WGX has released some impressive results from drilling at Beta Hunt. Results from the Fletcher Zone returned intersections including 41m @ 8.0g/t. Drilling is ongoing with five rigs to deliver a maiden resource estimate that is expected to be released in June 2025. A maiden drill program is set to commence at the Mason Zone, which WGX now interprets as an extension of the Fletcher Zone. We already incorporate a larger mining inventory for Beta Hunt into our base case, which extracts ~50% of the Western Flanks resource, with the Fletcher Zone presenting upside to our base case. Delivering into its FY25 production guidance range, which implies strong production growth in the 4QFY25, presents a key catalyst for WGX and we reiterate our BUY rating. A major upgrade to the Beta Hunt resource should also provide a positive catalyst in the 4QFY25.
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