WGX produced 52.8koz in the 4QFY24, within 1% of our forecasts. Production for the full-year of 227.2koz was towards the top end of guidance of 220-230koz. Cash, bullion and investments grew to A$263m, marginally below our A$266m forecast. The final dividend of 1.25 cents was higher than our 1.00 cent forecast. WGX has released some impressive results from the drilling program at South Junction. Several high-grade lodes have been identified through drilling that are not incorporated in the current Bluebird resource. WGX expects to complete the current program in the near-term, with an updated resource for Bluebird-South Junction scheduled to be released in the 1QFY25. Mining at South Junction is forecast to commence in the 2QFY25 and WGX believes there is upside to the current 500ktpa mining rate at Bluebird as South Junction comes online. We are on research restrictions on WGX.
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