WGX’s presentation at Diggers and Dealers by Managing Director Wayne Bramwell had a notable focus on the exploration potential at Beta Hunt. The Fletcher Discovery, within the Beta Hunt production centre, has the potential to lift production above the targeted 2.0Mtpa mining rates, but requires a significant drilling program to confirm the continuity of the Fletcher Zone. We note that WGX’s key assets, the Murchison and Beta Hunt production centres, account for ~80% of group production. WGX is trading on free cash flow yields of 13-17% for FY25 and FY26, rising to ~25% for FY26 and beyond at spot prices. Maintain BUY rating and our A$4.30 price target.
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