Thanks Nord. :) Other side of that coin is that this DFS could b...

Thanks Nord. Other side of that coin is that this DFS could b 1.5x higher with extended resource, (We've found lower high grade gold continuation, not included here that will not only add value but reduce AISC).

I'm really surprised th market hasn't pounced, Sprott are gonna love funding this development a discount later!!!

Using a more generic valuation models:

A) Roberts put takeover average price for mines at 68% of NPV, stating that you then add premiums for positive factors. In WAF case, I believe premium for
1) Burkina relatively low sov risk,
2) Open ended resource at Sanbrado showing in current drilling,
3) Sartenga awaiting G.P., except that it may be viable now using second stage processing at Sanbrado.
4) 3 likely tenements within 30 km of Sanbrado.

B) Producer Valuation
1) Valuation as a 2020 producer e.g. $567m USD, + expectation from current drilling, + other tenements value, less development costs (reduce by current cash).

So IMHO conservatively:
A) $780 million AUD = S.P. $1.16 (0.75x Sanbrado allow for premiums)
B) $840 million AUD in 2020 Sanbrado x disc. rate = S.P. $1.25 not allowing gold we know about not in this DFS!

There have been recent examples of ASX co.s trading above NPV...so this looks ridiculously cheap at even Roberts 0.75 actor.