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I never understood at the time what the panic was amongst a lot of Wolf shareholders, the same as I don't now. When you buy into a junior miner like this, you are buying into a prospect and one that is going to require a lot of money, skill and tenacity to turn into something that is going to make money. That money is going to come from an awful lot of debt or an awful lot of shares, if it is the form if debt, the annal operating profits of the company once in production is going to be severely depleted by debt repayments and servicing costs. If it comes from new shares, the annual profits are going to be higher (I.e. a bigger total dividend) but it has to be shared among more people. There is no such thing as a free lunch.
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