Ann: Capital Raising Presentation December 2018, page-111

Hi Mossberg,

I held a fair few WAF previously but have been out of the gold sector for some time as it was weak, as we all know. In addition, comments that I have shared on this forum from the MD of BTO suggested that WAF was not a TO candidate due to them being 'expensive'.

I had been keeping up-to-date with WAF via the Sprott research and recently bought an entry position after the deep drill hole confirmed the depth extensions at M1 South.

I hold many developers that are/ were pre-capex raise such as ADT, MOD and SFX ... my point is that in holding would be miners an investor needs to realise that CR's are inevitable and in a tough market bankers are not falling over themselves to throw capital at these companies - as per my comments about the recent 121 London conference.

Will I lose paper profits when ADT, MOD and SFX raise their development equity ... likely, but ADT's recent CR shows that this is not always the case. Will I freak out and think that it is a travesty and I had been misled ? No.

I have quadrupled my holding in WAF yesterday as disgruntled shareholders exited the building.

I also think that recent global developments have brought the gold bear market closer to the end too. Thus i have increased a number of other gold positions including RSG on which Esh and I agree is a solid buy whilst execution uncertainty exists.

Each to their own and that is what makes a market.

Cheers
John