Ann: Presentation - Precious Metals Summit, Colorado, page-10

Hi Mav, NOT INVESTMENT ADVICE.... I am more interested in the NPV here than the NAV, as I believe the Open Pit NPV will be improved by 2-4x on inittial resource NAV we received from the $130 mill.

Then the deep resource needs to eb added, which ostensibly should more than double the current NAV.

For the NAV I am just depending on Sprott Capital who would have gotten a lot of detailed info in their meetings before putting WAF in their portfolios... and who conservatively target double the last NAV "....expect ... in excess of 1,000,000 ounces".

I've outlined my ranges of expectation for project NPV based on underground mining at $700 NPV. With current unerground mines operating nearby, helpful geology that suits underground gravity feed techniques and the only potential "issue" seeming to be water, I expect the underground component to be veyr cheap, under $500 an ounce.

Personally, if UG is as relevant as I assume it to be such that it the underground extends upwards and takes a significant portion of the lower levels of the current Open Pit, AISC could get below $500/oz for the whole resource.

That would mean double whammy of increased profits and higher quantities of ore relevant for mining. I'm expecting an NPV early next year in the order of $800mill on current resource. And only news discounting that will convince me to sell or even reduce my holding before then.

Prior to actual production, and with gold at current SP that should ostensibly relate to an SP around $1 - $1.50 depending on all those unfathomable gold market factors.