Ann: Trading Halt, page-9

Just when I started to think that WGX was stabalising.....

This from Feb 8th... Lots of nice numbers, except for... their actual cash position.....


This from Jan 27th (basically the quarterly), which we know was a poor quarter.... They bled $29m.
This quarter should have seen them generating some serious cashflow... particularly when WGX just undertook its first bloody dividend!!



To now be raising capital seems a very poor outcome for current shareholders. That $6.4 need not have been paid out, when.. its being raised just months later. Of course, the hedging position is nothing to be pleased about either.

Put simply, I view WGX as still the same old lumbering hulk which has used every excuse under the sun for why they have not made any money... in years! Yet produced over 1m ounces of gold.....

They need a low cost plant and they need it now. Simple as that. They are mining more than they can process, and all of their plants are high cost processors. Though to be fair, they probably need a totally new board, as when nothing changes year after year, well.....





But hey... WGX want to be a 400k+ producer, so I guess all they need to do is buy more assets/plants and magically they will start making money, instead of just producing gold and... just printing more shares.

WGX is asset rich, but.... poorly run (though to be fair, all their assets are old projects, so, were never going to generate the same sort of margins as new projects like CMM).

Good luck to all holders. I wait with baited breath on what WGX will do with their capital.