Ann: Capital Raising Presentation December 2018, page-181

The issues going forward now are - is there any incentive for the brokers and bankers, Sprott, Macquarie, the construction contractors, or B2Gold and it's powerful associates, to ever want to raise the share price of WAF, now that it has so many shares outstanding.

My gut feeling tells me that nearly all of these companies will (eventually) be involved in the takeover, in some way, at some stage. They will now probably simply be doing the sums, and working out how they can get WAF to build the mine, and then how they can takeover the company for the cheapest price (or Scrip), while maximizing their profits, at the best time.

My gut also tells me that there is a window between annual reporting periods on the TSX and the ASX that might be the best time for the takeover, either in 2019, or 2020. This would coincide with the June/July period here in Australia. I tend not to think there will be a takeover during mine construction, so I'm guessing about July 2020, in 18 months time, with appreciable increase in stock price since then. In fact, someone pushed the price down to 23.5c at one stage today, expect more of this into next year, possibly into the high teens (depending on the price of gold).

I could be entirely wrong, and I hope so, let's see this back at 50 cents, that is my wish.

Perhaps some further exploration success on their other projects may give this a boost sometime. For now, I'm holding to the end because I don't have a large investment here.

Gw