Hey Wassa,I agree, the turn around seems to have begun, albeit,...

Hey Wassa,
I agree, the turn around seems to have begun, albeit, after my first read through of the quarterly, there is still a lot to be done.
Guidance for FY26 is going to be interesting, as I assume it will include the NMG toll deal, which should see the Bluebird plant increase throughput, though of course, they won't make a huge amount of the processing, but... it will surely be more profitable than trucking stockpiles from Fortnum!
Looks like Bluebird/South Junction will have a weak first half of FY26, then kick up a notch.

The build in bullion is crazy and will likely push the Sept AISC very low when sold.
$364m in cash/bullion, with a further $20m in BC8 shares held in escrow, but... pretty sure they will be sold when possible, and another payment of $25m in Nov. So... almost another $40-45m in cash coming in the next 6 months.
The build of $112m (I am excluding the $20m payment from BC8) is clearly a great outcome...
I think the next 2 quarters will be a bit lumpy, but... the trend is your friend (to quote the MD... , though until recently, this was not always true).

Missed guidance by 1%... which for WGX is actually a good outcome.
My hope is guidance will be maintained for FY26 though I am guessing it will be more like 320-340k. AISC slightly higher... $2300-2500 - there are cost pressures across the sector, even the best like GMD are saying it.

If WGX can average 80k per quarter going forward, even with continued heavy capex, they are going to be able to keep building their FCF and... pay a reliable dividend etc. Even fund the Higginsville plant expansion, which we will learn about soon.



Exploration results... are actually incredibly good... but for now the market will likely only care about the production and cash figures....

Then you have WGX actively looking to sell more assets... I actually applaud this, WGX is asset rich.. with their focus being on bigger, long life mines.
Guess it's already underway... good time to do it, with diggers coming up. Get all your potential buyers in one spot.


I imagine... that the likes of CYL, MEK, RMS, perhaps even the owners of Kirkalocka are all going to be interested in the assets in the Murchison.
As for Mt Henry-Selene.. the only logical buyer for me is PNR... though perhaps smaller U/G operators might snap up assets, get them into production and sell direct to the plant operators....

Have to think carefully about whether to add to my position after quite a while of sitting on the fence.
Once all the assets.... Great Fingal, Bluebird/South Junct and Beta fire as one... WGX will finally have transitioned from the almost junk status that the past MD bolted together like MacGyver in his TV shows.

Clearly the market still needs to see Beta Hunt firing on all cylinders, as WGX recently doubled the MRE... yet the market did not even blink. IMHO, they will likely be able to repeat the size of the upgrade... meaning a 7m+ mining camp... (I am ignoring the Nickel)... that is a monster long life U/G mine.

Smarter minds than me, have already wondered if WGX continues to underperform it's peers, that it will itself become a target...?

With it's operations starting to perform better, they will rely less on stockpiles... and logically, costs will reduce. We will see.

Looking forward to others thoughts, as not long until we get to Diggers and guidance etc.