RE:UnderwhelmingTotally agree Clark - disappointing. Worthless excercise on the PEA. You could look at old presentations and get very similar financial numbers.
Look for 25%-50% NPV or around $500M - $1000M usd or around $4-$8 per share - let's go with $5 or maybe $6.
Rio cost of capital is about 4% i believe and return on invested capital around 15%. They have $10B in cash but taking into account capex to build the mine and the equity to purchase WRN, i think you are getting close to the 15% anyway even at $6 usd/share.
Hopefully we have reasonable BOD who also understand Rio has 15% return on invested capital currently....they are not going to overpay for the WRN equity IMHO.