Ann: Burkina Faso Adopts New Mining Code, page-35

Agree with you Berserk and I luckily have traded around WAF in a similar fashion to you, so I have a small position remaining.

For mine, WAF has not made this announcement clear at all, which probably reflects the level of information they have at hand.

A few thoughts/questions:
1. This news has been out since 18th July. Russian news outlets for Nordgold were already reporting this 2 weeks ago - "On July 18, the leadership of Burkina Faso greenlighted amendments to the Mining Code enabling the state to increase share in mining companies to 15%. Moreover, a number of new policies are being introduced, including that mining firms attract local investors and refine up to 50% of crude materials produced inside the country."
Why did it take WAF so long to announce this?

2. "Key changes under the new mining code includes increasing the State’s free-carried equity interest in mining projects from 10% to 15%. Based on the Company's interpretation of the text in the New Code this will only apply to new projects at the time of grant of an initial mining licence." It is difficult to rely on managements "interpretation" here (especially with the track record of other ASX co's dealings in Africa recently).

3. Regarding Kiaka, although there is a current license with 12 years remaining, they state "According to the text of the New Code the term of existing mining permits issued under the 2015 mining code may be reduced to five years." There is a chance this license could be decreased to 5 years, and it appears management is cognisant of this: "If under the New Code a reduction in the term of the mining licences were to apply to Kiaka and Toega then, WAF is well placed to manage the licence renewal process as we have done previously."
This seems to be a new and potentially significant risk for a project with a 20 year mine life that we just raised $150m for.

4. As for the Sanbrado and Toego license - "The corresponding mining convention with the State has been submitted to the government and is awaiting signature." It is peculiar that these have been sitting there without being signed for 3.5 months during the period of BF reviewing the mining code. Are we sure these will be signed without any variations to expected conditions?

5. More broadly this seems to be an extension of the deteriorating situation in BF. Recently I have seen reports of Traore making statements of only allowing mining in exchange for access to weapons etc, the presence of Wagner and the comments on potential concessions for Nordgold all align with this. However, I hope this change in mining code is a more measured approach than other potential outcomes.

I'll be waiting for further clarity and look to top back up. GLTAH