TIE - Shorting Idea Oct-2022, page-43

WAF is on P/E ratio of 5. At USD1600 per ounce and cost base of USD1000- USD1100 and 240,000 oz production for 2022, they are making A$199m in profit.

Burkina Faso has had almost 20 coup in past 50 years, a coup in Burkina Faso is nothing new. But the price weakness has happened for many months before the Sep 2022 coup, so this is not an event based play, but probably fundamental valuation play that may take years to eventuate.