Ann: Presentation - Precious Metals Summit, Colorado, page-6

No particular new thoughts on CDV. All I would say is that the numbers in the comparison are useful for establishing where the feasibility numbers for CDV and WAF will land. CDV's strength is the low strip ratio. The closest in the table is probably Yaoure. But CDV will have a strip ratio of half of Yaoure so I think can have all in sustaining costs getting toward US$650/oz. Probably big capex pushing US$400M better suited to a partner (like GoldFields has done with GOR).

WAF's strength will be the low capital intensity per ounce. The only thing preventing this from being a true top tier development asset is the mine life but we are still in early days. There is good optionality though due to the other large deposits nearby that could do with the high grade ounces. There are also some excellent Canadian mid-tiers in Burkina Faso like B2Gold, Endeavour and Roxgold all of which I think would love what WAF has.