An interesting presentation, mainly because it's aimed at north...

An interesting presentation, mainly because it's aimed at north American investors.

Fortnum plant (900tkpa throughput) - (as below, they can fill the plant)
* Starlight U/G mine 600ktpa with it's stockpiles of 1.3mt gives them around 4 yeas of production with the plant running at 100%.
* Measured/Indicated of almost 500k ounces, which at a 70% conversion gives them around 5 years of production
So basically, they will need to top up the plant in the next years with either an open pit or more U/G.
But IMHO, they have a good amount of runway to do so.

Bluebird plant (1.4-1.8mtpa throughput) -
* Currently 500ktpa - aiming for 750k (assuming their drill program meets expectations)
3 Years mine life currently (along the lines of the majority of U/G mines)
* Fender 330ktpa - 3 years mine life (again... hopefully to be extended
* Stockpiles of 650kt - perhaps 12-18 months worth, though WGX have mentioned that ore can/is trucked from Big Bell too.

Tuckabianna plant (1.3-1.4mtpa throughput) - As below, they can fill the plant)
* Big Bell currently 1-1.1mtpa
Stockpiles of 4.2mt - basically a crap load of low grade or.. but if its even slightly profitable as spot, then best to use it up IMHO

The major driver for growth in the near term comes from Great Fingal which could provide approx 400ktpa and then Big Bell Expansion with another 300kt.

The clear challenge for WGX in the short term is simply ensuring Bluebird is full, which... they can easily do by trucking a lot more ore north from the Cue area, and then processing more stockpiles at Tuckbianna, though that will push the AISC higher. Or... as above, they do have time to bring back online another U/G mine, or... do a deal with a neighbor (MGV ore clearly would have fit this option well, but... WGX could not justify spending approx 25% of their market cap on it).

@wassa - I agree that plants are not getting younger, but... I think I posted last year, they are not the oldest in the Murchison. Also, WGX is spending good money to decrease costs over the medium term (all the power plants are online now).

Looks like Big Bell Deeps is progressing well.



Looks like Great Fingall is ahead of FS. Which hopefully bodes well for them being able to bring ore into FY24 production (perhaps not a lot, but it will assist with Paddy being closed).



The sector is... very out of favor, especially the explorers/developers (damn... it's getting ugly out there).
Better to be a producer making good margins right now.