Ann: WAF increases Indicated Resource 150%, grade 100% at M1 Sth, page-42

Yes, am referring to WAF but not lack of feed, only high grade feed. The broker reports are conservative so can only use existing indicated resources. Generally they assume they can produce about 100kozpa from the underground operation which would mean after about year 6 those high grade resources would be depleted.

Of course there is a very good chance of further depth extensions and also they have the open pit resources. Open pit resources could fully feed the mill in the outer years but production would drop compared to the early years.

If you look at the Toega early drill results they are thick intersections (some over 100m) generally with grade 2g/t and potentially open pittable. That would be lower cost feed than what WAF has at M5.

If B2gold can firm up say 1Moz from Toega it might not be enough to justify a plant by itself but combined with WAF it would be a very good operation.

Toega is only 15km from the proposed WAF processing plant.