WM stock is finally waking up, up 77% in one year and 28% YTD. It has a bit of cash ($20M), but still no reported revenue, losses and negative cash flow. Its Fenelon (gold) project in Quebec is decent, but not spectacular, with an IRR expected of 21%. The March 2025 Preliminary Economic Assessment (PEA) outlines a 16-year mine life at 3,000 tonnes per day, processing 16.6 million tonnes at 3.34 g/t average grade. It projects strong economics with long-hole and cut-and-fill mining methods, lower capex than open-pit alternatives, and infrastructure upgrades on site. The CEO has only been in place about 14 months, but brings 30 years of mining experience. The Sprott Foundation owns 14%. Insiders own only 1% but have been buyers. Production is still several years away, but WM plans 2,000M of drilling this year. Current metal prices help, but of course before production much could change. We think it is OK. Its stock has struggled in the past so it is good to see it catching some of the current rally. It is still quite small so needs to be considered speculative.
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