Ann: Kiaka Owner Mining FS Update & Capital Raising Presentation, page-4

I really like the communication being provided to the market. Clear and simple.
WAF is building a strong moat of liquidity.... and perhaps it's not just for Kiaka.
They will have around $280m extra to allow for exploration (WAF exploration spend has been around $5-10m!).... transaction costs... 5%? $7.5m.
So... liquidity of around $260m. A nice amount for... potentially assisting a nearby producer that has a decent amount of debt and is undertaking a staged approach to expanding it's operations....



Though, perhaps there are other corporate targets WAF has it's eye on (earlier stage projects). As WAF is likely to want a pipeline for growth and with their team proven to build plants.... next asset might need to be acquired in the near term.

Or... it's all just WAF being ultra conservative, with the ability to quickly start repaying debt as we get towards the second half of CY25.

As a long term holder, the raising does not phase me. Either you trust management or you don't... I mean they have been producing for a few years now, have proven themselves and are improving the lives of the locals and the countries finances.

Good luck to all holders.