If I include Kiaka ( CAPEX plus increased production) then I find that WAF currently falls between SLR and RRL on an EV to Production basis. That is not too low and not too high. Of course, without the Burkina Faso reservations it should be higher because they are not facing the operational and production issues that RRL and SLR are dealing with. However, the situation is what it is.
On a reserves basis, WAF is falling between Red5 and Resolute Mining, which at EV to Resources of $223/oz is low for a producer with potentially 430Koz pa (once Kiaka included) but not extremely so.
As an investor, I prefer to look forward with my valuations and include near term developments such as Kiaka in my modelling.
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