Westgold is not making cash. Wayne claims to have made cash but ore stocks are down, GIC is down. The only thing that has gone up is unpaid bills to suppliers from $79M 2023 to $149M 2024 ie an increase of $69M. That is the $71M cash flow. That is in spite of the gold price being through the roof. The drop in the AISC appears to be capital that should have been spent in the past being classified as growth capital.
These are mature mines that are getting deeper. One Big Bang through a fall of ground at any of the mines, though most likely at Big Bell, will be the shorter Big Payday. The lack of discussion about geotech at Big Bell is remarkable, The shift from sublevel cave to LHOS suggests not all is well. Big Bell was already just shy of 3000/oz AISC/oz in the feasibility report and LHOS will make this higher.
The financial metrics, like the company reports, don't tell the full story, or so the shorters may think?
Why is this so highly shorted atm?, page-16
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| No. | Vol. | Price($) |
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|---|---|---|
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