Hi there,
As you pointed out WM is not yet profitable and is trading above industry averages. It is also a one-mine operation which brings with it additional risk. Any misstep and it would send the price crashing.
Consensus is that it also paid a steep premium for Balmoral Resources to acquire the mine adjacent to Fenelon.
The company is now estimating 70-80K ounces in 2020, down from 100k resources previously. This is primarily due to COVID-19 setbacks. It has a long-term goal of reaching 100k ounces annually over the next five years. It seems like the recent run-up is already taking this into account.
IMO, it takes a high degree of risk tolerance to invest in these types of junior producers.
Mat