I personally wouldn't call it a particularly good announcement when their resource levels dropped roughly 800,000 ounces. Was hoping their reserve levels would have stayed relatively similar to FY20 but even that dropped 355,000 ounces. With a fairly small exploration budget over FY20 it was pretty obvious that neither resources or reserves were going to increase. Other than Big Bell, the proven reserves look a bit light on as well. Definitely was an ordinary year for WGX with the saving grace being the strong gold price. They definitely have plenty of drilling prospects so with a bit of luck they could really make a large improvement in their proven reserve statement for FY22.
WGX Price at posting:
$1.67 Sentiment: Buy Disclosure: Held
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