Ann: Management Discussion and Analysis Q1 FY2025, page-2

A good read and.... extremely detailed, I need to get used to the Canadian way of doing things!

In a nut shell, Big Bell has been a major drag, as it's grade should have been closer to 2.5g/t, or almost 8,000 ounces a quarter... (if annualized)
This clearly shows how important it is they get into the Big Bell deeps as quickly as possible, with grades 50-100% higher.
Fender looks to be performing really well. Starlight is arguably the best performer, though Bluebird will soon outperform (needs to).
Beta Hunt also had an average quarter, which has been explained by Wayne due to understaffing (this has been rectified).
Interesting to note that Min Res just shut one of their lithium mines, right near Higginsville (300+ staff). Bodes well for staffing in that region (WGX and perhaps PNR too).



With level of detail, it's a lot easier to tweak the figures to have a much clearer estimate of what production could be going forward. With Great Fingall adding 400-500kt at 4.5g/t, Big Bell Deeps adding perhaps 300-400kt at 3-4g/t and Bluebird at 1.2mtpa at 3-4g/t. Then you have Beta above 2mtpa etc.

A case in point.



I take your point @wassa about WGX stating 1.8mtpa, when clearly the plant is not producing at that lever currently. Though I am confident the reason is due to the ore mix.



Very excited about Great Fingalls upside. The quicker they get the DD back in the better. Higher grade ore is what they need at both Bluebird and Tuckabianna. Lot's of opportunities to do it as well.


I get the feeling, that whilst the Karora team did a great job, they, may have simply not been able to think quite as big as WGX does.... lots to be done to finetune Beta and WGX is hurrying to do so.


Well done to all involved with Two Boys... could surprise to the upside (the plan was to close it in October!)



Big Bell deeps... the grade is surely going to outperform their low expectations... basically, they state they will be selectively mining the higher grades early on to mix in with the sub cave ore.



So much exploration and still so early Greenfields wise.

Anyway, looking forward to WGX hopefully surprising the market with a Dec Q above 95k ounces (this is before all the above higher grades start kicking in for the 2nd half of FY25).