Analyst ratings of WGX haven't changed over the last 3 months....

Analyst ratings of WGX haven't changed over the last 3 months. Just that the Gold price has dropped, which has lead to the share price weakness.

https://quotes.wsj.com/AU/XASX/WGX/research-ratings

OK, fair enough.

Question is, why is this stock trading at such a discount to peers? Westgold prefer you to compare EV/Reserve oz and EV/Resource oz, but these are only metrics for peak of the Gold market, which is the opposite of where we are at now.

A middle of the road metric would be maybe FCF%. On that metric WGX is indeed cheap, but it relies on low costs and expenditure. Best results are in steady state production, but WGX is ramping up, so FCF% is bound to come under future pressure compared to current forecasts. Management wants to develop the mines, not generate FCF.

A suitable metric for bottom of the Gold cycle is NAV. Here is where the market is valuing WGX, with anything not bolted down discounted heavily. Re-rating higher can come from either the Gold market cycle turning or Management taking their foot off the accelerator. Neither is guaranteed or even likely for a lot of investors. Management could announce a change of strategic direction, flog off what their not developing and go conservative. Instead we have a Westgold going for growth, and that comes at the price of share price weakness in the current Gold environment.That's my thinking anyway.