My view is that gold price has a larger effect on constant state...

My view is that gold price has a larger effect on constant state producers whose production is unhedged.

For companies who are increasing production then the value is unlocked from the increase in production itself - the capacity for fluctuations in gold price to affect revenue is secondary consideration for gold production growth companies.

In terms of WWI the value increase will come from several avenues including production increases (from Wits and Tambina), resource increases (Wits and Tambina), exploration increases (Tambina) and the sentiment changes that should come with management kicking goals.

What I like most about WWI is that it is currently an unknown and unloved stock - some might call it a diamond in the rough but I prefer to say management are successfully doing the hard yards and before our eyes polishing a turd into a diamond!