man behind the curtain that determines who, what, when, and how Woulfe mine develoment occurs. In the meantime, if IMC really wants an operational tungsten mine rather than the deed to the property, it needs, or at least wants, others such as Dundee, and now Almonty, to invest and fund current operations and mine development, with the ultimate payoff to such equity security holders: whatever increased future value a profitable tungsten mine with large reserves can bring. In this process, I highly doubt IMC micro manages, but when it comes to any major decisions, IMC is the first consulted and without IMC agreement, any proposal fails. Just my view. Seg.