On 1 May 2023 announced that "it has been decidedto invest approximately A$1.65M to complete the Wiltails processing unit during the June 2023 quarter."
On 1 August 2023 announced "Work to complete the Wiltails processing unit has been carried out over the quarter and the unit is due to be commissioned before end of August 2023." They spent $448k on plant & equipment during the June quarter - presumably on Wiltails.
On 2 November announced "Work to complete the Wiltails processing unit occurred during the quarter with first ore processed on 1 October 2023." ...and... "During the December 2023 quarter the main activities targeted are complete commissioning of the Wiltails circuit"... and ... "A$2.5m was expended on completion of the Wiltails plant and the associated lime slaker plant."
So it is stated in May that Wiltails would cost $1.5M and be completed before June 30, its now November and (by my estimate) $3M spent and counting and commissioning is not complete.
If you read the quarterly reports carefully, you will see that there have been significant losses from processing dump leach and Wiltails. The fat checks came from selling the concentrates that were produced last year, not current operations. FTI are definitely not creaming it.
WRT to updated resources, increased the gold price from A$2,750/oz to A$3,250/oz and kept the same cost base of A$175/t (underground) from 2021. Strangely enough the resource increased....
WMC Price at posting:
20.5¢ Sentiment: None Disclosure: Not Held
