From a Patersons Report on Westgold's website;
Unrecognised Value
The transaction will result in an impressive junior gold explorer with a significant resource base of 2.36Moz Au and 55.6kt Cu. WGR is targeting production of 135koz Au and 4000t Cu per annum and initial production within two years. WGR appears cheap on an EV/Au oz resource basis and undervalued compared to our NAV of A$0.44ps. Additional upside is possible from larger than expected resource upgrades and further work on other exploration prospects. Commencement of production will also likely result in increased value uplift therefore we are maintaining our Speculative BUY rating
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