M&A and exploration success has driven a 69% increase in group reserves which underpin the material lift in production guidance YoY and the continued growth to 500kozpa forecast for FY26 onward. There also remains material upside at Fletcher zone, with the accelerated drilling programme a key catalyst as WGX has provided an exploration target of 23-27Mt @ 2.1-2.5g/t Au for 1.6-2.1Moz. FY25 guidance is a positive, which highlights production growth at stable costs. We are reiterating our BUY rating on WGX and maintain our ASX and TSX price targets of A$4.00 and C$3.60.
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