It was a suggested target by some posters after the last poor quarterly came out. The company has been bleeding money for for some years, doing CRs and selling assets. Cookie has failed to deliver a sensible ramp up (like I said earlier why start up the Fortnum mill with so many other areas already bleeding money - shows incompetence IMO).
Shorters acting confidently with this company, possibly because there is one or more large holders wanting out or they know something. It will be interesting to see if there is a recovery in the share price after the GDXJ rebalance.
RSG fell back from a high of $2.30 to $0.92 cents not so long ago because their operations are undergoing major transitions and spending heaps over years on this - so perhaps WGX can head to around $1.00, or even under $1.00 given that their mooted turnaround is 15 months away. RSG is supposed to become a lower cost goldie and the markets did not care, while WGX will only ever be a mid to higher cost operator if all goes well.
I dunno - perhaps I am just being negative because the goldie market is so bad. Buy some more shares if you like the story - it could be the making of your fortune. Low today was $1.105. $1.00 is less than 10% from there.
loki (the market giveth and the market taketh away - the eternal Golden Gods sport with us until Doomsday.)
WGX Price at posting:
$1.13 Sentiment: None Disclosure: Not Held
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