WAF chart, page-323

Hey @e350, still hanging around although I had sold all of my WAF and PRU during the last rally, all except for my super holdings, I kept those as I still genuinely believe the risk will eventually be worth the payout.
WAF and PRU have been kind to me over the years so still well ahead even after booking those recent losses.
If the sentiment towards West Africa improves will jump straight back in.

I don't think you can compare an explorer come developer like TRE with WAF as they are in completely different stages within the Lassounde curve.

Why do I think WAF is underperforming in general?

Not an exhaustive list but I think there's a few potential reasons.

1. The obvious one is Burkina Faso terrorism and political instability.
2. Free cash flow is getting chewed up by Kiaka Capex.
3. Two projects in the same troubled country (I think this was a strategic misstep by RH).
4. Kiaka project risk during ramp up.
5. Kiaka project is still in the orphan stage of the Lassounde Curve.
6. WAF will be taking on debt after having a squeaky-clean balance sheet.

I could be wrong, all my opinion, hope this helps...