Ann: Westgold Delivers Top End of Production Guidance, page-12

So after more time spent thinking about this stock than is healthy

WGX does indeed seem to have more than enough internal options for expanding their production profile (I think realistically 260k-280k p.a).

This was the story of FY2023. All open pits were shut, 3 U/G mines were put on C&M and WGX production profile was only reduced in the end by approx 10k ounces, with WGX hitting the top end of guidance. That is an impressive outcome.






So WGX have:
Big Bell with potentially another 300-400ktpa at say 4g/t gives another 40k-50k p.a.
Great Fingall (and are almost guaranteed to give it a positive FID) 40k-80k extra ounces
Bluebird increasing, but this is tempered with Bluebird U/G mine slowing (so I am going for a neutral outcome)
Caustons possibly adding 40k p.a
South Emu paused (unkown)
Comet Paused (unknown)
Fender Paused - Approx 25k p.a
Open pits - WB mentioned
Cuddingwarra (WB mentioned it as a likely open pit option), it was mined back in 2021.



Logically, with the POG a lot higher, and being unhedged, allows WGX to bring back in some of the ounces that were previously not worth mining. The pro's and cons of being a high cost miner. That also perhaps explains why WGX is starting to use options for gold price protection, versus hedging. As... WGX can simply stop mining high cost pits, if the POG falls too far and not have the added pressure of meeting hedging requirements.

All up, I get a veerrrryyy wide ranging production increase figure of 145k (excluding open pits) to 195k on top of WGX base production profile, which... excludes the drop that will be caused by feeding the mill with slightly higher grades, versus the stockpiles. I think WB explained that not all of the above operations will be brought online, but... hopefully WGX starts to really make this clear to the market that the tilt at MGV was just that, a tilt, but they are now back to what they have been working on all through FY2023.

Perhaps I am being pessimistic, perhaps Wayne and the team will surprise the market and provide guidance above 260k for FY2024.
All of this comes with costs associated, particularly the development of Great Fingall and a less extent Big Bell deeps, but... what a great time for WGX to be undertaking such development when being unhedged.