Ann: 2022 Annual Report, page-4

WAF is worth buying for a trade, but there are a few issues holding the share down;

1. insurgency in BK could lead to mine closure;

2. political instability in BK;

3. possibility of a tax grab by the military govt as it seeks income to fund its anti-terrorist activities, and for other purposes;

4. the terms of funding the Kiaka mine - any capital raise?, hedging arrangements, loan terms.

5. the value of the Kiaka mine in the light of possible higher govt tax take and future inflationary cost pressure

6. while the cost of oil has fallen in recent weeks back under USD70/b, it could head back up over USD100/b as oil demand comes back with the re-opening of China and improved global economic conditions, thereby crimping operating margins given that both mines are for the most part open pit operations that will use a lot of fuel.

7. Possible capex blow out at Kiaka.

However, in the short term WAF is worth buying for a trade in case the USD POG keeps heading higher.

GLA.

loki (got back in last week at 97 cents and have my fingers crossed that all is OK).