Ann: Winmar to seek Dual Listing on London Stock Exchange, page-155

@ozblue It definitely intrigues me to hear you are here solely to keep "optimists" at bay.  Whatever happened to being fair-headed? Not that I can recall you have ever at ANY point in this thread, EVER given a fair assessment to WFE. Instead, one gathers you kept jumping straightaway with by-gone conclusions without acknowledging any room for error. Even refusing to admit what you don't actually know!

I guess I shouldn't need to remind you of your recent debacle with Cobalt Grades in DRC deposits available for ROM feed? Where you readily assumed (smeared) almost everyone who disagreed with your notion that 1%+ Cobalt feed grade was quote "almost impossible" to secure, were all nothing more than "rampers" or "pumpers"? All based on nothing more than a mis-understanding & abuse of the USGS Cobalt report that you treated like the be-all-end-all to try to shoe-horn the USGS report to "support" your notion of 1%+ grades being quote "almost impossible".

"I have never stated that 1% feed is impossible, I have consistently stated it is highly unlikely based on what all the known resources in DRC are, according to the USGS publication.I notice you didn't quote me from any post because it simply doesn't exist."

Or that WFE would rather more likely purchase 0.35% ROM feed from RRR (Red Rock Resources) from a non-binding offtake when the official WFE announcements, readily available, have always pointed otherwise??

"Wrong again, I have stated often that WFE do not currently have an ore supply, and were in early discussions with RRR for a tailings deposit that was 0.35% grade cobalt, a LONG way short of the claimed 1%-3% that many holders want to believe is possible for the TOTAL supply (see the claims of @THE Avenger in regard to $US350m in revenue etc)"

Worst of all, You keep re-peating the same arguments again and again. Ad-nauseum! All the while people here have posted evidence that pointed towards otherwise, not least because of the unreasonable assumptions of your narrative almost all the time. Most of which, you readily push aside! As if you've arrived at a foregone conclusion already. Confirmation bias? 

Then failing to get some traction on your "almost impossible" grades argument, (which WFE's latest announcement have poured cold water on), you proceeded with personal attacks on the management. Stating management's a fraud. Even going so far as stating the $10m raise was now "null and void". Again more assumptions! How did you arrive at this conclusion? On what grounds? So far, NONE  Confirmation bias unless you can prove otherwise.

Then, Finally, For no apparently good reason at all after all these smearing, @ozblue then goes on to attack the whole Cobalt industry as a whole....until it was revealed that he had already dismissed the whole Cobalt industry to doom and gloom and quote:"sold out" of his Cobalt stock in September (not WFE). Confirmation Bias? 

But haven't we talked about your so-called oversupply narrative before? The one you mentioned was "going" to drive the Cobalt market 70,000tons into surplus? Or have you forgotten? In case you did, OK allow me to show you again, how these seemingly ambitious over-supply statements being presented here as "facts", are built on very questionable foundations.

"ERG Metalkol has spent US$625M on the roan tailings facility. Production aimed at around 24,000t/a cobalt increasing in a few years to 50,000t/a."

Metalkol's touted 24,000t/a Cobalt production from their RTR Project for which you conveniently left out the fact that 24,000ton is only after Phase 2 expansion has been successfully built and commissioned? Did you also conveniently left out the fact that they're also a Greenfield Project? And the fact that they haven't even secured funding for phase 2 expansion?

@ozblue has taken the Phase 2 expansion, which the company indicated "may" on their webpage as a given! Wow.  24,000t/a add questionable. @ozblue thinks the 24,000t/a will be smooth sailing by next year! Wow! All the while we don't even know if there will be phase 2! And this for a Greenfield tailings Operation compared to WFE's Brownfield operation! Not impressed.



"Chemaf are also increasing supply rapidly, especially when Mutoshi is up and running...."Chemaf is developing a processing plant at the site with capacity for 20,000 tonnes of copper and 16,000 tonnes of cobalt per annum."

What about the Mutoshi Plant? Ah now we're getting somewhere. But wait, it's still under construction? @ozblue Why didn't anyone mention that? @ozblue if I'm not mistaken, thinks there won't be any issues ramping up their operations after commission for an operation that sources from a "collection" of mines within their own licenses. Wow. And yet he still believes (assumes?) WFE will have so much more difficulty to secure offtakes all the while Likasi is even nearer to major cities and export centers. 16,000t/a add Plausible.

"Somika is another company increasing supply, though information on them is limited."

Ok. This a filler? 

"When Katanga comes back online at about 34,000t/a, probably next year now, that will also be a large increase in production by itself."

Yes how convenient, except for the fact that Katanga has been producing Copper Cobalt since 2018 and the truth is that those are "rosy" projections. Did you also conveniently forgot about their "uranium" issues going forward? 34,000t/a add questionable. More like less than 20k t/a at best additional.

See how these arguments, upon closer inspection, quickly falls from 70,000t/a add to almost half at best. At worst? Not even a third of the afore-mentioned production add within 2019. Confirmation bias?  Only wanting to see what one wants to see?

"The real elephant in the room is the new Tesla takeover of Maxwell Technologies a couple of weeks ago. If Tesla manage to marry up ultracapacitors with their battery packs, they could solve the problem of needing cobalt in lithium batteries. The cobalt is to stop thermal runaway, which tends to happen when batteries have high rates of charge or discharge applied. Using ultracapacitors to store sudden charges or discharges, plus take or resend energy to the battery slowly, could solve the problem of thermal runaway."

Oh dear. Now who here is speculating? Might I remind you that pound for pound, an ultra-capacitor can never reach the energy density of a chemical battery. Anyone with a physics background would've been aware that the theoretical energy density limit for an ultra-capacitor will always be lower than say a lithium-ion battery. Can't argue with physics. Why then is there a reason to even believe these heavier, bulkier ultra-capacitors will help with fast-charge when it will still need to wait for the slower charging battery to charge up? Is it really that revolutionary? I leave that to the battery enthusiasts to squabble over. Non-material to WFE's plans going forward for at least the next 10 years, judging by the fact that ultracapacitors have not even gotten off the ground yet in the labs. What more to commercialise it? Much assumptions. Much claims. Confirmation bias? 

All too simple to point out the parts where your argument simply falls apart in assuming the unknowable and treating your confirmations like the bible. Confirmation bias. Confirmation bias. Confirmation bias....

Even assuming 30,000USD/ton Cobalt prices (big IF), my preliminary valuation indicates ~half a Billion EV Market Cap, based on an estimated 600ktpa operation at a very cheap 4x EV/EBITDA assuming feed cost of $60/ton. Regardless of the Cobalt price, we'll make good profits simply because our operations will be high grade. Less ore to process, less waste tailings, more product, more profitable operation with penalties for impurities hedged to the miners. 

So no need to worry too much about us @ozblue, not that you have. All I read is one who is trying to justify (convince) himself that he made the right decision not to invest here, and to sell out his Cobalt stocks. I'm not surprised. Who wouldn't? It would be most re-assuring and "feel-good" for you, since you have admitted having already written off the whole Cobalt Industry as a foregone conclusion, and "sold off" your Cobalt investment last year.