Sheesh.... where to begin!
I guess Guidance first...
So pleased to see my meandering thoughts on it were about right, with a very conservative target and pleasingly they are also trying to say.... BUT this is not including some serious upside.... Most pleasing for me is the AISC, though a full look through shows AIC to be around $2845 (mid guidance... which I already think will be smashed to the upside). At spot of say $3700, WGX will still spit out $350m AUD.
Hopefully the market also starts to look through to what FY26 will look like.... with upside from Polar, Toll treating (OAU could on a full year basis increase ounces by 60k+ (though the profit would be much less) and Fletcher. I think 450k for FY26 will be the minimum.
Really appreciate how detailed the breakdown of non-sustaining capex is. Incredible how capital light Bluebird-South Junction is considering it's going to double it's output to 1.2pmta!
Also pleasing to see that WGX is really let it's Geo teams off the leash. $50m for exploration is simply huge. I know that Karora was very.... low spend on exploration (they were 100% focused on Beta expansion), so the extra rigs etc are going to hopefully show the market how undervalued Karora was.
Though.... the sheer size of the exploration Target for Fletcher is basically crazy. If they do find what they expect, there is 10 years of mine life just in Fletcher! That ignores the current MRE and the 7kms of strike etc etc.
Then you have the first year.... since FY17 (that is a bloody long time) where reserves have grown organically (I am very confident FY26 will see another increase, even after producing 400k!!). Same for the MRE, I am going to say.... 15m ounces for the next update (Fletcher and Bluebird/South are the likely candidates for making this happen just on their own).
I think I need some time to go through the MRE and exploration targets in the Southern Assets.
So pleased to be a shareholder and sure... I am biased, but... WGX is looking like a beast for FCF even with the bigger capex spend (which is going to really supercharge profitability in FY26 onwards).
(20min delay)