Looking further into the presentation, I note that the SP was...

Looking further into the presentation, I note that the SP was declared at $1.32 which impacts on the EV. They seem to exclude the gold pre-pay as a debt item but I have included it as such when calculating the EV (happy to be corrected on this, if I am wrong). Also, what I picked up as JORC Reserves of 15.96MOz are now stated as 11.943MOz.
With its multiple mining projects this is not a simple company and a spreadsheet combining all the projects in a consistent manner is essential for any evaluation. I have not accounted for the lithium royalties or potential for unproven propsects but only counted JORC defined reserves and resources.

I note the slide on ACM (Australian Contract Mining). This was the surprise loss item in the Annual Report. However, the presentation gives comment on this as "an unplanned and reactive move to protect Westgold from adverse reaction to ACM’s fiscal failure". Going forward, I think we need to let WGX management pursue the ACM activity over the next 12 months before becoming alarmed and accept that they acted to protect their cost base going forward.

Notwithstanding any variation in reserves, resources and EV, WGX still stands out as low valued gold producer with a 10 year life of production at 2019 predicted rate of production.