WGX has more than doubled the reserve for the Bluebird-South Junction deposit. The upgraded reserve improves clarity over the production outlook for the Murchison operations, with Bluebird-South Junction expected to account for over 40% of gold produced over the next 5-7 years at the Murchison Operations. We note that the average grade of the reserve was slightly lower than we had assumed in our mining inventory, and we have lowered our grade assumption to match the new reserve. The deposit remains open in all directions, and we see scope for further upgrades over time. We have updated our forecasts for WGX to incorporate the new reserve and moving to a two operating centre model of Murchison and Southern Goldfields. The changes drive 5-6% reductions in our group gold production forecasts and 6-7% cuts to earnings over the FY26-FY30 period. The reduced earnings outlook has been offset by a stronger gold price, with our ASX and TSX price targets unchanged at A$4.60 and C$4.20, respectively and we reiterate our BUY rating on WGX.
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