Ann: November Corporate Update, page-16

I up the ante on that and say 2 great announcements in recent months @Samscout.
Great Fingall goes ahead, with a 8% discounted NPV of over $300m at spot prices.
Big Bell Deeps/Expansion goes ahead with a 8% discounted NPV of over $440m.
Total $740m. That is just $40m off the current E/V of the company.
Never mind it's assets or other 4 U/G mines that are in production.

Regarding the loan facility, you admit that they likely needed to do the ugly capital raising of $100m, but.. not like that they have secured the ability to draw on another $100m if needed, but most definitely don't have to. I see only positives to having it available, it means if an opportunity arises, they can take it. Look at SLRs bold move on the RED5 shares they acquired. They are already up $15-20m in paper profits in just a few weeks.

I think I posted about this recently regarding the ASX 200, WGX is just not big enough market cap wise. That could change, but... not yet. I think it probably needs a market cap north of $1.5 billion. Liquidity is also a requirement from memory.

MEK is interesting and I have spent a lot of time reviewing their assets. Andy Well U/G, I don't think WGX are interested in it at all, narrow vein and much less profitable than the U/G mines it has. The only asset they might be interested in is the open pits for oxide ore. MEK have been stating pretty clearly they are open to toll treating the oxides to enable them to develop their plant. I expect within the next 6-9 months, a deal will be struck between WGX and MEK (just makes sense, but it's unlikely to be anything exciting. Just base load, but... MEK should do ok, better than just keep diluting themselves to death, as the market is just not going to fund a stand alone project right now, with such a small production profile).

It's a tough market out there for explorer's/small developers. Only mid/large producers have cash to spend. So with quite a few explorers in the Murchison, WGX can be picky about what they want. Especially, as you say, with 8m ounces already, why not focus heavily on internal exploration.

WGX had the opportunity to buy up the Andy Well assets a while back, but ignored them and with no real work done on the Andy Well assets, I don't see many reasons for any change in view (unless.... it was worth trucking Andy Well ore up to Fortnum, perhaps.. that could make some sense).

Also looking forward to the next quarterly, though.. I am still not sure FY25 will have a target of 300k p.a. My guess is more like 270k-290k. As WB and the board will want to keep their conservative stance going.