Firstly, I am going to go out on a limb and say that production will be higher, even when including the full production of Karora in the last quarter, so, production will be 95k+ (I am hopeful it will be 100k, but we will see).
As for the delay's, yes they are real, but without knowing the inner workings of the company, they basically just doubled their production, 50% increased their U/G mines and as such, are now simultaneously developing 3 major mines (and Two Boys as well). This is an incredible feat compared to... almost every mid tier producer I can think of, except perhaps strangely, RRL.
RMS have opened a few open pits at CUE for FY25, but that is it. VAU are not doing much of anything that I can see.... except using up their reserves. GMD is busy, but.... are fairly valued IMHO considering they still clearly need to do a lot to become a 300k producer, let alone 400k (or they will just print a lot more of their script) CMM and EMR are treading water, particularly EMR... they have spruiked for years they were going to quickly develop an asset in Australia, but... nope. RRL are trying to re-adjust their entire company from open pit to U/G but.... I don't see them having the scale of mines that WGX have. NST is busy, I will give them that, but.... on 1 project only.
So... whilst most are building cash, most... are not investing for the next 10 years.
WGX is aiming, IMHO, to have every single one of their major mines with a 10+ LOM. An achievement in itself considering most U/G mines have shorter lives (but usually extend).
Whilst I can still understand your pessimism, spruiking ones own company is not a bad thing... when done without too much hype (I don't think Wayne hypes), just promotes, which is far more than Paul over at PNR does (to the detriment of shareholders I believe, particularly in regards to the longer term potential returns).
I am hopeful WGX will outperform it's peers over the next 12-18 months as it's major mines start to bed down their growth.
We will see of course.
WGX Price at posting:
$2.97 Sentiment: Hold Disclosure: Held
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