Ann: Diggers and Dealers Presentation 2018, page-11

Hi @pilburro

My theory is the share price is being kept low and that share price expectations are being groomed (low) by Macquarie for a take over bid in the future.

My other theory is that Macquarie sold their shares and they are being wharehoused for the the benefit of B2 Gold until they have the fire power to make a move. Currently B2 can’t make a TO on their cash holdings but their cash flows are due to increase markedly over the next 3 years once their Fekola mine in Mali gets to full production.

You can read more about my theory here.

https://hotcopper.com.au/threads/an...ucer-by-2020.4261011/page-71?post_id=34064988

Richard has now stated that he wants to take this mine to production so given the timelines involved for B2 Gold to become “financial” and the timeline for first production at Sanbrado, its will be a race between WAF’s quest for funding and final board approval for mining and B2 Gold’s cash position build which determines the timing of the TO IMO. If B2 leave it too late (ie after funding has been sourced) they will pay more to us.

The share price will be suppressed for as long as it takes until WAF starts winning the war and it’s mine is approved and funded by the capital markets. Then the predators will need to pay up. Hopefully those same predators can’t wrangle the funding for the TO before then and we get to keep the mine. Esh