Ann: WAF to Acquire 1.1Moz Toega Gold Deposit from B2Gold, page-45

Hi spec, I only have the public info in the drill results in 2017 and the maiden resource announcement in 2018. Because Toega was a fairly small part of the B2 portfolio they never made much of a big deal about it. You can see in the block model in today's announcement that there are multiple high grade sections in the 2-5 g/t per colour. There's a decent amount of pre-stripping that will need to be done to get to the ore but 2 g/t in Africa is likely very low cost.

I think WAF is no longer a target, the time has passed for that really. Although I think there is more upside the stock is probably not cheap in the scheme of other transactions that have happened in the last 6-12 months with an EV of ~A$800M. Don't know if there would be enough margin of safety for someone coming along to buy it. Then there is the Burkina Faso factor. Not exactly a sought-after jurisdiction right now for a most mid-caps (potentially why WAF were the only logical acquirer of Toega).

I'm hoping WAF starts becoming a predator and building a true mid-cap producer of its own with multiple mines

Funnily enough I was searching for my posts about Toega and came across this one from late 2017 before the B2 maiden resource. Hard to believe it was 2.5 years ago.