Ann: Westgold Trading Update, page-8

Hey Cash,
this is what I posted a little while ago regarding the recent company presentation:



I also dislike how they state they have $137m in 'Cash'. Obviously this includes all of their assets, including bullion on hand.
So how much cash do they actually have? MGV shares? RNC shares? etc.

Today's update is almost, not an update at all!

Lets look at what WGX provided the market back in Sept 2019.



This is what actually has occured:
Quarter 1 - 57k produced - AISC - $1410
Quarter 2 - 62.5k produced - AISC - $1361
Quarter 3 - 55k produced - AISC - $1525
Quarter 4 - 65k produced (no AISC yet...)

TOTAL for FY2020 - 239.5k!
13% miss on their lowest projection.
If we assume the AISC was around $1400 AUD. I get an approx $1421. Only $1 above the high estimate.
Yet.... where has all the free cashflow gone? Even if their entire average price received for the year was only $2000 AUD, they should have still garnered over $120m AUD. That excludes all the capital raising's, asset sales etc etc.

As for Big Bell... issues abound.

I note that WGX also told the market only recently, that they will be:


Looks like they had better up their game then....
MarQ - 55k..
JuneQ - 65k..
Sept/Dec ?? 180k needed... (90k per quarter).

They have been selling everything single thing they can, except for the gold plants... hmm. If they sell them, then, WGX will end up being a mining contractor! ha.

I can see why the company has had to undertake some management changes, but... will it be enough, or is it just shuffling to make it look like change is happening.

In writing all this, surely, the right management team could turn this all around? But that would take a huge amount of work, no doubt.
I continue to watch on.

@loki01 - you continue to hold, so you must see value in this. I just struggle.