Ann: Quarterly Activities Report, page-35

Just listened to the webinar. Richard spoke very professionally.
Its a shame than most simply look at the headline production figure and look no further.
WAF continues to build stronger social license foundations in BF. This is literally worth its weight in gold and will hopefully ensure that the mine steers clear of political and social issues.

Richard was extremely clear about how the rest of the year should play out production and cost wise: "We are currently tracking really well against the production plan and guidance that we released in March". "So we are on track to meet the range of 250k-280k produced at an AISC of $720-800." Either you believe management, or you don't I guess.

Underground: Richard again...
"Ounces were about 30% below the previous quarter, and ore tonnes were down about 7%". "Ore grade was down as well versus the previous quarter" "We are still picking up quite a bit of mineralization outside of the mine plan" "Which we have taken the opportunity to mine, while we are there"

802m of U/G mine dev, versus 500m in the previous Q.
"During the quarter, our production cycle moved from stoping to backfilling and development, and what we are really doing is setting up the rest of 2021 to focus on stoping activities. We are putting in that hard work now.....and will be paying off throughout 2021.

Open pits.. as planned, more stripping, but... higher grades from M1South open pit.

Plant operations going well. Grade increasing, recoveries solid.

Basically paid down debt of $38m USD debt in 1 quarter. "Quite an achievement".
(to clarify, $25m was paid straight after the end of the Q)

Reserves - no real change, except for depletion. Jan 2022, will see Toega reserves and M1South U/G added. "We expect that to lift"

Toega progress going well. Permitting, feasibility studies etc.
Currently infill drilling now and will be finished end of June.

Goals for the June Q.
Increase production reduce costs...
Finish drilling Toega...
"Crack on with the Auger drilling campaigns"

From the questions:
"If POG stays around current prices, we should have the debt cleared by Taurus and be net cash.

I can only agree about the debt, as their net debt position sits around $90m AUD. Which, if... guidance is met, will be wiped midway through the Dec quarter.

Also - "No issues with LOM grade, and we expect grades to pickup as we move into the main ore body U/G).

Perhaps some have forgotten just how high grade the U/G is in the main drive...? hence the disbelief they will meet guidance?

Not sure about others, but I think the quarterly was a great one, especially when taken in context to how it is front ended development wise, to release what is hopefully, going to be a deluge of high grade U/G ore.

For fun, I think they will hit mid guidance:
55.8k for Q1
62k for Q2
73k for Q3
75k for Q4

Plant is still humming at a rate of 3.15mtpa. The grade needs to increase by approx 45% to hit 2.7g/t, which would see them hit guidance (just for context, the average grade increased by over 40% this quarter, even with the 30% reduction in U/G ore).
High grade open pit ore now hitting the plant. U/G ore coming soon.

Well done to the WAF team.