Ann: WAF Resource, Reserve and 10 year production update 2023, page-9

To say the market was unimpressed is an understatement.

Production of 56k is excellent and bodes well for 2023 guidance of 210-230k (if they can maintain it, they will hit approx. 225k)
Sales fluctuate every quarter, just how it is. So the June Q will likely see larger sales than production. Not a terrible outcome considering the POG has risen.
I note WAF did not provide an updated cash position, though unless something unexpected has occurred, WAF should see a solid increase with no $25m tax hit like it saw in the Dec Q.

Dec Q saw revenue of approx $97m USD. More ounces, lower price.
Mar Q saw revenue of approx $90.5m USD. Higher price, less ounces.

I would like to see WAF increase their cash position by approx $20m AUD (but... the timing of capex for 2023 is a little unclear).

Really pleased with the MV3 resource estimate. 257k ounces (grade of 2.7g/t) which is clearly going to help increase the open pit grades.
Basically, they are estimating MV3 will provide around 105k in 2024/2025. Considering the deposit is only drilled to 70m depth, I am really hoping they can expand it even further, as the benefits are below....



As others have mentioned, the benefits are 3 fold. Increased open pit reserves, higher grades and the ability to push back Toega pre-production expenses until 2026. By then, Kiaka will have reached full production.



Of course, the numbers above don't include any extra ounces from Sanbrado U/G, particularly if M5 proves the goods (with the hits below, I struggle to understand how that not be possible, even if it does not match M1. Even just being able to add another 25-35k p.a would be massively profitable.



Then you have Sanbrado with basically, 2m ounces of reserves, even after depletion (if you include MV3).
Plus.... pretty sure M1 has a few more ounces to be converted in the years to come.


It will be interesting to see if the reserve grade of M1 outperforms like 2022.... They state 7g/t, but... got 8.1g/t last year.
Potentially another 10-20k ounces.

I cannot help but be a little disappointed about the $10m USD drilling budget.
I know they are being prudent because Kiaka is the main goal, but...

Good luck to all holders.