Ann: Quarterly Activities Report, page-108

I'm going to pull you up on a couple things here since your tone is a little bit condescending.

- EV/resources is not a good way to compare WAF to others since it has a defined reserve and a project NPV. Really need to look at the potential margins of other projects. Also need to consider that an acquirer is more likely to pay a premium for high-margin ounces due to their increasing scarcity. WAF's costs are lowest quartile based on current world production but I suggest would be in an even better position on a curve of future production given majors are depleting their high-margin deposits and not replacing those ounces with equivalent quality ounces.

- Not sure what it is about holding notices that baffle some on Hotcopper. 1832 did not sell the majority of their holding at 30 cents. They ceased to be a substantial holder in December 2018 but that sale was largely driven by dilution. They only sold 1.4M shares. In fact in the 16 months to December 2018 they sold only 3.4M shares. My theory is that this is just proportionate with a sell down of holdings in the fund due to redemptions. The thing about these funds is that they are at the whim of market sentiment and not necessarily cold-hard valuation metrics as you suggest.

See my post here: https://hotcopper.com.au/threads/ann-change-in-substantial-holding.4627207/#post-37354517