Net Cashflow FY21 was a nice increase but much more interested in their forward statements now. Operationally they barely deserved a pass grade for FY21. Let's face the fact that they were greatly assisted by a stronger gold price. Finally however they seem to be acknowledging their previous failings.
I really like the following tailwinds for FY22:
* 62 million drop in CAPEX spending YOY
* 3 key UG mines have a high probability of operationally improving after last years heavy CAPEX spend and FY21's subsequent decrease in UG grade
* Increased focus on mining operation improvements over M&A
* Increased focus on exploration to increase resources, reserves and grades
* Improvement in haulage with 16 million spent on much larger modern trucking fleet
* Communication with shareholders has improved with several operational updates being released to market over last 3 months
* Dividend was modest with room to grow with operational improvements
* More modest future guidance levels, now much higher probabilities of outperforming. Better than aiming high and under performing
* Wayne Bramwell adding a more transparent format of communication to the market regarding WGX's short term operations and objectives
Looking forward to the quarterlies DYOR GLTAH
WGX Price at posting:
$1.75 Sentiment: Buy Disclosure: Held
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