So much under valued, page-30

That’s pretty much all that is available out there at later development stage in Africa. Orezone is an interesting one because of the expansion option (to 250kozpa) built in which isn’t valued by the market. New much larger resource will come out from Orezone in next two months.

If the WAF merger didn’t happen I thought another option might be Perseus to buy Orezone and then eventually merge with WAF if Burkina Faso settles down in the next couple of years. Kind of allows Perseus to dip its toes into Burkina Faso without having concentrated risk of WAF all at once.

PDI/MAU are long dated and not suitable in my view given Sissingue mine life issues. Edikan may not be able to keep the head grade above 1 g/t in the medium/longer term. I think the purchase of Meyas Sand was a recognition of those portfolio weaknesses. If Perseus build something like Osino’s Twin Hills it needs to pull the trigger soon.

Potential asset divestments from others may be the other path.