Then there’s West Africa, where the discount can be your friend until it suddenly isn’t. West African Resources poured first gold at the Kiaka mine ahead of schedule and under budget. Management keeps talking about a line-of-sight to 500,000 ounces per annum by 2030 with West African Resources’ Sanbrado gold operation and Kiaka humming together. Capricorn’s Karlawinda gold project is a reliable, slightly boring cash engine we all secretly want to own. Northern Star Resources was the first to jump when it broke cover to take out De Grey Mining for $5 billion, and more recently, Gold Fields moved on Gold Road Resources to simplify the Gruyere JV.