Ann: Quarterly Activities Report, page-14

My notes from the WAF conference call with Richard Hyde:

AISC $1000 includes approx. $200 of underground mine development costs (capex)
Notional net debt decreased by USD$20 million in the quarter
With regard to new drill results, "I think you're going to like it."
Underground deposit is "fairly predictable" in terms of finding new gold.
Goal is to have resources at M1 south past 2030.
Now that WAF is cashflow positive, they will not stop drilling into next year.

Objectives for this quarter:
1. Ramp up underground production
2. More drilling results
3. Restart drilling around Sanbredo
4. Toega drilling to begin
5. Early debt repayment to Taurus will happen
PLAN IS TO BE DEBT FREE BY END OF 2021

RH doesn't see any other West African asset to purchase at the moment. 2021 will be focused on getting value out of current assets, including Toega.

Q&A highlights:
2021 estimate for AISC will come at the end of this 2020.
Still planning to get very close to 300koz for next year, but getting expats to Sandbrado is a real problem, especially with covid cases soaring in Europe and airports closing. So he didn't answer my question directly, but the impression is that they will not hit USD$500 AISC goal.
RH said WAF at least a quarter behind where they had planned because of covid.
RH expects WAF to hit closer to full productivity next few weeks as more skilled expats are now on site.
RH said could be in a position to pay dividends by end of next year once they are debt free (personally I find this highly unlikely, but it's what every mining CEO said from now until eternity!)