No, WGX aren't using cash, but they are diluting existing holders' equity. I just can't see how it's efficient use of equity.
WGX is currently capped at 667 million. WGX should have about 200 million cash by quarters end. WGX have no corporate debt. WGX EV 467 million.
Westgold MRE 8 million resource ounces EV to OZ = $58
MGV current cap 175 million. MGV should have about 10 million cash by quarters end. MGV EV 165 million
Musgrave MRE 1 million resource ounces EV to OZ = $165
Yes, MGV have 2 high grade pits, but the average resource grade is actually on par with WGX's. Yes, MGV's oz are mostly open pittable however their stripping ratio is very high.
I think giving away a third of the farm for a nuggety deposit that hasn't even been drilled out to a reserve status yet is an inherently risky move.
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