Ann: Group Production Lifts in Q2, FY25, page-11

A very accurate post Wassa.
After today's announcement, it is clear that WGX is spending huge amounts of capital at both it's Murchison assets and new Karora assets (sure that was the plan, but it was also supposed to be generating FCF)....

Zero cash build after producing 81k ounces says it all (though if I can very generalist on this, they likely had to pay down their receivables which were very high post the Karora deal, plus all the capex means.... no FCF, plus... clearly the assets are not yet near the required 100k per quarter run rate.

I will also say that I am quite disappointed with the result, as you point out @Joelstar - showing production up, after not having the full benefit of Beta Hunt in the last quarter is just crap. I understand they want to keep the message simple, but... sorry not this time. I would also question whether FY25 guidance is even achievable at this point. Though the implication is it will still be achieved, but... to achieve the just the bottom of guidance, WGX needs to produce 120k per quarter for March/June. I just don't see it. So... Wayne, either stick to it and meet it, or... today you should be downgrading guidance, which even I feel is a terrible look after only releasing it a few months ago, but.... better than than looking like BGL.





Wayne's credibility is on the line (for me anyway), especially after the reduction in guidance for FY24 (due largely to the failure and closing of Paddy Flat's).
Only recently, Wayne mentioned that Bluebird U/G is not where he wanted it to be.

I agree to a point @SallySet except WGX has been saying to the market that things are progressing as planned etc etc. I do agree, WGX has a huge amount of momentum building, but clearly I have been far too optimistic about when this momentum would translate into production. I expect Fortnum to be the highlight of the quarter, and everything else.... average.

I dread to think what WGX would be facing if the spot POG was not flying. The quarterly will explain all.
I won't be altering my position at all in WGX (though I def won't be buying more), but... the share price is going to be very volatile until WGX can actually start producing FCF.

I wonder if Leigh Junks exit back in Nov was also... a sign that Beta Hunt needed far more work than WGX had expected.

The market is going to need to see tangible evidence that the 2nd half is actually going to see increased ounces, not just empty words.