WGX has provided an updated MRE for Bluebird – South Junction which has lifted by 37% to 15mt at 2.9g/t Au for 1.4moz. Drilling is set to continue into 2025, providing further upside to the resource. A mining study is underway which would look to update the Ore Reserves (expected 2QFY25) and potentially accelerate Polar Star drill-out which could drive a third mining front and debottleneck the mine plan. We currently incorporate a development of South Junction in our estimates and note there is upside to our base case forecasts from Polar Star. We reiterate our BUY rating on WGX and lift our price targets to A$4.60 and C$4.30.
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