Ann: Revised Securities Trading Policy, page-92

IMHO Unlikely one of the local major Gold producers will make a Cash T/O offer

.. Till after DFS is in place is usually the go for most of the Targets I've held shares in the sector..

As we know WWI is looking to toll treat .. I have read WWI comments in the past that both Majors nearby plants have spare Capacity

..not 100% sure where they are at present as last time I looked over Harmony's nearby plant they had plenty of Gold reserves in place 8yrs+ etc >>

SS- westwits Driefontein plant -local Mineral Reserves: 2.5Moz Au.. (SS could easy double their Gold reserves with WWI project)

Mogale Gold Plant -Mintails (where WWI toll treated gold back 2017/18)

https://www.*.co.uk/companies/news/...uction-gold-from-mogale-gold-plant-13262.html
https://miningglobal.com/company/mintails

Sibanye Ezulwini plant 45km away.. WWI talked up as being an TT option early last year presentation... but was put on C&M for a time ....then projects traded for shares in DRDGOLD (DRD 2nd largest holder of WWI shares)
https://www.mining.com/sibanye-stillwater-soars-surprise-93-million-move-drdgold/

But looking at latest from Sibanye website>>
https://www.sibanyestillwater.com/business/southern-africa/gold-operations/cooke/

When you look at how Sibanye went about securing controlling 50.1% stake in DRD ... they could do the same with WWI or use DRD to do it ... aka take a stake in WWI SA mining+production operations if they fund the 30-50mill etc CAPEX ..