The MoM guys and gal are onto the WGX "growth story scam" and questionable net cash build reporting - see video
The Karora assets possibly went backwards last quarter, and maybe WGX's CFO will again be asked to explain where the money disappeared to.
I expect next quarter to again be below expectations and maybe there will be some light at the end of the tunnel next year, but overall I would say WGX will not meet its production target for FY 2025.
I have no idea why they issued a glowing media release on the Flectcher zone at Beta Hunt when the grade for the resource target is only thought to be around 2.1-2.5 g/t. At the lower grade level of 2.1 g/t I wonder how much of the "resource" could be converted into economic reserves.
WB hype has helped me make some useful money but fortunately I sold 65% of my holding or I would be worried that going forward WGX will continue to be a marginal miner no matter how high the gold price goes and this would lead to this being reflected in a share price at around $1.50. WB will need to prove that the Karora merger was worthwhile for longer term WGX shareholders and better than smaller scale add ones of nearby gold explorers with existing deposits.
Looking forward to seeing the quarterly report and hearing the excuses during the related webcast. Have accounts payables been reduced to a reasonable level and how many hidden problems did they discover once they got hold of Karoras accounts etc. Will WGX be just another Oz goldie that got dudded by those wiley Canucks?
Watch out for the selldown, especially if the gold price retraces and they continue to fail to deliver.
GLA.
loki (waiting another year or 2 could see this company fly again, especially if the AUD POG hits $7,000/ounce)
WGX Price at posting:
$2.56 Sentiment: None Disclosure: Held
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(20min delay)