Ann: Stage 1 Funding Update Presentation, page-17

I can see how investors are frustrated with this stock. A lot of capital is required to develop a mine of this scale. Investors need to look at this stock as a developer and not a producer.

Over the next 12 months production is forecast to grow from 13,000oz per quarter to 30,000oz per quarter.

70% of the register being offshore institutional and sticky. None appear to have sold over the last 12 months.

With this quality register and the $40M Mercuria deal WMX appears funded to double its production and focus on the orebodies that have produced over 4Moz of gold production over the last 120 years.

Very few juniors have gold assets of this scale. It does remain the most leverage gold producer/developer on the ASX to the gold price.