Well, the market knew it was going to be a great report due to...

Well, the market knew it was going to be a great report due to prior announcements.
Now it's time for a review on what they really achieved.

Cash build $24m. Great.
Costs down. Great.
Higher Q of production for FY23. Great.
((Even with weather related issue for a few weeks in April causing more stockpiles to be used))
Sold approx 2k less gold than produced which bodes well for future Q AISC - Great.
Average sale price of $2721 - Great, but.. will almost certainly be beat in the Sept Q - Great
Hybrid power Stations starting to come online - Great
Ore processed at about as high a rate as they can do (approx 3.7mtpa in annualised) - Great
WGX being open and accountable in regards to the 'Murchison' processing rates (first time), and even stockpile quantities - Great.



Only negative.... no guidance for FY24. I think a clear sentence at the start of the Quarterly that it will be released straight after a decision is made on... Great Fingall or Big Bell Deeps...? Though cheers to @Robomo who heard via the webinar, that guidance will be next week.

Potential U/G mines to come back online include: With Fender already locked in and starting to producing next quarter. With all the capex for Fender already sunk, it is the obvious choice for restart. Though the others are I believe, also ready....
South Emu and Comet still to be decided... though I wonder if they are of less importance when compared to Great Fingall & Big Bell Deeps in terms of scale, cost etc.




I imagine we are also going to see FID on Great Fingall next week, to match FY24 guidance. Though Big Bell is still to come and unlikely to have any impact on FY24 production.



Big Bell looks like it will hum for the next few quarters with higher grades. Plus Big Bell Deeps continues to produce good drill results which hopefully mean FID later in the year is almost certain, which will almost underpin ore for Tuckabianna for a decade. With Great Fingall and Fender to fully head north to the Bluebird plant, in conjuncture with the Bluebird U/G mine.



In regards to Great Fingall again, WB has left some breadcrumbs in regards to the remnant ore I have discussed in other posts. Great to see 2 rigs actually testing to see if the remnant ore is worth chasing, as anything that can provide early cashflow on what is going to be a large investment is surely worth investigating.



Fortnum is perhaps the most interesting read of the 3 processing hubs.
It has had a pretty average year, due to a number of issues. Most seem to have been addressed (with a huge amount of effort), however, I think the reality is, we will see slightly lower production, with... lower costs. A trade off, but... a logical one, as chasing ounces for the sake of it, is not sound business.



Would love a bit more color on just what WGX think they have in the assets around Fortnum. I know 'Trev's' is an U/G lode, but... what about Peak Hill, are they open pits?


So... in summary again.
Fortnum - has enough U/G ore for at least 3 years, plus can use stockpiles (has a lot...)
Bluebird - 1.4mtpa -
upto 600ktpa from Bluebird U/G
Fender to provide another 330ktpa.
Paddy's Flat 250ktpa
Great Fingall in FY25 could provide 400ktpa
Total - 1.58mtpa
Tuckabianna -
Big Bell - 1mtpa currently, 1.3/1.4 eventually. Fills the entire Tuckabianna mill.

MGVs ore would have been nice, but.... not at the price WGX would have had to pay (perhaps $250m if a bidding war with RMS ensued).

I still think WGX should expand their exploration budget to at least $25m. I am sure the Geo team support me in this