Ann: Quarterly Activities Report, page-14

well... what a positive post this was.
Shame the share price continues to struggle, though I think it's 99% due to the political issues in Niger and well, the surrounding area in general.
I can only imagine how frustrated all stakeholders are, even when they are fully aware of the challenges they knew would be faced in such a location.

Yet WAF.... if it's allowed to, will be able to provide jobs and tax revenue for the people of BF for potentially, another 15-18 years.... with no success at the drill bit! That could be a good chunk of many BF working lives.



Yet here WAF sits, with an E/V of around $700m AUD, already spent almost $100m AUD on it's next project, is meeting guidance, even getting close to it's DFS (multiple versions). Ah the joys of investing in the mining sector. The discovery of MV3 really has enabled WAF to fund Kiaka and not tap the markets.
MV3 ore will basically come in on 2024/25, just when Kiaka is being built. Then... Kiaka kicks in just as Toega starts to be stripped.

Strip ration for M5 just decreases from now on.



The numbers I added are simply eyeballing it. Obviously as we all know, the YR1 target was.. not reached until year 2, but... for varying reasons.
For context, they only poured first gold in the MarQ 2020. Produced (including stockpiled). Really just a matter of timing, if they had had 2 full Qs in 2020, then the numbers would basically match the DFS. Though obviously a lot has changed with Toega, MV3 and Kiaka.
2020 - 174.3k
2021 - 306.4k Rolling Total: 480.7
2022 - 213k Rolling Total: 693.7
2023- 220k (guidance) Rolling Total: 913.7

Graph Left Total for 3/4 years - 790k/1030k



Does anyone know if WAF have focused any drilling underneath the rest of the M5 pit? Yes, they have done a small amount under the M5 South, but the rest..?



Political risk... the number 1 challenge that WAF have little say in, other than strong ESG.
Really hoping we hear more about the M5 south U/G and some further exploration results, plus, maybe a reserve for MV3?
Good luck to all patient holders.