Hey Joel,
I agree to a point, but then... when the GCY deal was going on, Peter Cook had not retired until March 2022.... as in I imagine his ego was still in charge.
Once WB got full control, he quickly got to work refining the business, into... a gold company focusing on margins in stead of ounces. Takes time, which you know.
The $100m is really interesting, as... it was 3 days before Peter Cook retired. Wayne did not become MD until he was finally able to see the other Exec leave... (she left the day of the announcement). Perhaps she was behind the raising?
I admit it's not a great score card (this from the $100m raising announcement), but then... WB may have had little say in what went into the announcement.
I think WB has shown he is willing to bend in the wind. Big Bill U/G was not yet on the radar, the small mines were... not really profitable, the open pits were, high cost etc.
As for the narrative, cost escalation is surely a big one, hence WBs focus on the LNG usage. Small plant upgrades at Tucka and Fortnum. Bigger simpler U/G mines. I think the challenge right now is, WB is likely not wanting to show all his cards (fair enough). I think if they acquire MGV, he will be more transparent about their plans. For what it's worth, if they just want more oxide ore, they could just purchase MEKs open pits, though... I guess at a grade of 1.6g/t, perhaps that is a second option for the future, or GBR etc.
We will know more about Big Bell deeps soon, plus potentially, Great Fingall. Perhaps... making the offer on MGV now, gives them time to finish up with the hedging, plus... perhaps they are going to have a solid quarter too? which will support their share price etc...?
Interesting thought on Tucka. Lot's of moving parts and it is interesting to see RMS holding up so much better than WGX, though when you offer script, it has the potential to hurt in the short run. RMS played their BRB move to perfection, though their timing with the run in gold was just luck.
(20min delay)