(please note, I talked to the company but neglected to ask permission to share the information, accordingly take all of the following as my understanding and paraphrasing of what the conversation was, and not statements by the company ….gd)
I ended up talking to the company today and feel much better. Will go into more details next, but first wrt share price. When I asked about the current SP, my attention was kindly nudged directed to theFlow shares. Someday I will remember to look for the obvious.
It had not occurred to me that the PP's of the fall may have an impact. Sure enough, looked back in the companies NR on Nov 10, 8.5 million Flow throw shares were issued with a 4 month retention. So, my take is March 10 to now and probably until the sellers finish their profit taking we will see a lot of overhead resistance as long as it’s at a profit.. There will be another potential wave of sellers after May 12.....the closing of the other PP of up to 6 million shares that closed on Jan 12 (4 mth retention also). All of this will pass.
Burntwood had delays in winter drilling program as a result of ice thickness/safety and the movement of equipment. The hope is that we have a colder winter next year so that the equipment can get in on land/ice. There is a camp set up now, the summer will be used to identify more drill targets for next winter.
Mike Power, Jeep, the drilling season is over, the structure that has been found on the MP speaks beyond the drill results to geologists (not a quote but my gist), my take is all in all a positive thing.
Reed Lake line cutting complete. Plan and budget includes drilling next winter.
(my two cents and gist again the Hudbay and VMS JV has mine potential and speaks to the southern end of the Reed property), the north end has positive indicators similar to the Rockliff Rail Deposit. Hopefully by this time next year we have results.
McVicars……….good previous drill results, don’t know how old they are (eg, could they be used for a 43-101 ?), company is looking at the structure.
I guess all in all, my funk was a two part event, not seeing a home run in the drilling results and seeing the selling pressure on the SP.The results at Jeep and Mike Power, in hindsight are just part of the exploration game.MP holds promising structural indicators to the geologists and that works for me. The company deferred to safety because of ice conditions at Burntwood which to me indicates a very ethical Management Team. They did what could be done this winter season.
The SP is not an indicator of anything being broken (IMO), rather what appears to be profit taking from the FT offerings.
There is still ~ 2million in the bank.
The company was incredibly open, forthright and accommodating during the conversation. My take away is that WEL has a great degree of integrity. I wish I could say the same about some other companies I have dealt with.
With many reasons to be patient (now)
gd
