Ann: WAF Receives Strong Interest from Leading Debt Financiers, page-80

Agree 100% with Clive Johnson that market is (overwhelmingly) buying cashflow and running from almost anything that is yrs away from making money. My personal read of current environment is that market movers have recalibrated to ‘risk-off’ at this end of the market even as the general markets are peaking. The bull cycle is well into maturity by any historical measure, we have two trillion dollar Companies, even the arts markets are frothy. Interest rates are rising and perhaps we are not far from a significant tightening in the Capital markets. I believe the market is telling us that financing will get increasingly difficult for projects in the next few years.

Agree with you re RSG and have also built a significant investment there. Don’t think, however, we will see share dilution here at these depressed prices and must remember we have significant funds on hand for early mining works. Could be wrong of course.