Hey Joel,
My guess is the market is most interested in this slide.
I only posted the other day that I would be very surprised if WGX can hit the low end of guidance considering that Paddy was paused.
Yet... I genuinely think WB and the team would not be stating a stronger H2 unless... they were confident of doing so.
Perhaps Big Bell has returned to higher graded sections. Bluebird too. Perhaps Starlight is performing even better than the Dec Q.
Clearly they are fairly confident about Great Fingall adding something late in the June Q.
I agree PRU is very different to WGX, yet... does that not mean that with the situation being different, their rationale for doing small dividends would be different too... PRU has a billion in cash (yet is paying out very little), WGX $240m.
Seems like a very conservative payment, that as others have pointed out, is an interim one, which will likely see $0.02 over the FY.
Wayne has been incredibly clear, dividends only once the company is secure. It's now secure, and... spending up big on development, and not just directly in the mines.
As I understand things, paying a dividend regularly also opens WGX to more Insto Funds that have such requirements.
As you show, their liabilities have increased. The interest bearing loans are do with increased equipment purchases and the upgrades to the power plants (which will save approx $60 per ounce). Short term pain for long term cost reductions and production enhancements.
It will be interesting to see what the next HY results look like.
(20min delay)