At the half yearly report I flagged that the price would get hammered, and then there was rain (it actually did; it's no excuse, it's a reason), and then also some index rebalance. But fundamentas in the 1/2 year report was showing marginal profitability - and this quarterly continues the theme; large cash burn in capex and development, high (if 'average") costs, etc.
AISC's are better, though SKO is within a rain event of break-even. The sustaining capital component there is $200/oz, so once their capital works are finished and $150/Oz of this goes away (?) it shouldn't be too bad - $4M or so in EBIT per quarter.
So, add $16M to not much at all, and $530M market cap is still expensive.
Fortnum is apparently commissioned. So let's see what that means beyond they have some low grade dirt to toss through the chute while they get into the serious business of a massive cutback at Yarlarweelor. I'm also not confident their Starlight mine plan has any reality to it beyond dewatering it for a drill drive.
Still, on a technical perspective this might bottom soon, and
WGX Price at posting:
$1.76 Sentiment: Sell Disclosure: Not Held
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