WGX 1QFY25 was largely pre-reported and is a solid start to the year. Guidance has been maintained and volumes are expected to ramp-up over the remainder of FY25, which will also reduce AISC. The recent upsized SFA should enable WGX to execute its growth strategy and ramp-up to our 500ktpa forecast for FY26 onward. We note there remains material upside at Fletcher zone, with the accelerated drilling programme a key catalyst as WGX has provided an exploration target of 23-27Mt @ 2.1-2.5g/t Au for 1.6-2.1Moz. We are reiterating our BUY rating.
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