WAF 2022 chart, page-2

Undervalued - shot themselves and shareholders in the foot by committing to Kiaka gold project so early and when sentiment towards miners was on the decline and gold price was falling. Hence introduced a new element of financial and operational risk to the business which was also unfortunately combined with unrest in Burkina Faso. Looks like a long way back to $1.40 at the moment but gold price moving in the right direction and WAF remains one of the lowest cost, highest margin ASX listed gold producers so on paper the share price is undervalued. If market sentiment can improve, the gold price gets back above US$1,900 and they deliver good Oct - Dec production numbers and an impressive resource upgrade (due shortly) then we might get some positive momentum back to get us to reclaim $1.40's. Overall it's been a disappointing past 12 months for shareholders - this time last year share price was $1.33 so even with all that gold produced and cash put in the bank the market valuation of the business has gone backwards. Let's hope things are about to turn in shareholders favour.