Ann: June 2021 Quarterly Report, page-7

The problem is that for years the same thing has been said about how cheap WGX is (and MLX before that). Let’s forget about the headline production and cost figures, how much would you pay for a company that has somehow managed to lose money despite the gold price going up 50% in A$ terms since 2017?

As for the institutions, they’ve been wrong all that time too looking at the same value-trap value multiples.

After the 2010-12 bull market most gold companies were criticised for not not operating as businesses, focusing too much on production rather than profitability, and never returning anything to shareholders. A lot learned their lesson and now thrive (look at say SLR or RMS over last 4 years). Somehow WGX are still stuck in the old mindset.

I wouldn’t bank on them making much cash even with gold at US$2100.