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Ann: Presentation - FY22 Financial Results and FY23 Guidance, page-70

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Isladar

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28/08/22

22:13

Post #: 63371529
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Originally posted by Joelstar: ↑

@wassa
Bluebird Plant will take a little more time to fill with UG ore but I don't think it will take as long as some think.
Processing the stockpiled OP ore for the next 12 months instead of continuing mining at South Emu should save them plenty of dosh.

I like this consolidating mining strategy (2 CGO & 2 MGO active operating mines), as mining and developing the 4 larger higher grade mines should save them money (economy of scale).

Paddys Flat is their largest mine feeding the Bluebird plant.
They are looking for a run rate of 780,000tpa at 3.1gt

Importantly tons are forecasted to increase over next 2 quarters. There's also potential for a sugar hit as they access more of the higher grade lode (Figure 8 in red).

Bluebird is a really exciting mine for WGX. Not only is it very close to the plant, it's also shallow, thick lodes with good grades, multiple lodes open at depth and expandable to the North and potentially further South of the current mine and close to the plant. Sustaining costs should be low and the CAPEX requirements for the expansions should be a drop in the ocean compared to the Big Bell shit show.

Once the Northern Lode is accessed Bluebird will be producing 600,000tpa at a grade comfortably over 3gt

Put that together Wassa and WGX could be close to filling their Bluebird plant with only UG ore by the June/September quarter next year.

Paddys and Bluebird combine should produce nearly 1.4mtpa
Big Bell 100tpa to 200,000tpa
South Emu (if costs stabilise) 200,000tpa

Not investment advice to anyone.
Merely explaining what I am liking as a value investor.
WGX have burnt many bridges with their previous poor decision making, capital destruction and inaccurate guidance.
There's always a risk that the new management will continue on the same well trodden path left by the old management.
All signs so far say that isn't the case but it really is still too early to tell for sure.

DYOR
GLTAH

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Great pictures Joelstar ! You have just nailed the reason why Westgold is a dud ????, the only thing that can save them is if the gold price soars!

A picture tells 1000 words.

WGX Price at posting: 96.0¢ Sentiment: Sell Disclosure: Not Held
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0 Great analysis

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