Ann: December 2020 Quarterly Report investor Conference Call, page-9

I'm really interested to see if we have a new mine plan or whether that will await a separate release. Either way, at current valuations, I would bet that a bunch of intermediates are having a look at WAF.

I thought this bar chart from SSR Mining's latest January 2021 presentation was enlightening. Shows the extraordinary improvement of intermediate miners' balance sheets. The most leveraged name is Yamana with projected 2021 EBITDA at only 0.5X net debt! So on conservative estimates, every one of these intermediates will be net cash in 12 months' time. For a capital intensive industry, this is absolutely extraordinary, and it shows how the profitability of the industry has been transformed over the last few years. CEOs across the board have the balance sheets to pursue M&A, and I expect every 200k mine producer or near producer with 10 year + mine life and an AISC sub $1,000 will be a potential candidate at current share prices.



Chart came from Page 7 of SSR's presentation here:

http://s22.q4cdn.com/546540291/files/doc_presentations/Presentations/2021/01/January-2021-Corporate-Presentation-(1).pdf