Ann: Investor Presentation - Bell Potter Unearthed Conference, page-4

Not a bad presentation, and good to see the plant infrastructure starting to get a more prominent gig.

Yes, they do need a change of presentation format, just to spruce things up and highlight the more advantageous elements.

More importantly though, they should be going back to school and learning from the smart old boys at MEK.

With a gold price at AUD $4,600 and a plant of some sort, the real focus should be on rapid development, not on using all the capital to drill and drill and drill.

The old boys at MEK are going to produce 65k ounces a year for about 7 years, and they have less resource than WA8, so go figure, why aren't the management at WA8 doing the same thing for their shareholders?

WA8's share price has tanked. - while they vacillate, and stare at their navels, and produce nice presentations, and wonder where to drill the next set of holes, and the ones after that.

MEK's share price has tripled at the same time, with less resource, but a great strategy for the times - this is called smart management.

So here is the rub.

MEK and WA8 might want to consider merging, with MEK management taking over the reins.

The MEK management would repeat what they've done with their own project, and within a year, be on the cusp of producing 65k ounces also at the WA8 project, via WA8's refurbished plant.

This would mean effectively, within 18 months or so, the merged company could be producing upward of 120k ounces.

The MEK management could do this, but the WA8 management could not, they'd be way out of their depth, but like most managements earning good money, they won't want to give up their project, or cease the coffee morning meetings to discuss where the next hole gets drilled. Indecision is a killer in this business, as is poor strategy.

Gw