independent valuation of luapula plant, page-48

Interesting valuation on the plant, looks like a worthy asset:

Page 77 -

"Overall the plant is in very good condition and requires a minimum of modifications

and refurbishment prior to recommissioning. The plant underwent a comprehensive

de-commissioning program and has been under limited care and maintenance

including onsite security for a number of years."

Page 78 -

"The cobalt price is volatile and is the big income earner for the project.

A high cobalt recovery and good product quality product will be key drivers."

High cobalt recovery (at 90% as per report) and good quality product as per ore agreements at 2.5% Cu and 1% Co minimum is a great start. Anyone who thinks spending $10m US for a base NPV of $54m US in WFE's share is a bad investment probably shouldn't be investing in this end of the share market. This $10m includes WFE's cost / buy in to the plant at $5.5m.

A couple of other point to make, anyone who can make accurate predictions of share price or market capitalisation from a plant valuation is clutching at straws. As far as NPV goes, the market is forward looking. It will attribute the correct value when the time is right and when WFE is relisted.

There is a lot more than just this plant valuation to WFE's market cap.

-Ethical supply chain through Kumi

-Offtake partners and working capital

-Dual listing on LSE

-Canada leases and to a lesser extent the Hamersley Project which was why I initially bought my first parcel years ago.

-Sentiment on when and how this relists (good or bad psychology at work - time will tell)

Saying this is over valued or under valued on a plant valuation is more than immature, which a lot of the emotion around here is saying anyway. To all the people trying to save everyone from losing their money or those trying to shoot this to the moon - save your breath and fingers - It's a suspended stock - it's not going anywhere!!

Key future trigger points are funding terms for offtake and capital required and ASX's next response, until then there is 101 pages to read if you're bored.

Cheers,

Disco.