WGX has indicated that significant rainfall events have impacted operations both at Murchison and Bryah. Outages to the crushers at Tuckabianna and Fortnum have been resolved, however, WGX now expects production for FY24 to be at the bottom end of guidance and AISC at the upper end. We note that our forecasts were already at the bottom end for production and slightly above the upper end for AISC. WGX offers strong leverage to gold prices, and we are reiterating our BUY rating on the stock, lifting our price target 4% to A$2.80 to reflect the stronger gold spot price.
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