Ann: WAF confirms Sanbrado as 200koz gold producer by 2020, page-38

Agreed eshmun, the pattern of trading is strange since they sold out especially with such high volumes and not one substantial holder notice.

My feeling in general is that Macquarie's core business is not holding stock in these companies but investment banking services from big deals (like capital raisings and takeovers). It got those WAF shares via predatory placement at the bottom of the gold market and got lucky. It was never about the quality of the asset for them and being a long term investor. They made their money and sold out.

From a brief google it appears that Macquarie has been involved with BTO before in providing financing facilities. They also have an aggressive price target of C$5.50 on BTO (currently C$3.50). As I'm sure many people here know the investment banks often use their analysts to try and win capital raising work. That is the brokers with the highest price targets often seem to attract the capital raising work. Could be Macquarie positioning to be on the B2Gold side of any deal.

Anyway here's the previous Macquarie report on B2 posted a few months back by Raging Rhino.