I knew I could count on your reply Wassa (which I appreciate). the MoM team have had an interview or two with EVN (including the MD) over the years and not been overly impressed with most of their assets (the copper exposure basically hides their horrible cost profile and mixed results on all their mines, though I note EVN loves to brag about their industry leading low costs.... but only because of the copper credits, without the copper, EVN is very different, and interestingly, if Nickel recoveries, WGX has a free option on that at Beta Hunt).
I don't believe I have rose colored glasses on, I just don't have jaundiced eyes like you (though I am clearly open to WGX upside, which you seem to ignore or don't want to acknowledge compared to it's peers who are all... ALL unable to grow internally versus WGX (before and after the merger with Karora).
I was referring only to the gold production profile by, as if WGX even just go valued closer to NST (which could happen if they start meeting guidance and further lower costs, particularly in regards to the synergies of being a much bigger business), then their market cap alone could get closer to $4 billion. Then.... it's just a matter or either expanding through their current assets (they have 6.9mt of throughput, so another 1-2 U/G mines could bolster this by 100-200k p.a), or another acquisition, or a mixture of both. PNR for me is the logical choice, but... I have not totally dismissed a move on SPR, even though RMS clearly have taken a very firm blocking stake. Then there is RMS itself, which... while I would not be keen at all, could easily still provide clear synergies to an enlarged Westgold, with the MGV assets being able to feed WGX mills with soft ore. A deal like that would instantly add $2b in market cap, brining WGX close to $5b very quickly.
If you get time, I would be interested in the peer comparisons you mention that are better miners than WGX.
I also like how the market totally disregards the 170 pieces of machinery WGX own, or the huge workforce it has inhouse which has it's own value, but hard to value on paper on suppose.
While I am very keen for WGX to becoming boring, meet guidance (when it's released), meet costs etc... I am all about the exploration upside. WGX has literally so many targets, it cannot even get close to drilling them all, but I seriously hope they double the exploration spend by the end of FY25.... when they see just how much success I believe they will have in the next 9 months or so.
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