Ann: Burkina Faso Adopts New Mining Code, page-45

Exactly - the Russians and Chinese make deals all right - from behind an AK47 and Western investors will always be at the wrong end of that "negotiation". Just like the vague terms used in the new proposed mining laws in Burkina Faso you can pretty safely assume that any changes will be to the detriment of the western mining company and in the interests of the Burkina Faso government (or more particularly the interests of the officials making these decisions). Russian and Chinese mining companies can brown paper bag it or AK47 it through West African jurisdictions, unfortunately having the best orebody and the best mining expertise is no protection for WAF shareholders.

The fact that WAF management cannot give any more clarification about the interpretation of the new mining code is proof positive that the interpretation of the code will most likely go against WAF shareholders' interests - any other argument is extremely naive and ignores the vast history of instability and corruption in the region over many decades.

Nordgold and Zjin won't idly stand by and watch their interest in their operations reduced by the Burkina Faso government, they will brown paper bag away their problems, and in the unlikely event that it does not work then Wagner will swing into action and replace the government with someone who does brown paper bag it.

I am exiting most of my position soon as you would be extremely naive to think that these recent jurisdiction changes are not the thin edge of the wedge. No point having the great management and orebody if the upside can be taken off you by external factors, in fact the better the orebody the higher the risk.