Ann: WAF confirms Sanbrado as 200koz gold producer by 2020, page-85

I guess in a way we're really all just rehashing the scatter of points we've discussed on and off for last 6 months.

It's my belief that hoping for a take-over based on current NPV should be unlikely. Those that have read my earlier know my basis being Roberts take-over averages. Another article linked here by Esh spoke about the "conditions" for a Burkina takeover being ripe. It didn't mention, however, the more macro picture of gold price, which would stymie high-ball offers somewhat, I believe.

That isn't the biggest factor, however. The largest factor is that we have an open bottomed resource. With cheapest future drilling to come from within underground access. Given the grades WAF have discovered below the paramaters of the DFS, it's improbable that Richard would want to undersell Burkina, and unlikely that a prospective buyer would want to buy over the money for that portion.

For those reasons, in the sort term (months) I'd be backing either WAF holding out, or having a farm-in iption for funding the remaining 60-80 mil of capital costs with what would otherwsie have been a prospective buyer. e.g. B2.

That's why I am holding for circa $1.20; however with the metrics here it's likely that by the time it reaches that price, we'll have more news - that may have me rethink. Using my Roberts method: IF the reserve was limited to the current DFS boundaries (which we know it isn't). The takeover value would be circa 65c/share.

So holding past 65c means you are awaiting further developments, extended resource etc... which takes time again. Another 6 months. And it'll trade above and below that price in the meantime.

However the short answer to @cwhite688 question, if WAF were to SELL Sanbrado as a mine rather than farm out, sell company or produce themselves - then they would likely choose the next best geology option among their tenements, special divvie for holders and retain some revenue to commence initial exploration and start the ball rolling again.

There are all sorts of tax implications for Australian holders and there'll be company tax implications in Burkina so it is a very difficult decision to guess at as an investor.

Wiser heads with more experience can (please) correct me with regards to the above. Thanks in advance.