Ann: Change of Director's Interest Notice, page-27

I research as many gold companies as I can, especially producers, to try to get a feel for how the market prices them.

One that interests me is WAF - West African Resources. Their share price dropped around 10% with the gold price slump, however they still have a market cap of $790m but have net debt of US$130k, so their EV is more like $1b - 10 times more than our EV. They own 100% though the government is free carried for 10% so effectively 90%.

Like us they're in W Africa & have a resource of around 3m oz. They mostly open pit mine, but also do underground. (the Doc mentioned u/g for us too)

Their current AISC is US$1009, they plan to get it down to US$650. In the past Morila had one of the lowest AISCs in Africa, once we ramp up it'll be interesting to see where ours is.

Last Q they processed 894t @ 1.7g/t for 49k oz. They have a 2.2mtpa CIL plant (4 x 984k = 3.936m) so I don't know how they managed that, maybe someone with a gold processing background could explain? and does that mean we can process more than 4.5mtpa. Our plant is twice their size. So they're doing around 16k oz per month. We're a quarter of that, but would expect that to more than double when we start mining the satellites, and be close to that when at full production.

Interestingly they recently bought an undeveloped resource (no mine or plant) for US$45m with an inferred resource of 1.1m oz @ 2.1g/t (makes our purchase look cheap with a mine + plant thrown in). They plan to truck mined ore to their CIL plant which is 14km away. Our satellites are a similar distance.

They are getting some very impressive grades from their drilling below the pit, however they are very deep up to 950m, given our pit is around 200m deep, thats a long way down. Will be interesting to see what they find below our pit. I am also very interested in what they find in close proximity to the main pit. many companies have several smaller pits in close proximity, WAF seem to have about 6 or so.

Now I'm not saying we should be worth $1b, however there is no reason why we can't be in the future.

Oh and they don't have Lithium with a NPV of A$1.7b