Ann: WAF Receives Strong Interest from Leading Debt Financiers, page-97

Hi Littlecorn,
You either trust Management, or you don’t. As Nordesmic pointed out, $1,300 POG was not unreasonable at the time the DFS was released. This is a long run average price assumption and I don’t think many would argue that that’s a fair price to use. If POG was at record highs, the feasibility study would use a lower POG. If POG was in the doldrums, feasibility would use higher long run assumptions. Having a low AISC also means we are less sensitive to $100 movement in POG (also pointed out by Nordesmic).

In several presentations now, Mr Hyde states emphatically that costs will drop further, and gives reasons why. Not sure where you’re getting US$900 AISC but Feasibility study shows c. $600US and Management confident of bringing it lower still.

As I said, you either trust Management or you don’t. You either invest or run for the hills. At this point, Management has run this operation very well over time imo. Drill results fantastic, recruitment is strong, sound strategy on the front foot, finance coming soon.

You have to give me more than a random
bloated personal opinion of $900 AISC if you want me to sell just before financing and a major de-risking event is about to occur.