Ann: Westgold Tops Up with $20.85M Gold Pre-Pay Addition, page-17

SD

Now that was a nice spike in the AUD POG - up to around 1874 briefly due to a rise in USD/fall in AUD (now 69.21 US cents).

Given how Cookie is driving the WGX ship only a higher AUD POG can save it from administration at some point. It is not clear to me if their subsidiary doing the contract mining is capable of operating efficiently. I suppose that was one reason why NST cleared them out from the South Kal mine, and probably led to unanticipated outlays by WGX to inject more funds (raised via the gold pre pay, CR, and asset sale).

It is impossible to tell how this company is going from the quarterly reports. Cookie buying more shares only shows that he wants others to believe that he can succeed. It would be nice if the management were replaced by something equivalent to SBM's team.

I bought back in a few days ago on hopium that it will stay alive long enough for the falling AUD to make them profitable, especially as I expect the AUD to tank once the ALP gets into office and implements lots of crazy policies. AUD could be as low as 60 cents by the end of 2019, but I will accept 65 cents against the USD.

I think that the Murchison operations could become reasonably profitable once they are operating on the planned higher ore grades, but that is months away I understand. In the meantime they keep burning cash as if it was going out of style.

loki (holding WGX shares on a wing and a prayer.)