I have a soft spot for Wayne B as I rate what he has achieved thus far and WGX has recently made me a ton of cash but I have to say I hve been a little confused by the messaging lately.
Back in late 2021, WGX attempted to takeover GCY for the stated reason that 'WGX is mill constrained'. Early to Mid 2022 WGX announces a 100-million dollar capital raise with the stated intention to increase processing capabilities hence driving production up to 400k oz per year. Throughout late 22 and early 23 we were told Big Bell was humming at over 1mtpa and potentially growing by another 40% through a LHOS op, Bluebird was increasing in grade and potentially tripling in size and Great Fingall was going to be larger than first anticipated.
Now we hear that MGV will turn WGX into a 300k oz producer? Now we hear nothing about Tucka or Fortnum plants? I thought 400k was the stated goal? What happened to being mill constrained? What has changed the narrative?
I had considered buying back into WGX but this MGV move has thrown me.
I hope I am wrong in doubting WGX but I am trusting my gut and staying away for the time being.
WGX Price at posting:
$1.36 Sentiment: Hold Disclosure: Not Held
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