Market Cap $35.7m, diluted Mcap $45m, Cash $5.25m as of 15/04, EV $30.4m, Diluted EV $36.2m.
Acquired Challenger including plant from KCN for $1m earlier in the year, running in it partnership with Pybar as mining contractor 50/50 JV aiming to produce total 50koz in FY17, poured first gold in May. Other resources to come online with WPG's total FY17 production target 45koz. Depending on how AISC works out with POG around its current levels could spin off Free Cash Flow in a range of say $11-25m, and there are 17m in tax losses on the balance sheet. Also potential for toll treatment income. Quarterly showing first gold cash receipts expected within the month.
Some issues with TYX and joint venture tenements, Challenger itself may have limited gold.
