Ann: West African Receives Firm commitments for A$150m, page-22

Two and a half years ago the stock traded around $1.44 (October 2021). Gold was US$1,755. Now after two and half years of mining and generating cash plus significant capital expenditure plus a US$2,355 Gold price (a US$600 increase) the stock closes at $1.38. Anyone that thinks WAF has been a good performer and has a strong and high performing management team needs to zoom out a little. Company has never got close to it's PFS AISC modelling and hasn't returned a cent to share holders since it's been in production. Less than average is about the best rating I could give WAF's company performance. Winners thus far are limited to WAF management. They have taken high salaries and large bonuses to provide a negative return to shareholders over the past 2.5 years even with a US$600 increase in the price of gold. Investors need to call this out and look at the maths and not get sucked in by Managements constant spin on how good a job they are doing.