RE:New Project ForthcomingThe MC for this one doesn't make sense to me. There's alreay about a 70 koz historic resource on the BMR property, which by the SSR agreement would pay out US$1.75M, with Waseco retaining an NSR worth about US$1M. WRI's MC is US$1.27M. Based on the expected payout from the historic resource alone, it is worth CAD$0.055 per share, excluding the NSR. Right now it's trading like the payout will be only for 35 koz.
Since the historic resource, new mineralization has been defined and Waseco has had the highest grade intercepts ever drilled on the property. The resource is likely much larger than 70 koz. https://wasecoresources.com/wp/wp-content/uploads/2017/09/BMR-2017-30-08-17.pdf
Resource Payout/NSR Value (80% rec., $1950 Au)
100koz US$2.5M/US$1.5
150koz US$3.8M/US$2.25
200koz US$5.0M/US$3
240koz US$6.0M/US$3.5
SSR is paying all the holding costs. Mr. Williams runs the company out of his own pocket and doesn't take salary, and all the company needs to pay is audit, accounting and listing fees. I'm looking for this to go over CAD$0.20.
A new project, though dilutive, will bring its own value.