Wednesday saw WGX plunge almost 15% on huge volume following a disappointing FY24 production update; it was the worst-performing stock in the ASX300. The gold miner produced 52,100 ounces of gold for the quarter receiving an average sale price of $A3137 an ounce. The volume was weaker than expected and led to a downward revision to its production guidance for the full year, now expected to be between 220,000-230,000 ounces at an all-in cost of $2100-$2300. Another disappointing miss in the gold sector, which isn’t good news in today’s unforgiving market.
- We would only consider WGX over the coming months if it retested $2 on increasing fears around its ability to meet revised production targets.
MM is neutral WGX around $2.36
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