Ann: Restated JORC Resource of 3.55Moz Au for Mining Right, page-184

West Wits has its Mining Right granted

In a simple two paragraph release last week, West Wits
announced that its Mining Right has been granted by the
Department of Mineral Resources. Halleluja! The company
can now proceed with its plan to produce gold in the
second half of 2021.

There has been considerable speculation in the market
over many months about the granting of the Mining Right.
Now that it has happened, rather than seeing the share
price surge higher to reflect their true value, they were
actually sold down. It has been another example of “buy on
rumour, sell on news”. Has the market decided that this
means that West Wits will go to the market to fund the
development? Maybe, but there is no shortage of investors
who want to be offered participation. This will just be a
short term speed bump.

The next focus for speculators will be on the corporate
front. The fundamentals look excellent at these gold prices,
and suddenly the 4.5 Moz gold resources has real
commercial value that can be dealt upon if any one of the
regional gold producers want to buy the project, outright or
in joint venture, rather than just toll treat ore.

STOP PRESS: Late on Friday afternoon the company
announced that the JORC resource had been adjusted
downwards to 3.55 Moz due to some peripheral areas
being excised from the mineable resource. The gold is still
there, but it is not available for quotation at present. It
seems that there is an additional level of bureaucracy that
needs to be crossed, to secure another Prospecting Right
to claw back this gold. We have been advised that this is
not material to the value of the project. In any event, none
of these ounces have been included in the mine plan.

Remember, there are actually millions of ounces more gold
down below the 500m level that the company doesn’t
bother mentioning.

WeeklyComm 24 July 2021 (fareastcapital.com.au)