Ann: Capital Raising Presentation December 2018, page-120

Good points loki, however I think you know better than to believe everything that comes out of a CEO's mouth. B2 has Fekola for sure but its other assets are clearly not of the same quality. I wouldn't be surprised if they were looking to exit Nicaragua given the small scale and higher costs.

Toega is not going to be developed any time soon with only 1Moz in inferred. Not sure if B2 want to wait around 4 years to first production there even if it has their required scale (2Moz reserves say). Kiaka needs a gold price above US$1500/oz so kind of irrelevant.

I guess it comes down to whether you honestly believe WAF is 'expensive'. We have a good reference point in Dalradian's takeover a few months ago that suggests WAF is very undervalued.