Ann: June 2021 Quarterly Report, page-5

The WGX board and the cowboy who runs it continue to show that they can't be trusted.

1. I hate deceptive wording in their reports like * "revenue dropped by $12.5M from the March quarter to $128M as a lower gold price of
A$2,262/oz was achieved in the June quarter" Lower than what exactly? March quarter average sales price was actually $30 less than June quarter.

2. Quick to blame underperformance on staff shortages but explains no actual potential solutions to help alleviate problem. Does this mean that management plans to continue to have reactive policies rather than proactive policies such as in house training, improved temporary accommodation options for interstate workers or just hire an outside mining contractor to pick up some slack?

3.Hedgebook $350 out of the money which continues to dilute the amount of leverage Westgold has to FY22 gold price movements with 18,000oz sold per quarter making up almost a third of current production and a whopping 24,000oz sold per quarter for 2nd half of FY22 being even more dilutive.

4. Still no underlying production benefits from large capex spend whilst share price languishes in what is a historically very high gold margin environment.

All this being said
I can't believe Tropicana was bought for $900,000,000 yet WGX sits here at ridiculously low multiples with assets that would be worth more than the underlying company if packaged up and sold off separately.

Surely they have become an attractive target at this price. There I no denying that they are an asset rich company, just operationally mismanaged compared to a few of their peers.