Yes. Finally found it. First paragraph of the announcement. "All...

Yes. Finally found it. First paragraph of the announcement.

"All amounts are in US dollars unless otherwise stated."

So the NPV of Natougou at a US$1,300 gold price gives a value of US$406M/1.276Moz = $US318 per reserve ounce and US$406M/1.827Moz = $US222 per resource ounce (with ~70% of the gold at Natougou being in the reserve category).

Applying the same US$222/resource ounce solely to the current M1S resource of 0.747Moz we get a value of US$165M and US$237M using US$/Reserve oz (or A$219M and A$315M respectively)

Add in the 1.873M ozs at M5 using the same US$/Resource oz value and you get US$165M +US$415M = US$580M = A$771M

I know the quality of the drill outs is not quite the same yet and the M5 component at Sandbrado isn't as sexy as the grade of Natougou (yet) and that you can't just apply the outcome of one feasibility study directly to a completely different ore body/ies but the above calculation gives a very rough idea of what this mine could be worth even before the resource is expanded.

The worst thing about today is that WAF was in a halt while other gold stocks were bouncing nicely. More of a win for whoever is coming with the money, although it would have made no difference as the deal sounds like it's done. Esh