I don't think they can use funds raised for a defined purpose for a buyback. Although I note they mentioned using $10m for the new pebble crusher but haven't touched those funds for it. The rest was expanding mines which they actually have cashflow for and
The rest was for mill upgrades or replacement . Anyone got a cheapish mill nearby coming up possibly in the next year or so? I would hang on to the cash just in case.
GCY has just downgraded this QTR by 1-2000 oz so I read an extra $ 3-5.5m loss in income for just this QTR to be added to the expected $6m loss for their full half. If it works out for them and they can physically get enough good ore to mill at an average above .89g/ton by December IMHO they will survive into next year.
DYOR+DYODD
WGX Price at posting:
93.0¢ Sentiment: Hold Disclosure: Held
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