Ann: Mining Right Granted at Witwatersrand Basin Project, page-226

Delays, SA's recent unrest, uncertainty on POG, market turmoil all mean the MR came at a time with significant headwinds. It is hard to imagine a worse time in the past 12 months for its release.

Maths based on 5% of in ground value even with a discount for being in SA and the recent takeover bidding on Cardinal suggests a value for WWI of $300 to $500 million once things settle down and the next steps fall into place. A surge in POG would add tailwinds to those numbers.

Patience is still required. More so than we all expected. But the risk reward equation is far more attractive than hoping some explorer finds a new greenfields discovery and drills it out to find consistent, long sections of high grade gold over a wide area building up to 4 million plus ounces with scope for much more.

WWI would have to be in the sights of 5 or 10 major players with deep pockets right now. None would act before the MR as that could have set back a delicate process. It is now live and in play but moves into production are a valid plan B or maybe even plan A?

The roulette ball is spinning.