# WGX - Westgold Resources



## exgeo (11 January 2007)

WGR's main project is the 100% owned Rover project in the NT, located about 100km west of Tennant Creek and 100km from the railway line and gas pipeline. Explorer 108 is a Pb-Zn-Ag occurrence and Rover 1 & Explorer 142 are IOCG (Iron Oxide Copper-Gold, a la Prominent Hill, Olympic Dam) targets within this project. Field access to Explorer 1 awaits the outcome of negotiations with the Central Land Council.

Mineralisation is covered by 1-200m of younger cover sediments, beneath an unconformity surface. Downhole geophysics is planned for 2007 as is the follow-up of geophysical (gravity) targets. WGR are planning to spin out their WA gold, uranium & nickel assets into a new listed company. Drilling is expected to recommence around 20th Jan 07, depending on the wet season.

*Explorer 108*
Here is a sample of the latest drilling results from explorer 108 (DD hole NR108D006. For comparison, CBH are currently mining a grade of 6.8%Zn, 4.1%Pb and 51g/t Ag):

51m at 4.7% Zn + Pb and 38g/t Ag from 243m
          (including: 5m at 10.7% Zn + Pb and 121g/t Ag from 248m)
6m at 10.2% Zn + Pb and 30g/t Ag from 272m
59m at 2.8% Zn + Pb and 11g/t Ag from 349m
3m at 11.8% Zn + Pb, 15g/t Ag and 1.0 g/t Au from 422m
3m at 21.5% Zn + Pb, 68g/t Ag and 3.6g/t Au from 450m

Strike length disovered so far is 250m and is open in both directions. Thickness of the mineralised dolomite is 150-200m.

*Explorer 142*
Results confirm ironstone copper potential, intersections included:

NR142D-001 20m at 3.1% Cu and 0.24g/t Au
NR142D-002 5m at 1.1% Cu and 0.10g/t Au

*Rover 1*
Drillhole intersections start from 400m below ground surface. The zone 1-400m below ground surface has been untested by drilling so far. Last drilling was in 1980.

34m @ 5.4g/t Au, 1.4% Cu
20m @ 5.2g/t Au, 1.7% Cu
7m @ 10.5g/t Au, 0.11% Cu


*Corporate structure.*
107m shares * 35c = 37m market cap. MLX (Metals X, formed from the merger of MTX & BTX) owns 19.6% of the shares. MLX is controlled by Peter Cook & Peter Newton. See my posting on MLX for more details. Perhaps they are planning a merger to form a mini mining-house (Nickel, Tin, Cu-Pb-Zn, Gold) or a takeover at some point. They also have a history of trading in blocks of stock in other companies if they think they can make a quick buck.

*Law suit*
"In September 2000, the Company issued proceedings against St Barbara Mines Limited (SBM) and Mr Ron Woss, a former director of St Barbara Mines, for an amount of approximately $7.6 million. The matter is listed for trial in the Supreme Court of Western Australia from 6th to 17th November 2006 inclusive". 

(Note: no news on a verdict at the time of writing - exgeo).


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## exgeo (16 January 2007)

More excellent results today. 

"Results confirm a second high grade target in major shear zone adjacent to the known dolomite breccia hosted mineralisation. Mineralisation still remains open in all directions. Drilling to delineate the overall size of the system is planned to recommence in late January 2007".

NR108D-007 intersected high grade Zn Pb & Ag in brecciated dolomite with significant Au and Cu credits. Significant intercepts include: 

33m @ 7.3% Zn + Pb, 20g/t Ag, 0.56g/t Au and 0.16% Cu from 302m 
(including 
16m @ 12.5% Zn + Pb, 34g/t Ag, 0.84g/t Au and 0.32% Cu from 311m)
and
23m @ 5.0% Zn + Pb, 10g/t Ag, 0.22g/t Au and 0.05% Cu from 384m
(including  
2m @ 29.4% Zn + Pb, 57g/t Ag, 1.59g/t Au and 0.26% Cu from 391m)
and
2m @ 15.8% Zn + Pb, 29g/t Ag, 0.42g/t Au and 0.13% Cu from 430m


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## exgeo (14 February 2007)

Late yesterday WGR announced they had settled a lawsuit with SBM for $0.7m. This should be handy for them, put into the context of their recently having raised $2.5m. A useful sum for a small company. A seperate action against Mr Ron Woss relating to the same matter (former SBM director) remains outstanding.


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## exgeo (19 February 2007)

Another $2.15m in the kitty after settling with Ron Woss, a former SBM director. $2.85m in total to settle both actions. $5m that they now have should buy a lot of metres of drilling.


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## exgeo (20 February 2007)

*Explorer 142*
Results from a deep diamond hole (NR142D-003) to test for down-dip depth extensions to the Explorer 142 mineralisation. Best result was 1m @ 1.36% Cu and 0.23 g/t Au from 492m which is a bit disappointing IMHO. However, WGR believe that the main section of the mineralisation might have been missed by the hole and plan to do downhole geophysics to test this theory.

*Explorer 108*
Diamond drilling has recommenced to close off the mineralisation, "which is not currently constrained by drilling."


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## exgeo (24 May 2007)

Metals X has purchased on-market another 1M shares at 38c. Post capital raising, they now hold 19.5% of WGR


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## noirua (26 February 2008)

Westgold Resources, "A New Generation of Gold-Copper and Base Metal Discoveries" - Mr Andrew Beckwith, MD on BRR radio:  http://www.brr.com.au/event/41138
http://www.westgold.com.au


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## Peanut (10 September 2009)

Interesting announcement post close today - 7m AU intersection @ 185g/t, amongst other pretty reasonable AU/CU intersections

Will be an interesting one to watch tomorrow..


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## explod (10 September 2009)

Peanut said:


> Interesting announcement post close today - 7m AU intersection @ 185g/t, amongst other pretty reasonable AU/CU intersections
> 
> Will be an interesting one to watch tomorrow..




They got an ASX speeding ticket on the 28th.

The announcement after trade tonight sounds a bit like Lasseters reef (the legend, my Father had me believe that for many years, it made a young fella just want to get out there and find it)  Market will probably go mad on it tomorrow but will be intersting to see when the dust settles on a proper analysis of the sampling and more defined drilling.  Would have been good to have known about a few days ago, someone did from the 19th August.


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## Sean K (11 September 2009)

explod said:


> They got an ASX speeding ticket on the 28th.



And their response:

"The Company is not aware of any specific information concerning it that has not been announced previously which could explain the recent increase in the Company’s securities and trading volume."

No, we know nothing. NOTHING!



5 days later, bonanza results out.

At least they went into a halt for this one. 

I hate leaky ships. Seems they are sailing a sieve.


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## explod (11 September 2009)

Barrry Fitzgerald onto it in the Age in Vic today, unusually, he sounds a bit excited as well.   Will be intersting to see the open this morning

a jump of 8% on the preopen already

This gold fever is one to watch as things keep going a bit stronger.  Care needs to be taken not to get too sucked in.   There will be good opportunities but measure the real values.  Will post something on this on gold thread later.


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## exgeo (11 September 2009)

I'm annoyed too. Sold mine after the "nothing to report" reply to the speeding ticket. Was expecting them to fall back after that. Doh!


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## Gillie (11 September 2009)

Looks like the volume and traders falling back now. This might look interesting over the next few days.


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## swm79 (11 September 2009)

kennas said:


> And their response:
> 
> "The Company is not aware of any specific information concerning it that has not been announced previously which could explain the recent increase in the Company’s securities and trading volume."
> 
> ...




kenna the funniest example of that is IRESS - rumours that the ASX will take them... share price has been skyrocketing but where's the speeding ticket??? what are they gonna say?


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## burglar (26 November 2010)

16 November 2010
More Bonanza grades
http://www.asx.com.au/asxpdf/20101116/pdf/31tx47px1fnzj0.pdf

R1ARD41-1 is a hole started by ADN Adelaide Resources on their side of the boundary. (By reciprical agreement each company has used the other company's holes, and extended drilling into their own tenement.)

In this thread, I didn't see mention of the fact that the Rover 1 deposit straddles the tenement boundary.

ADN Adelaide Resources is currently in trading halt!


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## mr. jeff (20 January 2012)

Thought this stock worth mentioning; they have more than 3 Moz JORC in 2 deposits, one of which average grade is 5.5 gpt. Production plans to come, but looking at 200kOz/annum to commence 2014. Expect their resources to grow before production, but potentially another gold producer which will fill the CAH type gap (ie. mid tier Australian). 

Not much in the way of price action, but the makings of a strong company are there and recent research by Fosters places a 40c price target on them. Of course this counts for little but gives an idea of the upside available.





Would be looking for a run up to initial 25c mark, then perhaps a slight retraction before pushing through to head for 30c and possibly 40c if gold gets moving again, however it seems that producers are more in favour and this may mean that WGR, GOR and ABU may not be the great picks that they could be, for a while, but it seems that at this stage, potentially with PVM and ERM, this may be where the next crop of small-medium producers is to come from....all with decent grades and great potential.

Good luck.
Any comment welcomed.


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## springhill (6 August 2012)

MC - $54m
SP - 13c
Shares - 416m
Options - NQ
Cash - $3.7m

*JUNE QUARTER HIGHLIGHTS*
SCHEME OF ARRANGEMENT
•On 14th May 2012, Westgold announced a Scheme of Arrangement for the Company to merge with its largest shareholder, Metals X Limited.
•An Independent Expert’s Report, including a valuation and a technical review of Westgold’s and Metals X’s assets, was completed for the Scheme Booklet relating to the proposed merger. Documentation was lodged with ASIC on the 17th July 2012 for consideration prior to the first court hearing.

CENTRAL MURCHISON GOLD PROJECT (CMGP)
•The Definitive Feasibility Study (DFS) is advancing well. Initial results have been positive, demonstrating a case to broaden the scope to consider increased plant throughput to 1.5Mtpa, and the opportunity to extend the initial mine life beyond the current eight years from the Big Bell and Great Fingall underground mines.
•Clearing Permits have been submitted for all proposed mining activities.
•Acquisition of the remainder of the Great Fingall Deeps JV has been finalised, providing Westgold with 100% ownership of the Mineral Resource and Probable Reserves at the historic Great Fingall mine.
•The review of previous drilling around historic stoping at Great Fingall demonstrates the potential to add underground resources. An initial review has highlighted 6m @ 4.12 g/t (including 1.9m @ 7.1 g/t Au) adjacent to stoping voids 100m below the base of the current pit.

ROVER PROJECT
•The Rover 1 Mine Management Plan was submitted in April to the relevant Northern Territory regulatory authorities. It was subsequently determined that the project does not require review under the Environmental Assessment Act, however the Department of Resources has requested additional information relating to the plan which has extended the approvals process. Westgold is currently working to provide the additional information required.
•Drilling - two holes were completed on a new target adjacent to Rover 1 defined by a geophysics (IP – Induced Polarisation) survey conducted in March.

CORPORATE
•Westgold had an estimated cash balance of $7.1 million at 30 June 2012, including $3.4 million of cash-backed environmental performance bonds.


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## Boggo (18 April 2019)

Been a while since this had an update. I did notice it getting a mention in a few areas outside of this thread.
A few charts from yesterdays data (17th), bear in mind this is midweek on a weekly system.

(click to expand)


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## tech/a (22 April 2019)

Like this for a continuation Boggo

Question--Are you still using your Elliot wave software?


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## Boggo (22 April 2019)

tech/a said:


> ....
> 
> Question--Are you still using your Elliot wave software?




Not as much as I used to now that Amibroker has become the primary software.
I still use it to reduce the number of potential candidates by seeing where a stock price may be in a pattern or where a target area or turning point might be.

I can’t post an example just now as I’m on an iPad in Brisbane til Wednesday morning but I’m sure you know what I mean.


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## travwj (3 November 2019)

Haven't really followed WGX for a while, but has been on a up trend from the start of the year and looking like it will test resistance at $2.57, and potentially new highs. It will be interesting to see how this goes. I don't hold any of this stock.

Trav


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## travwj (30 November 2019)

Having a look from my post above WGX tested resistance at $2.50ish and failed to push through. It is back down at $2.00 and appears to be holding up as support, but is being tested.
Do not hold any WGX


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## Trav. (23 February 2020)

- WGX up 7.1 % on Friday 21/2 to close $2.40, setting up opportunity for run at ATH $ 2.64
- also new hedging structure announced 18/2






Chart showing some significant areas signs of positive trend returning


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## debtfree (23 February 2020)

It does look promising @Trav. I was looking through some weekly charts for Peter's Bullish bars in a up trend. I've added a weekly view, I hope you don't mind.


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## Trav. (23 February 2020)

@debtfree all good mate, more the merrier as sometimes i swear that i can hear an echo in this place.

I tend to focus on daily charts so always good to take a step back and look at the bigger picture .


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## Trav. (24 February 2020)

Half yearly Reporting....some good news for WGX but that AISC across the 3 operations is high


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## Boggo (19 October 2020)

Hasn't been much on this lately. This weekly EW pattern has got my attention.
(Disc - I do hold).

(click to expand)


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## Dona Ferentes (15 December 2020)

*Underground worker dies after incident at Westgold Resources Limited's Big Bell mine*









						Underground worker dies after incident at WA gold mine
					

The worker was airlifted to Perth with critical injuries but died in hospital. Westgold Resources Limited says a full investigation is underway.




					www.abc.net.au


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## Trav. (2 January 2021)

WGX has popped up on my scan again, and I have not entered for the second week in a row. Why - well I have exposure to gold in other companies and maybe I should move over here instead ?

Daily below






And who can argue with the following slide - *All arrows pointing up!*  🚀


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## finicky (23 February 2021)

Something turned me off Westgold when I looked at it once but can't remember what. Never considered it since for a buy. This H1 report looks quite appealing - on the surface anyway.


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## peter2 (28 February 2021)

chips88 said:


> Hi @peter2
> 
> I would love to know the reasoning behind the entry in WGX this week.




Westgold and I have some recent history. I've lost money in the last year trading *WGX* shares. I've noticed that the price swings wildly and can be volatile. Time it right and there's a good reward possible. Time it wrong or hold on too long and the losses can get big quickly. Last time I bought a little late and held on too long. Ouch.

However I did notice that *WGX* outperforms POG when it rises. The POG started to go up last Friday and *WGX* appeared in my high volume bullish bar scan Tues pm. If the POG continues higher I knew that *WGX* would rally as well. Bought some, but only a little for the spec portfolio.

This trade looks likely to fail as the POG drifted lower Thurs and was sold off harder Friday. Gold producers need the POG to rally to provide good RR opportunities. So far, gold has not rallied strongly.





I'm much more comfortable trading the POG itself rather than gold producers. Perhaps after this loss I'll stick to that.


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## chips88 (1 March 2021)

Great thanks @peter2 for clearing that up


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## Dona Ferentes (19 June 2021)

There is a new company coming up for IPO on the WGR ticker   (went to SEARCH for WGR and got WGX)

Western Gold Resources Limited -


*Listing date*19 July 2021 #*Company contact details*https://westerngoldresources.com.au/

*Security code*WGR


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## Sean K (9 November 2021)

Significant break up from WGX. Followed the same path as all other goldies since the bottom but the rest stalled then consolidated and have yet to break through some common resistance. WGX has been the exception*. Breaking up through 2 bucks very good. 

*edit: NST also seems to be breaking up.


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## divs4ever (24 March 2022)

OPERATIONAL UPDATE
Westgold Resources Limited [Westgold or the Company] wishes to provide an update as to the impact of COVID19 on its operations due to the increasing case numbers across Western Australia.
The December Quarterly report [ASX - 27 January 2022] detailed the growing impacts that COVID-19 was having
on staff numbers and operating costs. During the March Quarter [Q3, FY22] the Company has seen many of
these factors intensify with an increase of positive COVID-19 cases within our workforce. There is a multiplier
effect due to the necessary quarantine of non-positive close contacts and this requirement has significantly
depleted shift attendance across some operating sites and has affected production.
Chief Executive Officer, Debbie Fullarton commented:
“COVID-19 cases continue to increase across Western Australia and we are experiencing a similar
trend across our operating sites.
We however continue to proactively manage the situation as the health of our workforce and the
communities we work within is paramount. All our mines remain operational, but production is
expected to be affected this quarter due to availability of front-line operating staff.
The Westgold workforce is resilient and though stretched, will continue to manage the ongoing
challenges imposed directly or indirectly by COVID-19.”
Prior to the state borders opening, Westgold extended its COVID-19 Management System to include RAT testing
of all personnel prior to departure from Perth to our regional sites and established PCR testing capability within
our operations. Additional site-based protocols such as specialist cleaning, catering restrictions and strict
recreation controls were also implemented. Isolating COVID-19 from our Murchison and Bryah communities has
been a priority for the Company with non-essential site travel curtailed and head office staff encouraged to work
from home.
Despite these controls, and in accordance with WA Government guidelines, we have recently been impacted by
new cases of COVID-19 across all sites resulting in the necessity for an increasing number of personnel requiring
isolation for 7 days within our camps. As a result, since late February the operations have lost approximately
3,860 hours related to positive test results and or precautionary isolation requirements– with most of this lost
time attributed to the past 3 weeks.
The 3,860 hours represents 320 shifts lost of front-line operational workers within a period of approximately 30
days. Resultantly, we anticipate an impact on overall production this quarter of ≈3% to 4%.

===================================================================================================

( DYOR )

i hold WGX ( courtesy of the MLX demerger ) but did add a parcel in June 2021 ( @ $1.90 )

i get a bad smell here ( and i LOVE blue-vein cheese )

please be careful


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## Telamelo (22 April 2022)

I loaded up on Goldie WGX getting "cheap as chips" down here @ $1.75 imo (remembering $100M placement to sophisticated investors done at $2.10)... trading at a significant discount to placement so minimal downside risk around current levels imho (not investment advice per say).

DYOR .. Cheers tela


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## peter2 (22 April 2022)

While there is some merit in thinking the spp price should provide some support, we should be wary that it may not. Once price trades below a recent spp price then there's going to be more supply as nervous holders get out. 

I've often relied on the support levels provided by spp's when I've been caught by the sudden news of a cap raise. I've always sold when the support fails. Clearly there's unforeseen problems that hinder the company's plans for the new capital.


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## Telamelo (22 April 2022)

peter2 said:


> While there is some merit in thinking the spp price should provide some support, we should be wary that it may not. Once price trades below a recent spp price then there's going to be more supply as nervous holders get out.
> 
> I've often relied on the support levels provided by spp's when I've been caught by the sudden news of a cap raise. I've always sold when the support fails. Clearly there's unforeseen problems that hinder the company's plans for the new capital.



Thanks @peter2 for your reply as you made some valid points that I agree with & appreciate.

I guess I threw some caution to the wind in trying to catch a falling knife so to speak (not ideal as I usually avoid trading like this but re-directed 70% profit from OGC into WGX) - how low will share price fall too? is anyone's guess as agree the technical chart doesn't bode well at the moment (my backup plan is to average down again @ $1.50 if it gets that low). 

https://www.marketindex.com.au/news/do-insto-investors-expect-a-turnaround-in-westgold 

 Cheers tela


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## divs4ever (22 April 2022)

about $1.50  would have me thinking about adding more also , but am  guessing some other second tier miners  would catch my attention also  ( RMS and RRL   for two , some chance of some extra AGG  ,  )


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## Telamelo (27 April 2022)

I


divs4ever said:


> about $1.50  would have me thinking about adding more also , but am  guessing some other second tier miners  would catch my attention also  ( RMS and RRL   for two , some chance of some extra AGG  ,  )



WGX almost got down to $1.50 (nudged $1.535 yesterday).. quarterly report out tomorrow expected to disappoint due to covid impact on WA Gold miner's so maybe a chance tomorrow to buy more below $1.50 (I need too so as to average down).

Cheers tela 

P.S. On a sidenote, added more Goldie's TUL & GOR today...


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## divs4ever (27 April 2022)

i added more TRS and  am not that far off extra KGN 

 but i strongly suspect another attempt to suppress the gold prices soon 

 that 11 cent order for ( extra ) AIS i have in  doesn't look so hopeless, currently either 

 good luck


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## greggles (14 June 2022)

WGX is one of the few companies bucking the trend today after reporting record gold production in May from the company's Bryah and Murchison operations with 25,100 oz produced.

Also interesting to note is that Morgan Stanley has ben buying WGX shares since February and is now a substantial shareholder with 25,236,516 shares (5.33% of the company) held.

Some welcome good news from WGX after its share price has effectively halved since early March. It looks like $1.165 might have been the bottom for WGX.


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## Telamelo (17 June 2022)

greggles said:


> WGX is one of the few companies bucking the trend today after reporting record gold production in May from the company's Bryah and Murchison operations with 25,100 oz produced.
> 
> Also interesting to note is that Morgan Stanley has ben buying WGX shares since February and is now a substantial shareholder with 25,236,516 shares (5.33% of the company) held.
> 
> Some welcome good news from WGX after its share price has effectively halved since early March. It looks like $1.165 might have been the bottom for WGX.



WGX going well today @ $1.305 +5.67%

Glad/fortunate to have bought back in on recent low's as starting to really shape up/gain upward momentum imo


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## Telamelo (24 June 2022)

Nice bounce again today @ $1.275 +5.37%
(seems like there's strong underlying support between $1.16-$1.20 levels imo)


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## divs4ever (27 June 2022)

1,000th GOLD BAR
POURED AT FORTNUM
Westgold Resources Limited (Westgold or the Company) is pleased to announce a major production milestone
at its Fortnum Gold Project. On Sunday 26th June 2022, the Fortnum team poured ARAG1000G – the 1000th bar
produced since Westgold recommissioned the project in May 2017.
Ounces produced project to date since plant refurbishment and wet commissioning in May 2017 to 26th June
2022 (unreconciled) is approximately 287,559 oz.

Managing Director, Wayne Bramwell said
“1000 bars poured is a significant achievement. We acknowledge all the Fortnum team, past and
present who have set the project on the path to this milestone and look forward to this small but
dynamic team kicking more goals in the future.”


======================================================================

( DYOR )

i hold WGX

 that should cheer up @Telamelo


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## Telamelo (27 June 2022)

divs4ever said:


> 1,000th GOLD BAR
> POURED AT FORTNUM
> Westgold Resources Limited (Westgold or the Company) is pleased to announce a major production milestone
> at its Fortnum Gold Project. On Sunday 26th June 2022, the Fortnum team poured ARAG1000G – the 1000th bar
> ...



Well it's given me a "smile on my dial" as I enjoy my cappuccino this morning  

Having said that, WGX owes us shareholders some gold bar's! lol


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## divs4ever (27 June 2022)

ended up with some ( extra ) EVN at open instead


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## Telamelo (1 July 2022)

Nice little bounce in WGX @ $1.245 +5.06%


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## divs4ever (5 July 2022)

WESTGOLD DELIVERS RECORD FULL YEAR PRODUCTION GUIDANCE
AND QUARTERLY RESULT
Westgold Resources Limited (ASX: WGX) is pleased to advise that the Company has delivered itsfull financial year
(FY22) production guidance1 of 270,878 oz.
Highlights
 Record Group production of 270,878 oz for the full year meets FY22 guidance
 Record Group production of 72,591 oz for Q4, FY22
 Record quarter production from the Cue Gold Operations of 24,797 oz for Q4, FY22
 Full year costs to be reported in quarterly results once final reconciliations completed and expected to be
within +/-5% of full year guidance
Managing Director Wayne Bramwell commented:
“Westgold has delivered three solid quarters and a cracking Q4 production result that has seen the
company achieve its FY22 production guidance.
Our team has met every challenge that FY22 has thrown at them, and this result is testament to their
resilience and ability to find a way to succeed. In FY23 the focus will be on simplifying our business to
enhance profitability and Westgold starts FY23 with renewed focus, continued commitment to safety and
confidence in our future. “
THIS ANNOUNCEMENT IS AUTHORISED FOR RELEASE TO THE ASX BY THE DIRECTORS.


======================================================================

( DYOR )

i hold WGX


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## Telamelo (5 July 2022)

divs4ever said:


> WESTGOLD DELIVERS RECORD FULL YEAR PRODUCTION GUIDANCE
> AND QUARTERLY RESULT
> Westgold Resources Limited (ASX: WGX) is pleased to advise that the Company has delivered itsfull financial year
> (FY22) production guidance1 of 270,878 oz.
> ...



Thanks @divs4ever .. I'm happy to continue accumulating below $1.20 
(if possible)


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## divs4ever (5 July 2022)

am still tilting ( slightly ) towards other producers i hold 

 enjoy my share 

cheers


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## Garpal Gumnut (5 July 2022)

divs4ever said:


> am still tilting ( slightly ) towards other producers i hold
> 
> enjoy my share
> 
> cheers



I believe you will be found to have been more prescient than the analysts aka analists who are paid by some poor subscribers for this kind of advice. 

Taken from consensus recommendations at Commsec for WGX







So they've gone from a hold to a strong buy after an announcement and commentary in the popular press over the weekend. 

I must admit the total traded thus far this morning would be hard put to buy one a Macmansion in Borroloola. 

I'd be waiting, then I may be wrong. 

I'll read it in the popular press. 

gg


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## Telamelo (5 July 2022)

WGX finished the day @ $1.29 +5.74% 









						Westgold Resources (ASX:WGX) delivers on production guidance
					

Westgold Resources (ASX:WGX) has reported record quarterly and financial year gold production from its operations.




					themarketherald.com.au


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## Telamelo (11 July 2022)




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## Telamelo (12 July 2022)

Telamelo said:


> View attachment 143952



How ridiculously cheap is WGX becoming trading around 52 week low's here !?!? Opportunity of a lifetime beckons topping up imo as sooner or later Gold will go for a big run much higher...


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## The Triangle (13 July 2022)

Telamelo said:


> How ridiculously cheap is WGX becoming trading around 52 week low's here !?!? Opportunity of a lifetime beckons topping up imo as sooner or later Gold will go for a big run much higher...



Negative 50 million in cashflow last half.  Costs have only gone up and gold price gone down since then.   

Cheap for a reason.


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## rcw1 (26 August 2022)

Good afternoon,
WGX 17.6% hit today after reporting FY22 results.  52 week SP low



			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02558827-07NER8NDE29JJ3M5TQL3NAN1SP/pdf?access_token=00075UWJacwry9debQ1FCMiiE5ZV
		


No final dividend was declared;  EBITDA decreased by 17% to $209.2 million
Net loss after tax of $111.1 million, reversing FY21’s profit of $76.8 million
Non-cash impairment charge of $175 million, relates to the Big Bell, South Emu Triton, Starlight, and Open Pits mines.

Higher costs, particularly diesel and supply chain issues.

FY23 guidance shouldn't realise any issues 

Not holding.  Do hold regularly though.  

Kind regards
rcw1


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## Sean K (26 August 2022)

rcw1 said:


> Good afternoon,
> WGX 17.6% hit today after reporting FY22 results.  52 week SP low
> 
> 
> ...




I re-watched their D&D presentation earlier today, which was very positive, with no signs of bad news. I'll watch again to make sure I didn't miss something.


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## rcw1 (26 August 2022)

Sean K said:


> I re-watched their D&D presentation earlier today, which was very positive, with no signs of bad news. I'll watch again to make sure I didn't miss something.



Good evening Sean K, funny you should say that, as read through a couple of times too to help explain what happened today with the SP.  
Anyways, rcw1 doesn't have too much to be concerned about with WGX.  Will look to pick up on Monday once the dust settles perhaps. 

Kind regards
rcw1


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## The Triangle (14 September 2022)

rcw1 said:


> Good evening Sean K, funny you should say that, as read through a couple of times too to help explain what happened today with the SP.
> Anyways, rcw1 doesn't have too much to be concerned about with WGX.  Will look to pick up on Monday once the dust settles perhaps.
> 
> Kind regards
> rcw1



Below is data purely from the cashflow statements of the annual reports for westgold.   Probably took me less than 10 minutes to type up.  I stripped out capital raisings and debt and the original metalsx demerger.   If WGX didn't have continual capital raisings to hold their head above water the company would likely be long gone by now.

From my basic analysis I see a company which doesn't do a very good job at printing cash...  You should be asking yourself as a shareholder - at what point does the payoff come?   When does all the invested capital pay back?  6 years is a very long time to wait for a return.  Certainly, no feasibility would be greenlit if it had a 6-year payback period.   When these clowns talk about a $175 to $200 million "non-cash" impairment it's a complete load of bollocks and corporate doublespeak.  It _*was *_cash several years ago before it was spent then written off.  

Diggers and dealers is a pep rally for tired old white men and substandard investments.  It's not surprising we don't learn very much from the presentations!


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## rcw1 (29 September 2022)

The Triangle said:


> Below is data purely from the cashflow statements of the annual reports for westgold.   Probably took me less than 10 minutes to type up.  I stripped out capital raisings and debt and the original metalsx demerger.   If WGX didn't have continual capital raisings to hold their head above water the company would likely be long gone by now.
> 
> From my basic analysis I see a company which doesn't do a very good job at printing cash...  You should be asking yourself as a shareholder - at what point does the payoff come?   When does all the invested capital pay back?  6 years is a very long time to wait for a return.  Certainly, no feasibility would be greenlit if it had a 6-year payback period.   When these clowns talk about a $175 to $200 million "non-cash" impairment it's a complete load of bollocks and corporate doublespeak.  It _*was *_cash several years ago before it was spent then written off.
> 
> ...



Good afternoon 
Picked up today on the rise.  Numbers looking okay at the minute. 
Have a very nice day.

Kind regards 
rcw1


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## rcw1 (30 September 2022)

rcw1 said:


> Good afternoon
> Picked up today on the rise.  Numbers looking okay at the minute.
> Have a very nice day.
> 
> ...



Good afternoon
Sold 3/4 of holding for a nice profit.

Have a very nice week end.

Kind regards
rcw1


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## rcw1 (6 October 2022)

rcw1 said:


> Good afternoon
> Sold 3/4 of holding for a nice profit.
> 
> Have a very nice week end.
> ...



Good afternoon
Sold the other 1/4 of holding... for a better profit on this occasion.

Have a very nice day, today.

Kind regards
rcw1


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## The Triangle (29 October 2022)

Unless I'm missing something here, Westgold had AISC reported as $2106/oz, finished the quarter with $159 million.  (Page 1 quarterly report) yet started the quarter with $182 million (page 50 annual report). 

More capital spent for a company which just wrote off nearly $200 million only a few months ago and also paused mining (probably smart idea) at 3 marginal operations 

WGX should be in a reasonably safe space as far as cash goes but does their valuation hold up?  What is a fair valuation?  I repeat myself often on ASF that I am scared off by miners who have never ending capital outflows.


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## divs4ever (29 October 2022)

The Triangle said:


> I repeat myself often on ASF that I am scared off by miners who have never ending capital outflows.



 that seems like a rational concern to me , and although i hold WGX  that concern should not be limited exclusively to WGX

 i am not actually 'scared off' but do look carefully for perhaps better places to invest that reserve capital


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## rcw1 (20 December 2022)

Good afternoon
Been watching WGX patiently today.  Nice announcement.  Santa came early.  Always good of companies to let people know shareholders or otherwise as how things are tracking with their guidance commitments.    Of note:

_Production tracking to the top end of volume guidance for H1, FY23 (120,000 – 130,000oz) and the lower end of cost guidance (AISC of A$1,900 – 2,100 per oz);_
_≈16% reduction in total Group expenditure since the peak in March 2022; and_
_≈14% reduction in Group diesel consumption_
SP 10.2% gain.

Not holding.

Have a safe and happy Christmas and prosperous new year.


Kind regards
rcw1


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