Hmmm...
my maths give me a simple view.
WGX burned through another $18m!!!!
$110m in cash/assets etc as of Dec 30.
Add in the $97m raising = $207m.
Yet... WGX now sit with $189m in cash/assets.......
While there are some improvements, as I read through the quarterly, WGX has even changed from Owner/Op to other options at at least 1 of its mines. That seems very strange, considering WGX purchased an entire company to fullfil their staffing needs.
Then you have WGX looking at gas/solar, for all its plants... and even looking at replacing one of their plants all together! To build a new 2mtpa.
The new plant would cost $200m+ alone!
E/V now sits around $550m. Something is very wrong at WGX. Compared to any of its peeres, it is heavily undervalued.
They state capex is going to reduce, yet.. part of their growth strategy is to expand all their U/G mines, replace all power supplies and perhaps just build a new plant to replace their aging one. Really struggling to know what to value WGX at.....
Gee, if only they had a nice new plant nearby....
(20min delay)