Good afternoon
Picked up today on the rise. Numbers looking okay at the minute.
Have a very nice day.
Kind regards
rcw1
WGX - Westgold Resources
- Thread starter exgeo
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Picked up today on the rise. Numbers looking okay at the minute.
Have a very nice day.
Kind regards
rcw1
Good afternoon
Sold 3/4 of holding for a nice profit.
Have a very nice week end.
Kind regards
rcw1
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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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.
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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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
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:
Not holding.
Have a safe and happy Christmas and prosperous new year.
Kind regards
rcw1
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
Not holding.
Have a safe and happy Christmas and prosperous new year.
Kind regards
rcw1
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For now, WGX have stopped bleeding cash - so good for them, credit where credit is due. AISC has dropped slightly to $2,089/oz and cash balances have not changed from last quarter at still sit at $159 million. However, let's not pass judgement until the half yearly report shows us accounts payable.
I work on a back of the envelope $400/oz margin over AISC as being required to be cashflow even. I'm still surprised there is this much 'value' assigned to a company that appears to just be breaking even? Especially when we are sitting on all time high gold prices.
Pop quiz for everyone: $24 million in operating cashflow - $18 million in capital = $6 million. Cash balances did not change, where did that $6 million go?
3 gold miners thus far I've looked at. Not one has improved their cash balance.
I work on a back of the envelope $400/oz margin over AISC as being required to be cashflow even. I'm still surprised there is this much 'value' assigned to a company that appears to just be breaking even? Especially when we are sitting on all time high gold prices.
Pop quiz for everyone: $24 million in operating cashflow - $18 million in capital = $6 million. Cash balances did not change, where did that $6 million go?
3 gold miners thus far I've looked at. Not one has improved their cash balance.
arco
action-reaction
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From a charting perspective Westgold looks bearish in the short term IMO, but there could soon be an opportunity arising for the nimble footed to take a short term trade north.
Not holding.
Not holding.
Dona Ferentes
A little bit OC⚡DC
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Westgold Resources says it is not going to outbid rival Ramelius Resources takeover offer for Musgrave Minerals.
It comes as Ramelius launched an offer for Musgrave at 34¢ a share on Monday 03 July.
It comes as Ramelius launched an offer for Musgrave at 34¢ a share on Monday 03 July.
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i hold both WGX and RMS unless MGV shareholders chart a different path i guess i am getting exposure whether i like it or not )
Good morning
It has been reported today (05/07/23) Westgold Resources has met its FY23 production guidance with a haul of 257,116 ounces of gold.
The miner had forecast production to come in between 240,000 ounces and 260,000 ounces. Record delivery at its Bluebird mill at Meekatharra in the fourth quarter helped the result. All in sustaining cost is expected to be mid-range of its guidance of $1900– $2100 per ounce.
FY23 closing cash, bullion and liquid assets increased to $192m, slightly better than FY22's closing position of $190m.
Have a very nice day, today.
Kind regards
rcw1
It has been reported today (05/07/23) Westgold Resources has met its FY23 production guidance with a haul of 257,116 ounces of gold.
The miner had forecast production to come in between 240,000 ounces and 260,000 ounces. Record delivery at its Bluebird mill at Meekatharra in the fourth quarter helped the result. All in sustaining cost is expected to be mid-range of its guidance of $1900– $2100 per ounce.
FY23 closing cash, bullion and liquid assets increased to $192m, slightly better than FY22's closing position of $190m.
Have a very nice day, today.
Kind regards
rcw1
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With WGX's recent ups and downs, I was looking for any past threads on it. Surprisingly, none since July 23!!
Following today's production result, the stock crashed and never recovered. It will probably be worse tomorrow unless the overnight gold price goes up.
I guess the stock had already been jacked up in anticipation of a good production result. But even if the cash position was good, the market punked it. Past trades are given below. Probably after being oversold, Thursday the price will consolidate to a realistic value.
Gold gurus - your comment /narrative please
Following today's production result, the stock crashed and never recovered. It will probably be worse tomorrow unless the overnight gold price goes up.
I guess the stock had already been jacked up in anticipation of a good production result. But even if the cash position was good, the market punked it. Past trades are given below. Probably after being oversold, Thursday the price will consolidate to a realistic value.
Gold gurus - your comment /narrative please
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Merger to Create +400 kozpa1 Australian Gold Miner Fully leveraged to the gold price
The Mineral Resource and Reserve estimates relating to Karora contained in this announcement have been prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") standards and have not been reported in accordance with the 2012 Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code").
Refer to Karora's website at https://www.karoraresources.com/ or under Karora's profile on SEDAR+ at www.sedarplus.com for information in relation to the Mineral Resource and Reserve estimates prepared by Karora.
A competent person has not done sufficient work to classify the Mineral Resources in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a Mineral Resource or Ore Reserve in accordance with the JORC Code.
Please refer to further disclosure required by the ASX Listing Rules together with a more detailed resource table at the conclusion of this announcement.
Transaction Highlights:
■ Westgold Resources Limited (ASX: WGX, OTCQX: WGXRF – “Westgold”) and Karora Resources Inc. (TSX: KRR, OTCQX: KRRGF – “Karora”) have agreed to combine in a merger pursuant to which Westgold will acquire 100% of the issued and outstanding common shares of Karora (“Karora Shares”) by way of a statutory plan of arrangement under the Canada Business Corporations Act (“CBCA”) (“Transaction”). ■ Karora shareholders will receive 2.524 Westgold fully paid ordinary shares ("Westgold Shares"), A$0.68 (C$0.612 ) in cash and 0.30 of a share in a new company to be de-merged from Karora (“SpinCo”) for each Karora share held at the closing of the Transaction (“Offer Consideration”).
The Offer Consideration represents approximately A$6.60 (C$5.902 ) per Karora share based on Westgold’s closing share price on the ASX of A$2.28 on 5 April 2024.
■ SpinCo’s assets will comprise Karora’s existing 22.1% interest in Kali Metals Limited (ASX:KM1) (“Kali”), a 1% lithium royalty on certain mining interests held by Kali, the right to receive a deferred consideration payment due to Karora relating to the on-sale of the Dumont asset and A$6 million (C$5 million2 ) in cash. SpinCo will be owned 100% by existing Karora shareholders.
■ The Offer Consideration represents a 10.1% premium to Karora’s closing share price on the Toronto Stock Exchange (“TSX”) of A$5.995 (C$5.3602 ) on 5 April 2024 and a 18.9% premium to Karora’s 20-day volume weighed average price (“VWAP”) on the TSX of A$5.552 (C$4.9642 ) up to and including 5 April 2024.
■ Upon completion of the Transaction, Westgold shareholders will own 50.1% of the combined company (Westgold after completion of the Transaction referred to as “Enlarged Westgold”) and former Karora shareholders will own 49.9%. 3
■ Enlarged Westgold will have a market capitalisation of approximately A$2.2 billion4 (C$1.9 billion2 ).
■ Enlarged Westgold will have a portfolio of assets capable of producing +400kozpa5 from an exclusively Western Australian asset base, a clear pipeline of growth projects and highquality exploration targets supported by financial resources of circa A$160 million (C$143 million2 ) (subject to requisite consents).
■ The Enlarged Westgold intends to apply for quotation of its Westgold Shares on the TSX on completion of the Transaction.
■ The Transaction has been unanimously approved by the boards of directors of Westgold and Karora, and Karora’s board of directors has recommended that their shareholders vote in favour of the Transaction.
■ Directors and members of senior managementof Karora holding 1.2% of the outstanding Karora Shares have entered into voting support agreements to vote their Karora Shares in favour of the Transaction at the meeting of shareholders to be called by Karora to approve the Transaction (“VSAs”). In addition, key institutional shareholders with a combined shareholding of approximately 9% including Eric Sprott have signed VSAs or otherwise have indicated they would support the Transaction.
■ The Transaction represents a transformational step change in growth for both Westgold and Karora shareholders:
Creates a globally investable, mid-tier gold producer operating exclusively in Western Australia with a highly complementary combination of mining and processing assets, people and balance sheet;
✓ Top 5 largest, ASX listed Australian gold producer based on the pro forma market capitalisation with combined Ore Reserves of 3.2Moz6 and Mineral Resources of 13Moz7 ;
✓ One of the largest unhedged Australian gold producers on completion of the Transaction providing investors with full exposure to the gold price8 ;
✓ Combined pipeline of advanced organic growth options and exploration targets across Karora’s Beta Hunt and Higginsville properties and Westgold’s Murchison and Bryah properties;
✓ Estimated operating synergies9 of A$209 million (C$187 million2 ) and estimated corporate savings10 of A$281 million (C$251 million2 ); ✓ Robust balance sheet with financial resources of circa A$160 million (C$143 million2 ) in cash and liquidity through Westgold’s existing corporate revolver facility (subject to requisite consents) and following full repayment of Karora’s existing A$44 million (C$39 million2 ) revolving facility to support an accelerated resource development program at the Beta Hunt Fletcher Zone and Bluebird-South Junction;
✓ Enhanced capital markets profile with increased scale, trading liquidity and quality to be attractive to both gold and generalist investors across ASX, TSX and OTCQX;
✓ Significant re-rating potential via increased scale and increased index weighting, such as the GDX and GDXJ indices; and
✓ Combined board of directors comprising experienced mining professionals with a proven track record of maximising value for shareholders. Westgold's JORC Mineral Resources and Ore Reserve estimates are provided in the report titled “Westgold Westgold Managing Director and CEO Wayne Bramwell commented: “The prize here is Beta Hunt’s gold potential. Rarely do you find a gold asset of the quality and potential of Beta Hunt hiding in a nickel belt and drilling is expected to further unlock value at this mine. This merger brings Beta Hunt together with Big Bell, the emerging Bluebird and the iconic Great Fingall mine under one Australian management team. These assets combined create the foundations of a new Australian gold mining powerhouse that is focused on free cash generation, is internationally relevant and investable and can stand head and shoulders alongside the biggest names in the Australian gold sector.
The Westgold and Karora teams have independently been structuring our businesses for growth for several years and now is the time to bring these two businesses together.
Overprint an experienced and expanded team with similar corporate journeys, strong safety and cultural alignment and a shared commitment to developing its people and we have a new business dominant across two historic, yet under-explored goldfields.
The expanded business will have several large mines, be well funded, fully leveraged to the gold price and have optionality over an enviable selection of growth opportunities.
the business will have expanded human and physical resources to extend mine lives and production scale rapidly.
Westgold welcomes the Karora team, shareholders and stakeholders to the Westgold family and looks forward to creating value across two of Western Australia’s most iconic goldfields
” Karora Chairman and CEO, Paul Huet commented: “For the last two years, Karora has watched Mr. Bramwell and the team consistently unlock material value for shareholders at Westgold.
One of the more unique aspects of this transaction is a very strong cultural fit between both companies which will serve shareholders of the enlarged company well for a very long time.
The mergeris estimated to unlock approximately A$490 million of operational, G&A and capex synergies while shareholders will become proud owners of the largest unhedged gold producer in Australia at completion of the Transaction – certainly a compelling opportunity in the current gold price environment.
The team at Karora have worked diligently to execute on our strategy to build the next +200 kozpa Australian gold producer11 .
We have delivered value to shareholders through a disciplined growth approach by investing in our cornerstone asset in Beta Hunt, which will be fully ramped up to 2 Mtpa12 later this year, our pipeline of projects at Higginsville and through strategic asset acquisitions such as the Lakewood Mill and Spargos Gold Mine to establish the next emerging junior gold producer in the Western Australia gold fields.
etc etc etc ( it goes on and on )
i hold WGX
man, that is an awful lot of salesmanship there , please be careful
The Mineral Resource and Reserve estimates relating to Karora contained in this announcement have been prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") standards and have not been reported in accordance with the 2012 Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code").
Refer to Karora's website at https://www.karoraresources.com/ or under Karora's profile on SEDAR+ at www.sedarplus.com for information in relation to the Mineral Resource and Reserve estimates prepared by Karora.
A competent person has not done sufficient work to classify the Mineral Resources in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a Mineral Resource or Ore Reserve in accordance with the JORC Code.
Please refer to further disclosure required by the ASX Listing Rules together with a more detailed resource table at the conclusion of this announcement.
Transaction Highlights:
■ Westgold Resources Limited (ASX: WGX, OTCQX: WGXRF – “Westgold”) and Karora Resources Inc. (TSX: KRR, OTCQX: KRRGF – “Karora”) have agreed to combine in a merger pursuant to which Westgold will acquire 100% of the issued and outstanding common shares of Karora (“Karora Shares”) by way of a statutory plan of arrangement under the Canada Business Corporations Act (“CBCA”) (“Transaction”). ■ Karora shareholders will receive 2.524 Westgold fully paid ordinary shares ("Westgold Shares"), A$0.68 (C$0.612 ) in cash and 0.30 of a share in a new company to be de-merged from Karora (“SpinCo”) for each Karora share held at the closing of the Transaction (“Offer Consideration”).
The Offer Consideration represents approximately A$6.60 (C$5.902 ) per Karora share based on Westgold’s closing share price on the ASX of A$2.28 on 5 April 2024.
■ SpinCo’s assets will comprise Karora’s existing 22.1% interest in Kali Metals Limited (ASX:KM1) (“Kali”), a 1% lithium royalty on certain mining interests held by Kali, the right to receive a deferred consideration payment due to Karora relating to the on-sale of the Dumont asset and A$6 million (C$5 million2 ) in cash. SpinCo will be owned 100% by existing Karora shareholders.
■ The Offer Consideration represents a 10.1% premium to Karora’s closing share price on the Toronto Stock Exchange (“TSX”) of A$5.995 (C$5.3602 ) on 5 April 2024 and a 18.9% premium to Karora’s 20-day volume weighed average price (“VWAP”) on the TSX of A$5.552 (C$4.9642 ) up to and including 5 April 2024.
■ Upon completion of the Transaction, Westgold shareholders will own 50.1% of the combined company (Westgold after completion of the Transaction referred to as “Enlarged Westgold”) and former Karora shareholders will own 49.9%. 3
■ Enlarged Westgold will have a market capitalisation of approximately A$2.2 billion4 (C$1.9 billion2 ).
■ Enlarged Westgold will have a portfolio of assets capable of producing +400kozpa5 from an exclusively Western Australian asset base, a clear pipeline of growth projects and highquality exploration targets supported by financial resources of circa A$160 million (C$143 million2 ) (subject to requisite consents).
■ The Enlarged Westgold intends to apply for quotation of its Westgold Shares on the TSX on completion of the Transaction.
■ The Transaction has been unanimously approved by the boards of directors of Westgold and Karora, and Karora’s board of directors has recommended that their shareholders vote in favour of the Transaction.
■ Directors and members of senior managementof Karora holding 1.2% of the outstanding Karora Shares have entered into voting support agreements to vote their Karora Shares in favour of the Transaction at the meeting of shareholders to be called by Karora to approve the Transaction (“VSAs”). In addition, key institutional shareholders with a combined shareholding of approximately 9% including Eric Sprott have signed VSAs or otherwise have indicated they would support the Transaction.
■ The Transaction represents a transformational step change in growth for both Westgold and Karora shareholders:
Creates a globally investable, mid-tier gold producer operating exclusively in Western Australia with a highly complementary combination of mining and processing assets, people and balance sheet;
✓ Top 5 largest, ASX listed Australian gold producer based on the pro forma market capitalisation with combined Ore Reserves of 3.2Moz6 and Mineral Resources of 13Moz7 ;
✓ One of the largest unhedged Australian gold producers on completion of the Transaction providing investors with full exposure to the gold price8 ;
✓ Combined pipeline of advanced organic growth options and exploration targets across Karora’s Beta Hunt and Higginsville properties and Westgold’s Murchison and Bryah properties;
✓ Estimated operating synergies9 of A$209 million (C$187 million2 ) and estimated corporate savings10 of A$281 million (C$251 million2 ); ✓ Robust balance sheet with financial resources of circa A$160 million (C$143 million2 ) in cash and liquidity through Westgold’s existing corporate revolver facility (subject to requisite consents) and following full repayment of Karora’s existing A$44 million (C$39 million2 ) revolving facility to support an accelerated resource development program at the Beta Hunt Fletcher Zone and Bluebird-South Junction;
✓ Enhanced capital markets profile with increased scale, trading liquidity and quality to be attractive to both gold and generalist investors across ASX, TSX and OTCQX;
✓ Significant re-rating potential via increased scale and increased index weighting, such as the GDX and GDXJ indices; and
✓ Combined board of directors comprising experienced mining professionals with a proven track record of maximising value for shareholders. Westgold's JORC Mineral Resources and Ore Reserve estimates are provided in the report titled “Westgold Westgold Managing Director and CEO Wayne Bramwell commented: “The prize here is Beta Hunt’s gold potential. Rarely do you find a gold asset of the quality and potential of Beta Hunt hiding in a nickel belt and drilling is expected to further unlock value at this mine. This merger brings Beta Hunt together with Big Bell, the emerging Bluebird and the iconic Great Fingall mine under one Australian management team. These assets combined create the foundations of a new Australian gold mining powerhouse that is focused on free cash generation, is internationally relevant and investable and can stand head and shoulders alongside the biggest names in the Australian gold sector.
The Westgold and Karora teams have independently been structuring our businesses for growth for several years and now is the time to bring these two businesses together.
Overprint an experienced and expanded team with similar corporate journeys, strong safety and cultural alignment and a shared commitment to developing its people and we have a new business dominant across two historic, yet under-explored goldfields.
The expanded business will have several large mines, be well funded, fully leveraged to the gold price and have optionality over an enviable selection of growth opportunities.
the business will have expanded human and physical resources to extend mine lives and production scale rapidly.
Westgold welcomes the Karora team, shareholders and stakeholders to the Westgold family and looks forward to creating value across two of Western Australia’s most iconic goldfields
” Karora Chairman and CEO, Paul Huet commented: “For the last two years, Karora has watched Mr. Bramwell and the team consistently unlock material value for shareholders at Westgold.
One of the more unique aspects of this transaction is a very strong cultural fit between both companies which will serve shareholders of the enlarged company well for a very long time.
The mergeris estimated to unlock approximately A$490 million of operational, G&A and capex synergies while shareholders will become proud owners of the largest unhedged gold producer in Australia at completion of the Transaction – certainly a compelling opportunity in the current gold price environment.
The team at Karora have worked diligently to execute on our strategy to build the next +200 kozpa Australian gold producer11 .
We have delivered value to shareholders through a disciplined growth approach by investing in our cornerstone asset in Beta Hunt, which will be fully ramped up to 2 Mtpa12 later this year, our pipeline of projects at Higginsville and through strategic asset acquisitions such as the Lakewood Mill and Spargos Gold Mine to establish the next emerging junior gold producer in the Western Australia gold fields.
etc etc etc ( it goes on and on )
i hold WGX
man, that is an awful lot of salesmanship there , please be careful
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Great Fingall Exploration Update 3.03m at 547g/t Au from Fingall Flats early mining opportunity
Westgold Resources Limited (ASX: WGX, OTCQX: WGXRF – Westgold or the Company) is pleased to provide this exploration update from the Great Fingall Project at its Murchison Operation.
The Fingall Flats target relates to relatively flat orientated mineralised quartz reefs located in the footwall of the historic, steeply dipping Great Fingall Reef which produced 1.2Moz of gold around the turn of last century.
Highlights –
Recent Fingall Flats Drill Intercepts
■ 3.03m at 547g/t Au from 204.87m in hole 24GFDD022
■ 17.05m at 8.88g/t Au from 114.00m in hole 24GFDD013
■ 6.00m at 22.13g/t Au from 43.00m in hole 24GFDD014
■ 13.92m at 7.01g/t Au from 125.00m in hole 24GFDD015
■ 20.6m at 4.34g/t Au from 59.4m in hole 24GFDD014; and
■ 7.6m at 5.14g/t Au from 5.4m in hole 24GFDD016. Westgold Managing Director and CEO Wayne Bramwell commented: “The Fingall Flats represent an early, shallow mining opportunity that could be executed in parallel to advancing the new Fingall decline to the deeper and virgin parts of the iconic Great Fingall Reef.
The 3.03m at 547 g/t Au drill interval is spectacular and these latest results have extended the high-grade flat structures mined by historic operators below their previously interpreted base.
A drill platform for final grade control of the Fingall Flats area is being designed now with Westgold targeting access into this area in Q4, FY24 and first production expected early in FY25”. Figure 1 - 24GFDD022 visible gold at 204.87m associated with quartz veining.
Great Fingall Exploration Update 6 May 2024 2 Shallow Mining Opportunities at Great Fingall The shallow areas of Great Fingall presents as an attractive opportunity for potential early production whilst the new decline advances to the virgin parts of the Great Fingall Reef at depth (Refer ASX – Great Fingall Commences, 23 October 2023).
This latest drilling targeted shallow areas that host remnant sections of the Great Fingall Reef, including high grade reef selvedges (altered wall rock adjacent to the Great Fingall Reef) and flat lying reefs in the footwall, known as the Fingall Flats.
All these structures are significantly mineralised and require minimal development capital to extract due to the existing decline’s close proximity.
A comprehensive drill out of the shallow areas of Great Fingall has been ongoing since the start of 2024, with drilling currently focused on resource definition of the Sovereign Reef opportunity, which is located between Great Fingall and Golden Crown (refer ASX – High Grade Intercepts at New Sovereign Reef, 20 June 2022).
The campaign will continue to drill the remnant Great Fingall Reef material in the near surface environment, before returning to grade control drilling of the Fingall Flats and selvedge area as soon as a suitable drill platform is developed.
part of a much larger release
i hold WGX
please be careful , quartz veins can often be rather expensive to extract from
Westgold Resources Limited (ASX: WGX, OTCQX: WGXRF – Westgold or the Company) is pleased to provide this exploration update from the Great Fingall Project at its Murchison Operation.
The Fingall Flats target relates to relatively flat orientated mineralised quartz reefs located in the footwall of the historic, steeply dipping Great Fingall Reef which produced 1.2Moz of gold around the turn of last century.
Highlights –
Recent Fingall Flats Drill Intercepts
■ 3.03m at 547g/t Au from 204.87m in hole 24GFDD022
■ 17.05m at 8.88g/t Au from 114.00m in hole 24GFDD013
■ 6.00m at 22.13g/t Au from 43.00m in hole 24GFDD014
■ 13.92m at 7.01g/t Au from 125.00m in hole 24GFDD015
■ 20.6m at 4.34g/t Au from 59.4m in hole 24GFDD014; and
■ 7.6m at 5.14g/t Au from 5.4m in hole 24GFDD016. Westgold Managing Director and CEO Wayne Bramwell commented: “The Fingall Flats represent an early, shallow mining opportunity that could be executed in parallel to advancing the new Fingall decline to the deeper and virgin parts of the iconic Great Fingall Reef.
The 3.03m at 547 g/t Au drill interval is spectacular and these latest results have extended the high-grade flat structures mined by historic operators below their previously interpreted base.
A drill platform for final grade control of the Fingall Flats area is being designed now with Westgold targeting access into this area in Q4, FY24 and first production expected early in FY25”. Figure 1 - 24GFDD022 visible gold at 204.87m associated with quartz veining.
Great Fingall Exploration Update 6 May 2024 2 Shallow Mining Opportunities at Great Fingall The shallow areas of Great Fingall presents as an attractive opportunity for potential early production whilst the new decline advances to the virgin parts of the Great Fingall Reef at depth (Refer ASX – Great Fingall Commences, 23 October 2023).
This latest drilling targeted shallow areas that host remnant sections of the Great Fingall Reef, including high grade reef selvedges (altered wall rock adjacent to the Great Fingall Reef) and flat lying reefs in the footwall, known as the Fingall Flats.
All these structures are significantly mineralised and require minimal development capital to extract due to the existing decline’s close proximity.
A comprehensive drill out of the shallow areas of Great Fingall has been ongoing since the start of 2024, with drilling currently focused on resource definition of the Sovereign Reef opportunity, which is located between Great Fingall and Golden Crown (refer ASX – High Grade Intercepts at New Sovereign Reef, 20 June 2022).
The campaign will continue to drill the remnant Great Fingall Reef material in the near surface environment, before returning to grade control drilling of the Fingall Flats and selvedge area as soon as a suitable drill platform is developed.
part of a much larger release
i hold WGX
please be careful , quartz veins can often be rather expensive to extract from
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Westgold Resources Limited –
Panel Receives Application The Panel has received an application from Ramelius Resources Limited (ASX: RMS) in relation to the affairs of Westgold Resources Limited (ASX: WGX).
Details of the application, as submitted by the applicant, are below.
A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings.
The Panel makes no comment on the merits of the application.
Details Westgold and Ramelius are both ASX-listed gold mining companies with operations in Western Australia.
Karora Resources Inc is a TSX-listed mineral resource company established in Canada with mining interests located in Western Australia. On 14 November 2023, Ramelius and Westgold entered into a mutual confidentiality deed which included a mutual standstill for a period of 12 months ending on 14 November 2024 (Standstill Restrictions).
On 8 April 2024, Westgold announced that it had entered into an arrangement agreement with Karora (Arrangement Agreement) pursuant to which Westgold is to acquire 100% of Karora via a Canadian plan of arrangement.
The Arrangement Agreement contains exclusivity arrangements including nonsolicitation covenants, matching rights and an obligation to enforce any pre-existing confidentiality or standstill agreements.
The Arrangement Agreement also includes a termination fee of C$40 million payable by Westgold to Karora should Westgold terminate the Arrangement Agreement due to (amongst other reasons) its entry into a binding agreement with respect to a superior proposal (Break Fee).
The applicant submits (among other things) that:
• the Arrangement Agreement prevents Westgold from releasing Ramelius from the Standstill Restrictions without Karora’s consent 2/2
• the Break Fee is equivalent to approximately 4% of Westgold’s market capitalisation1 and exceeds Panel guidance
• the Standstill Restrictions together with the Arrangement Agreement act as an unacceptable lock up device in respect of Westgold and
• Westgold’s disclosure of an estimate of operational and corporate synergies arising from the Karora transaction is hypothetical and misleading.
The applicant does not seek any interim orders. The applicant seeks final orders in relation to the Standstill Restrictions and to the following effect:
• the Arrangement Agreement be unenforceable against Westgold unless the Break Fee is amended and
• Westgold make corrective disclosure in relation to the estimate of synergies.
i hold both WGX and RMS
Panel Receives Application The Panel has received an application from Ramelius Resources Limited (ASX: RMS) in relation to the affairs of Westgold Resources Limited (ASX: WGX).
Details of the application, as submitted by the applicant, are below.
A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings.
The Panel makes no comment on the merits of the application.
Details Westgold and Ramelius are both ASX-listed gold mining companies with operations in Western Australia.
Karora Resources Inc is a TSX-listed mineral resource company established in Canada with mining interests located in Western Australia. On 14 November 2023, Ramelius and Westgold entered into a mutual confidentiality deed which included a mutual standstill for a period of 12 months ending on 14 November 2024 (Standstill Restrictions).
On 8 April 2024, Westgold announced that it had entered into an arrangement agreement with Karora (Arrangement Agreement) pursuant to which Westgold is to acquire 100% of Karora via a Canadian plan of arrangement.
The Arrangement Agreement contains exclusivity arrangements including nonsolicitation covenants, matching rights and an obligation to enforce any pre-existing confidentiality or standstill agreements.
The Arrangement Agreement also includes a termination fee of C$40 million payable by Westgold to Karora should Westgold terminate the Arrangement Agreement due to (amongst other reasons) its entry into a binding agreement with respect to a superior proposal (Break Fee).
The applicant submits (among other things) that:
• the Arrangement Agreement prevents Westgold from releasing Ramelius from the Standstill Restrictions without Karora’s consent 2/2
• the Break Fee is equivalent to approximately 4% of Westgold’s market capitalisation1 and exceeds Panel guidance
• the Standstill Restrictions together with the Arrangement Agreement act as an unacceptable lock up device in respect of Westgold and
• Westgold’s disclosure of an estimate of operational and corporate synergies arising from the Karora transaction is hypothetical and misleading.
The applicant does not seek any interim orders. The applicant seeks final orders in relation to the Standstill Restrictions and to the following effect:
• the Arrangement Agreement be unenforceable against Westgold unless the Break Fee is amended and
• Westgold make corrective disclosure in relation to the estimate of synergies.
i hold both WGX and RMS
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Sent to me by a contributor to another form...
Garpal Gumnut
Ross Island Hotel
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Talk about going nowhere quick !
This little dog's announcements and tie ins are giving me a headache trying to get a handle on it. Any WGX seers out there? What does it do?
gg
This little dog's announcements and tie ins are giving me a headache trying to get a handle on it. Any WGX seers out there? What does it do?
gg
Dona Ferentes
A little bit OC⚡DC
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Companies trading ex-dividend:
- Wed 10 July: None
- Thu 11 July: Westgold Resources (WGX) – $0.013
