September is here, page-12

If WAF gets financing and no one else takes it over, then B2 can probably just sit and wait for the plant to be built and the resource/reserve to be further beefed up. The negatives of waiting from B2's point of view are that

a) high chance that M5 keeps going and share price appreciates. Drilling from underground will help this.
b) good chance gold price appreciates from here in the next 6 months and WAF moves back toward 40 cents simply on sector flow.
c) high chance that simply unlocking further value from re-estimating the existing reserves adds 5-10% to the NPV (see my post maybe 4-8 weeks ago).
d) someone else takes a blocking stake in WAF during Finance (as Goldfields did with GOR) preventing B2's long term ambition for possible Toega/Sanbrado mill. Toega is not anywhere near a standalone project yet and would be 3+ years from production even if they could build sufficient reserves for a project (unclear at this stage). Some of B2's other mines are of only ok quality with higher costs and not a lot of reserves. They will need another project and the way they are spending in BF suggests that is where they want their next mine. These guys are serial acquirers and mine builders. I'm not sure they have developed a mine from resource drilling all the way to production.

The capital raising from WAF earlier this year makes perfect sense in light of the current gold market weakness. They have protected themselves somewhat and they can play the waiting game for some time and not accept predatory financing offers.