Ann: Capital Raising Presentation December 2018, page-33

Eshmun,

You know that I respect your views, but I feel in this case you are quite jaded. 

Find me a mining company that has built a mine where they have only raised exactly what was needed?? i.e spent on what they need to build the mine?

The mine is going to take 2 years to build and get into production.

That is two years of exploration, 2 years of admin costs.

Plus... things changes, costs can rise and fall, issues may arise. Surely you would prefer to have a miner than has more cash, instead of being like GCY, BLK, even DCN and have to go back to the market to raise cash just before they hit commercial production? 

Perhaps in time you will change your view.

As I have said, I think this have been a very very impressive show of strength, in management and in their project. They will have liquidity of almost $350m AUD! No tepid little raises every 3-6 months to keep paying the bills. WAF is locked in to become the producer you have so wanted...