I am going very roughly, from this slide - (June 2017 preso)
Its almost impossible to know where we are at in regards to the above numbers. Are we half way?? i.e spent $47m, or $60m, or $30m? This does not include the $2.5m they paid for the contractor (plus the 14m shares they just printed, which... might not have escrow, so on the market now?), then you have the purchase of Truckabianna, and whatever capex they will need for that (and they will, even though I acknowledge that it was a good buy for WGX in the long term).
They 8th June preso states that WGX had $70m in working capital, yet... as of June 30, all of a sudden, just $47m?? Weird is a word that comes to my mind!
Then you have the issue with WGX not actually being able to use SKO plant, due to the option the buyer has on it... plus, they state they are on a 300k p.a production rate, yet.. at 65k per quarter, they are only at 260k p.a.
You are right in pointing out that WGX should be making good money with an AISC of around $1250 AUD, and yet the cash pile keeps falling dramatically. If/when the AUD gold price moves dramatically higher, WGX should have its day, but for now, I am thinking the market is looking at these numbers and going, more shares to be printed and soon.
We will see of course!
WGX Price at posting:
$1.47 Sentiment: Hold Disclosure: Not Held
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