Ann: 2022 Annual Report, page-28

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riverbank

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27/03/23

18:59

Post #: 66982625
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Originally posted by swandc: ↑

In reply to Frankg above; for some reason it wouldn't let me tag him in the reply

Hi mate, please point out where I said bad ..... simply said I was never a fan and still am not for the following reasons (but that's not to say its a downright bad project!);
(1) low grade at 1 g/t, do you actually comprehend what 1 g/t entails, let me spell it out, 1 gram of gold is currently worth approx $A94 .... that means for every 2 tonne of dirt mined/ moved (noting 1:1 strip ration as you need to move a tonne of waste to access a tonne of ore) you have revenue of circa $A94 and then you have the cost of putting every second tonne (the ore tonnes) through the plant. If this project was in a higher cost country like Australia it probably wouldn't even be feasible at 1 g/t. Additionally there are 2 additional risks more inherent with a low grade mine that can easily make a currently feasible mine unfeasible quite quickly as usually a low grade mine has a low profit margin per unit as such; Rising costs or lower prices achieved can easily sink a low grade mine; Here we have rising costs but luckily we also currently have rising prices. So yes I'd prefer a higher grade mine.

(2) Political or country risk, having been on the receiving end in the past of country risk in a bad way where a mine was shut down by a country (KCN) I would have much preferred them to have diversified that risk and had their second mine in another jurisdiction. I do understand that they are experienced operators in BF which would add significant advantages (PRO's) also but never the less personally I would have preferred to spread that risk.

So there's my 2 major reservations about the project, hardly think they are absurd comments to contribute to a balanced discussion, and for the record WAF are actually my largest holding in my portfolio (unfortunately so far) but would hardly mean I don't have faith in the management or their projects. Absurd would be investing without being readily able to identify or being blind to the above risks. Regards

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Talking of political or country risk .... which countries are exposed to higher interest rates?

WAF Price at posting: 98.5¢ Sentiment: Hold Disclosure: Held
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Ann: 2022 Annual Report, page-28

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Ann: 2022 Annual Report, page-28

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