Ann: Trading Halt, page-20

At this stage (with due consideration to historic production & also the rate of progress of Stage 2 Expansion) it's difficult to realistically imagine that WMX will be producing 200k+ oz p.a. @ AISC $1,100/oz.

Here's an extract from the Dec'2016 quarterly report....



...and here's an extract from the Dec'20 quarterly report....

If everything goes well with Stage 1 Expansion, the real-life version of Stage (2) Expansion (i.e. producing 200koz p.a) is more than a few years away, especially considering the length of time it takes WMX to deliver a completed Stage (2) DFS.

What we do know is...for the period Jan'17 - Dec'20 (i.e. 48 months) BLK / WMX achieved the below gold production & sales figures...

• Gold produced : 255,254 oz
• AISC : $457.454m / 255,254 oz = AISC $1792/oz
• Gold oz sold : 254,624 oz
• Gold sales : $474.205m / 254,624 = $1862/oz

As far as I can see....$1792/oz AISC vs $1862/oz gold sell price has left WMX with tonnes of 'room for improvement' in production & costs.