Ann: Capital Raising Presentation December 2018, page-162

Iv got mixed feelings about what's happend this week, yes the 25c raise was a lot lower than any of us would of expected/wanted. Yes Im in the red big time now and I feel like a young fool. Yes Iv thought of selling at 25c and looking at other opportunities on the asx that will go up in the short term, like rsg. Yes Waf could be trading at 25c for a while now, but then again it may not be trading at 25c, because the price of gold could be $1300 by the end of December and the updated feasibility study for the sanbrado project will be upon us by the end of march, which will be the next share price catalyst in my opinion! I really thought this project was going to be 100% Debt... despite all this, I still think Richard and the board have acted in our best interests, the big 25c raise has pretty much ensured that sanbrado will produce gold! I think we will all still make money here! So I will be averaging down and buying at 25c, hopefully Im right and I don't turn out to be a young fool once again! I'm jealous of people that are entering with a 25cents average, your laughing in my opinion. I will be holding long term on this one. Cheers ST