Ann: WAF Receives Strong Interest from Leading Debt Financiers, page-89

Something commonly misunderstood on these forums is the different price assumptions used in feasibility studies. The financial assumptions for the feasibility study are US$1300 gold for the reserves. The open pit mining shell has been estimated at US$1650 but this is for resources only and the material outside the reserves doesn't affect the production or financial model.

Companies usually use higher gold prices for resource estimation. My understanding of this is that if you are designing a pit that is going to last for 10 years you want to have some flexibility in getting those marginal ounces out if the gold price was to rise in later years. The pit wall angles for example need to be designed from the start.

Australian based companies frequently use prices from A$1800-2000/oz for example (vs current gold price of A$1700). Having said that US$1650/oz is quite a high price for the resource shell. Most I have seen recently are around US$1400/oz.

Sanbrado's NPV actually has a low sensitivity to lower gold prices due to the already low AISC.

The MD holds more than 18M shares or approximately A$5.5M. I doubt he is super wealthy and this probably constitutes the majority of his personal wealth. That's enough for me to believe his interests are well aligned and he has confidence in the project. The COO bought 250k shares between June 17 and 18.