Ann: Investor Presentation March 2024, page-2

RH continues to set the bar high by providing a clear picture of what WAF faces, but also what it achieves.



Political risk is part and parcel of operating in West Africa. Mines can get into production in 1/2 the time of Developed economies at capex prices that are not blowing out.



Plus, the U/G at Sanbrado is just waking up. Cannot help but be frustrated at myself when all those years ago the first study came out and I did not do my own D&D on what they had actually found. Share price was languishing at $0.05 and the 'market' lifted it's nose at WAF.



Then you have Orezone up the road with... a sound project (I would argue that it's stage 2 is on par with Sanbrado, but... but below Kiaka).



A merger would see a 600k p.a producer in 2026 (rising perhaps to 700k with tweaks at all the projects/plants).

Cannot help but find this table interesting and relevant to WAF. I think Orezone is slightly undervalued but it has $90m AUD in debt and still needs to fund it's expansion, whilst WAF is still net cash and producing approx 40% more ounces and will be producing 400k when Orezone starts producing close to 200-220k. Cost profiles for both WAF and Orezone align which likely makes any deals easier to swallow.



Though I doubt either company is in a rush to undertake the deal.
We will see of course.