Ann: WAK Quarterly Update and Appendix 5B, page-32

There’s sooooo many presentations and videos that explain this but I’ll clarify for other holders in case there is confusion.

The initial funding structure for development was to list which would fund stage 1. The IPO had two key component parts - paid in capital and 1:2 25c options with a 3 year expiry.

The cash from the IPO is being used to develop stage 1. This is being done now and will be finished next year. Once we start to produce we will be in ramp up so our cashflow will be increasing but not sufficient to immediately fund stage 2.

This is where the options come in. The low strike price vs the IPO price is deliberate. The purpose of these options, which is explained in the prospectus etc is to FUND stage 2 of development.

That is a PRODUCTIVE use of funds. Our increasing cashflow and options will get stage 1 and 2 built. Per the DFS that delivers an after tax NPV of $257m.

Yes, the options will dilute the base but explorers and developers need capital to become producers so this shouldn’t be earth shattering news or something to be scared of.

Per the market cap now, we’re trading at a P/NPV of just 22% when we’re fully funded for stage 1, got off takes, licenses etc and will be a producer in months. This doesn’t really make sense to me - we should be at 40-50% by now at a minimum but that’s the market.

At some stage this will re-rate. I’m as surprised as most. The present price is basically pricing in a business that WILL NOT be a producer. I can’t see how that will happen and that is the opportunity if you’re a buyer at these levels.

I think 2022 will be a great year for WAK. Maybe the market will need to wait for the facility to be fully built and producing before it wakes up. At some stage the market will correct itself and see the cashflow that this will spit out for a long life mine and a simple operation.

I have a stack of options that I hope to convert when they’re in the money and I’m sure others do too. If by some chance the SP never gets over 25c in the next two years - highly doubtful imo - then the company will raise capital. Either way there will be more shares on issue but that investment will be put to very good use and should be welcomed.

I also haven’t sold a share. I’m up zero percent in over a year so a poor return but I plan on holding for a very long time. The yield on my entry price will be very high plus multiples of capital growth. I’m sleeping very well at night on this investment and so should you.