Hi bastowmichael I see your frustration with the WAF share...

Hi bastowmichael

I see your frustration with the WAF share price. We needed a better continuation on that brilliant announcement.

I find the trading suspicious lately. Every time I look the buy side looks thin but we’ve been seeing volume go through which is extremely disproportionate to the apparent buy side volume/queue.

I believe something is brewing behind the scenes but even if it’s not (yet) I think we can take comfort with the quality of the resource. You don’t have anything like M1 at NST anymore. Kundana used to have those grades but NST has been replacing grade with tonnage to try and maintain production at that operation. Like a duck that seems to glide effortlessly across the top of lake but below it feet are working at a franatic pace. Personally I think NST is way overvalued and a danger to investors at its current market cap. Without Jundee it wouldn’t be the company it is now. I don’t want to make waves on the NST threads and disturb the happy campersduring their moment of euphoria, so I’ve written a few thoughts here.

https://hotcopper.com.au/threads/an...4209759/page-64?post_id=33966495#.WzIpGqY_WhA

What I like about WAF at these prices is that I don’t mind chasing it down or up. It’s an asymetric risk/reward as far as I’m concerned as it’s significantly undervalued compared to its true long term worth which I think really should be measured in the billions despite what the lastest NPV calculation says. Unless there is a glaring pitfall in the company’s FS, I think they will find the finances but IMO it’s not going to make it that far before someone takes it off our hands. Esh