I'm not sure where @albatross got the $165m from but I wouldn't be surprised as WGX have a history of spending up big each qtr. Whilst we're starting to see some uptick in ounces produced I'm not convinced it equates to a great return on spend.
The March qtr spend: Operating $115m (Revenue was $132m so cash flow from operations was $17m) Capital Expenditure $39m (Are we getting value for money on this as it seems never ending each qtr and production little changed) Working Capital $22m (This appears excessive)
So in one qtr we spent $176m this needs to reduce substantially and if Albatross is right and the cash balance/bullion has again dropped to $165m ($189m in March) on improved ounces than we need to take away managments cheque books. I suspect if $165m is true it is cash only in which case cash has increased from $153m and bullion unknown.
In this market cash/gold is king and cost of labour is high and in high demand so maybe a good time for management to think long and hard about the best way to invest and regain shareholder confidence.
WGX Price at posting:
$1.15 Sentiment: Hold Disclosure: Held
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