Hey Plough, just to correct you, WGX now has 12 of it's own rigs all drilling across it's portfolio. Whilst they are most definitely in need of a higher grade ore (base load) for the Bluebird plant, they are not desperate, with 700kt of stockpiles at Bluebird and a further 4.3mt down at Tuckabianna (which means they are trucking a lot of Big Bell and Fender to Bluebird, which is not great, but... the distances are not greatly different).
WGX has only recently started to properly drill out just a small portion of their incredibly large amount of tenements and prospects after the past MD (Cookie), just ignore exploration and mined anything that was close by.
The MoM discussion was a bit light on at times, but then they are perhaps less enlightened about the small caps in the Murchison (other than knowing their names), as you rightly point out, Catalyst is... on the very outskirts of the Murchison.
I have kept a close eye on GBR, but with the share price suffering, I imagine that some are already preparing for the next capital raising they need to do. Perhaps they should just get it over and done with, to enable them properly drill out prospects for a solid 6-9 months without further capital raisings being front and center of investors thoughts?
One thing I did find particularly interesting was their discussion about why WGX went and did the deal with OAU, when GBR has been sitting on Iron Bark for a while now, same as MEK (they are even further along).... I guess that just says that OAU deposit is worth of actually being mined.
GBR is cheap, but... they really need to start canvasing other ways to crystallise value for shareholders....
GBR Price at posting:
5.6¢ Sentiment: Hold Disclosure: Held
