well... not sure I am pleased to see I was right in my concerns... 1 plant out of 3 is operating at what they had hoped. 25% of the first half of FY2022 is hedged at $2133. Then 35% for the second half at the same price. Not sure why the hedges are priced so low. I thought WGX had almost gotten rid of all their hedging.
Just plain annoying when they write things like 'net mine cash deficit of $10m', when, the simple fact is, they ended up with $20m less than at the end of the June Q. That is after making $800 per ounce. Basically, the AIC was $2580 AUD. ($60m in costs outside the AISC were added to the ounces produced). It was an extremely poor quarter.
This is not including the $5m spent on AME.
Total spent on exploration was a paltry $13m for the year. Why oh why are they looking anywhere else but at the ground they have!!
Overall, I am actually even less confident about WGX after reading the quarterly. There is no mention that they are going to sort out the staffing issues.... anyway, it will be interesting to see what the market thinks.
WGX Price at posting:
$1.78 Sentiment: Hold Disclosure: Held
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