Ann: WAF hits 6.5m at 61.8 g/t gold at M1S, page-54

"and my belief is that the M1 and M5 orebodies have a very good chance of continuing at depth based on the fact that the dilations that have been opened up to receive the mineralising fluids to form the high grade shoots have developed in reponse pressure shadows formed around deep seated intrusive rock masses. In the absence of faulting or structural deformation or large changes in the three dimensional geometry of the intruding mass at depth these depoists could in theory continue for kilometres UG (please pick away at this interpretation)."

What a ham-fisted way to say that Archean hosted, dilational shear hosted mineralised shoots tend to be continuous at depth until interrupted by faulting or other intrusions. Again, the contradiction in your analysis is dumbfounding. On the one hand you say the M1 Sth shoot is highly probable to continue at depth (certainly another another 220m into TAN018-228) yet on the other you say that nobody will apply value to that probability until it is proven by x drill holes at y centres. You mistake the stock market for some black or white, binary outcome. The vast majority of stock market participants attribute upside and downside to a large range of probable or potential outcomes, then second guess other's decisions to make money from the direction of prices as all the disparate opinions, greed and fear are parlayed into the price action.

The facts, my friend, are that every man, his dog, and even you believe that M1 Sth will continue another 100m deeper and almost certainly into TAN018-228. Only an imbecile would not apply a high probability outcome valuation to that scenario, certainly an Independent Expert would. Not 100% but close enough.

The fact is that WAF have declared they can increase throughout, pump out more gold per anum and improve shareholder returns for no more capex than was raised for the mine build.

The fact is that this increased production profile makes WAF more valuable, defends against a cheapo takeover, and opens the path to even more valuable LOM NPV once the funds and development make sense to drilling the M1 Sth reserve deeper.

Sure, you take my lovely spreadsheets and discount them to zero because there is some risk and it suits your argument with me. I posted for others to appreciate the clear and obvious upside, to make their own decisions. No doubt management will be presenting similar facts to try and convince other investors of the same upside spelt out by the figures. Investing is a forward looking game, seriously, where is the upside for investors who wait for the all facts to be revealed and every other man to jump on it? You must be the bloke that others sell the rumour to lol.

Cheers