Hey Cashed,
As you so eloquently put it... they are stuck with what they have (I note they still have around 6 years of the sub cave reserves wise, I had recently thought it was less than that), though Big Bell Deeps will be a step change in grade, and... in turn costs, even if they are mining at deeper depths (the widths of the mineralisation are quite thick, similar to Bluebird I believe).
This what WGX aimed to achieve from BB back in June 2023, with FID signed off in Nov 2023 (less than a year ago). Of course... the POG assumptions for the developer are about $1100 below spot, which likely helps a lot. I also note we have not see much drilling wise from Big Bell deeps, but... with a 15+ mine life already locked in, perhaps it's simply not going to get major attention when the likes of Beta and Bluebird complex can so quickly enhance the company's profitably.
It's interesting to note that the plan had first ore by the end of this year.... yet unless I missed it, this is likely now H2 2025. I imagine the main issue is simply.... WGX is trying to do an awful lot all at once... bring Great Fingall online, expand Bluebird U/G, expand Beta hunt and..... get BB Deeps up and running. A HUGE... undertaking.
Regarding the Bluebird complex, here is a rough timeline to show how quickly the asset has evolved.
Jan 2024... they were excited because they had a 3+ mine life locked in.
April 2024
May 2024
July 2024
August 2024 - New reserve just for South Junction basically adds 2 full years of life to the mine.
Sept 2024
Nov 2024
Updated MRE is imminent for the Bluebird complex, so after hearing Wayne discuss it, it's all about converting inferred to Indicated, to allow reserves, to... allow a quick FID and get development underway.
Cannot wait for WGX to potentially use Verify (or...if they have competition). The visuals would hopefully be spectacular.
Finally... because whenever I start reading, I always expand outside the boundary of my queries.
Great Fingall... WB hinted.. we could see something from it this quarter (or at least, that is how I understood his comments), and why wouldn't WGX be chasing the grades shown below (almost free ounces, as the development was going to happen no what).
This from May 2024... we are due an update on the progress.... (there was nothing of substance in the quarterly), other than it's on track development wise.
Anyway.... with a little luck, WGX will not only start generating serious FCF, but they find extensions at all of their mines!
(20min delay)