Ann: Q1, FY25 Investor Update and Webcast, page-2

Great update and very much appreciated have Wayne, Simon and Andrew taking my questions (hmm... my apologies for the mistake with Tall vs Two Boys!).

Most of the extensive list of questions I posed were answered, and.... as I recollect them, everything was positive (without any sign of overconfidence).

Meekatharra has a heap of assets that can be brought back to production, though what caught my attention, was the discussion on Polar Star and the potential for it to be another mining front (I am paraphrasing here) at Bluebird/South Junction, which I believe... would be upside to the 1.2mtpa planned, which I guess starts to show there really is further upside at Blue/South J (above 1.2mtpa, my guess.... 1.5mpta is the medium term goal, which is incredible really, as that would see Great Fingall and Blue as 100% filling the plant with U/G ore, no more stockpiles....

Really like hearing that Bluebird/South Junction grades.... are matching reserves, or potentially... beating them as they continue to be able to high grade the mining sequence due the ongoing exploration success. I also note that the figure of 120kt per month being moved (annualized that is 1.44mtpa.... which I think bodes very well for future expansion) in the current U.G ops at B.S. But still early days....

Interesting to note that whilst WGX has an incredible amount of acreage, they simply cannot drill it all! So... in the medium term, they are looking to partially divest or J/V certain parts, which... is a pleasing outcome, as it's would be all too easy to just sit on the majority of tenements without significant drilling programs occurring on them.

Upon reflection, I have started to piece together just why Karora bought the Lakewood plant for $80m in cash/script). As I inquired about Higginsville's throughput potential if Beta Hunt expands to 2.5mtpa+. Wayne explained that they are already on their way to investigating such an outcome, but.... as per the recent MoM podcast discussion, Lakewood has only 7 years of tailings capacity that cannot be expanded. Which I think is fine, as Lakewood was simply a easy, reasonably cost effect way to expand throughput capacity, without all the time, permitting and cost that the Higginsville upgrade would require. Now that WGX feels confident that Beta Hunt is huge... and going to be mining for 20+ years.... a careful and staged upgrade at Higginsville makes sense, as they eventually wind down Lakewood. Though I do wonder if there would be some creative avenues for further extending Lakewood.
They are looking at expanding Higgins to 2.5mtpa+.

Starlight U/G is looking really good. Lots of investment which will further expand production rates, which ironically, is going to see them tweak the plant further, to expand it's throughput as they are literally filling the mill right now (should see really good production and low costs IMHO).

Beta Hunt.... is getting closer and closer to consistent nameplate.... with all the benefits of lower costs and more ounces.

Sounds like we are going to get some very juicy updates regarding exploration near the end of the quarter (near the end of the year), with so many rigs drilling... lots of results. An update specifically for South Junction is coming (immanent), which I can only assume is because... it's full of good news.
Also looking forward to a further update MRE for Blue/South, which I think speaks volumes of just how much success they are having with the drill bit... multiple MRE updates on a deposit is very exciting for WGX compared to it's pre WB being at the helm.

Sounds like open pit mining at Higginsville is to continue, with other pits getting ready to come online. Though I would love to have greater detail on what the pits hold ounce wise.

Two Boys (not Tall... sigh, my bad). So interesting to hear that the U/G mine was scheduled to be shut down next month, but.... instead, with drilling ongoing, it may offer an avenue of tapping into other nearby ore bodies. Hopefully the company can start to provide a clearer picture of what Higginsville is capable of... maybe the company needs to split the presentations! Once fo Meeka, one for Higgins

I am biased... but I like the names of the Higginsville open pits... (I am a Dune fan).

God to get clarification that only stamp duty is left to deal with regarding the Karora deal, but not until perhaps August 2025.

The call ended well... with the MD excited, but also honest about them simply having too many options in front of them. So many potential avenues for growth.

Whilst the market is clearly still not yet excited about WGX growth, I will end on this interesting little observation... Now we know that if they had finished the deal in July, production for the quarter would have been 91k, but... if as I read it, this means WGX will need to produce a minimum of 322,731 ounces over the next 3 quarters, or an average of 107.5k. Yet I think most would understand that it's more likely next quarter will be around 95k, with around 114k for Mar/Jun Qs. Or... at an annualized rate of 455k p.a. If they achieve it... I am hopeful WGX will be 50%+ higher than today (perhaps wishful thinking, but we will see).



Good luck to all holders.