No use complaining about the options. The fact that they had the...

No use complaining about the options. The fact that they had the potential to dilute was always known, and always on the cards.

As for LRF generally, they impress me. Their investment strategy minimises risk by:

* often providing funding by way of secured convertible notes in the riskiest part of the investment (such as early day WTE)
* this gets good income / interest rates
* often is issued options as part of the arrangement (refer most recent announcement)

To me, this is all prudent, and the returns produced from this strategy are impressive.

As for WTE, from reading annoucements all indications are that they will be successful in their gold production, and over the next 5 years generate cash returns, after debt amortisation, of similar to or greater than the current market cap.

As per any investment it is easy to get trapped in short-term emotion. WTE is a drag at the moment. Maybe in 12 months time when production has started it will be a driving force. Who knows.

Anyway, I recently put a few $ into LRF. almost 20% discount to NTA is too much to ignore.

MJS