Ann: Quarterly Activities Report, page-100

Just based on comparisons with all other ASX listed gold stocks with similar market caps, and EV/Resources.

This is all based on data provided by the ASX, and a couple of paid data analytics sources.

Their spreadsheet shows you that WAF is fairly valued at it's current state of development.

If anything, WAF sits slightly above the median value for those stocks, so the current price is quite good.

Of course, it could once more become a market darling, when stocks are priced above their fair value, principally on future expectations, like BGL is now, and let's hope it does (for all shareholders), though I prefer reality and objective valuations, at the end of the day.

Before querying another's valuation, please remember it hasn't produced anything yet, and is over $200 million dollars in debt (funding). Let's get real here now eh. We all support the company, but let's get real. It is what it is, and the stats and financials don't lie, however you dream of cutting them. It's why the Bank of Nova Scotia and 1832 Asset Management sold the majority of their shares at 30 cents - these people know how to value a gold project, unless you know better.

I suggest you look at the metrics and feed it into professional (and proper) financial analytics and modelling software, and then post.

WAF is still a buy. I want everyone to buy millions and push it up to 50c and 60c and past $1, tomorrow hopefully, that would suit me brilliantly if that happened, and I hope it does.

Gw