FY25 guidance highlighted a growth in production to 400-420koz (as expected) and stable AISC of A$2,000-2,300/oz, with the latter lower than we had expected. Production will be second half weighted. Capex guidance was higher than previously forecast but FY25 is expected to be peak spend. Exploration spend of A$50m has also been accelerated, particularly at the promising Fletcher Zone. There 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. 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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