I think you'll find costs will fall considerably next quarter as...

I think you'll find costs will fall considerably next quarter as DFS is completed.

They also tend to do less drilling in the northern hemisphere summer months as this is the rainy season in Burkina Faso. Board and management is only a relatively small team which also helps with corporate costs.

Jun-17 Q cash spent was $4.2M. Sep-17 Q cash spent was $5.1M and both of those included DFS spending.

The financing process is unlikely to be long and drawn out in my view given quality of the asset and the relatively conventional scale/process of the proposed operation. As I've said previously, I think high likelihood that they do not take it to production. Probably the best scenario for me would be selling half the operation to an existing producer who could bring into production and WAF remain as a silent partner (could be free carried if the deal is good enough) to continue exploration work, which is what they do best.

A couple of deals of this nature have been done in the last year by Goldfields (just a couple of weeks ago in Ghana) but I doubt GoldFields would be interested here as already too much on its plate).