Ann: Presentation - Precious Metals Summit, Colorado, page-7

If WAF develops underground mine feasability, as is inevitable...the 30:1 strip ratio will disappear, as the bottom half of the Open Pit is changed to being underground mined (strip ratios are irrelevant metric in underground mining).

The shallower open-pit should strip at around 5:1 by my back-of-envelope, and just to provide cashflow.

Then the the low Capital Expenditure per ounce will cut in much sooner than reflected in the DFS of last year and take over IMHO more than 50% of the Open Cut plans across the 3 reserves. My opinion is that last years's DFS is now utterly irrelevant, and I believe we're going to see that soon enough.

A couple of recent announcements (last quarterly and Annual) have stated that fact very clearly, the increasing value of current reserve as revalued by the deeper new resource. I just don't think the market has taken that on board yet, as the prior DFS is there with it's misleading numbers (due to no consideration of underground) in nice simple black and white...

The reserve being so vertical points to the simplicity of converting the lower half of the OP into the underground operation. Once again, if anyone who isn;t sure what this quite means should revisit the Annual Report and reread the points oon reserve valuation, it's stated very confidently there.

When that UG plan is actualised by WAF management, I am expecting it to show minimum double value of the DFS reserve from last year (4x is possible), and then add to that reserve is double the amount of mineable ore  as last 6 months have demonstrated at depth (and continuing lower).

That would suggest 4-8 times current valuation. Bu we have to wait for DFS next year for the proof, unless a buy-out comes along. Worth waiting for I'd say.