ValuationSprott uses $150/ounce as a guide for buy-outs of juniors. In WM case
we have M&I of 4.393 ounces for the two properties . Martiniere - 799.9 oz and Fenelon
has 3.593 oz . So, 4,393 @ $150 US = $658.95 million - dilvided by #817 million
shares that are outstanding gives a value of $.80 US or $1.02 CDN. If we take Fenelon by itself we get a value of $.82 CDN.
2022 Work Program Description Budget
Fenelon Resource drilling within the open pit shell defined in 2021 35,000 metres $11.5M
Fenelon Resource expansion and exploration drilling 80,000 metres $26.5M
Martiniere Resource expansion and exploration drilling 40,000 metres $13.5M
Regional exploration Exploration drilling, Geophysics etc. 12,000 metres $6.0M
Studies, capital expenditures & underground maintenance $12.5M
Total $70.0M
At the end of 2021, it has $40 million in cash, will receive $10 million refundable tax credit from
Quebec government and raise more from other sources.
At this price of $.375, the stock is a steal.