CR coming up?, page-19

I wouldn't overthink it. Macquarie have sold their shares. Their motivation for doing this may be that they have some sort of special information that would lead them to question the value of the company. This is unlikely in my opinion. More likely is that they don't want to hold a $15M position in an illiquid junior gold company. They got most of these shares in WAF via predatory financing at the bottom of the gold market (getting cheap options). They never wanted to be a long term holder in a developing gold story. It was a bet that paid off and now they cash out and move on to the next one.

Now their shares are filtering out into the market. That process might spook other shareholders but it doesn't day anything about the prospects of the company.

Remember that in many cases, that despite the sums of money, these big guys do not have more of a clue as to how things will evolve than the educated and patient retail investor. This has been proven time and time again.

I did listen to the B2Gold presentaiton at the BMO conference last night (on the B2 twitter feed). The president seemed intent on pointing out they were not interested in acquisitions for the sake of it and overpaying for assets. It was almost as though he was trying to convince the analysts who had been asking questions about their next move (and WAF must be at the top of that list). I don't believe that they are not interested in M&A as it is ingrained in the DNA of B2.

Ignore the noise. Ignore what the other investors are doing. Understand the value of what WAF has relative to other development assets in the market, particularly in an environment of declining gold production and higher costs from major companies. It is a high quality project that will very likely become a mine, whether by takeover or WAF taking it to production.