This time last year I held 425,000 BLK at an average buy price of $0.11 (and 200,000 RSG at $0.25). Sold them both (regrettably) in the early to mid-$0.20s to fund a move to Canada for reasons that I wish not to discuss.
However, in the 6 months that I have been back I have been saving and researching tirelessly to fund and find, respectively my next gold play. And WPG is it. I am now locked and loaded and all in (balls to the wall).
Why WPG:
- Arguably one of the cheapest (if not the cheapest) gold developer/producer on ASX (it's trading at 1.44 times FY17e operating profit (my estimate);
- It is a major land holder around the only operational gold plant within cooee (and it has a JV with a high quality explorer who would love to run its ore through Challenger);
- Challenger (not worth much at A$1,300 gold but worth a fortune at A$1,750);
- Excellent management (btw old mate BD thinks the Veritas Securities Report is close to the money re FY17 AISC and production (which should also continue to grow beyond 70k/pa to > 100k/pa in time)); and
- Scores well on my little gold matrix against most other ASX-listed producers.
My price target is $0.33 per share.
It's our time.
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