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WEZ up nearly 4% on what looks like short-covering rather than fundamental news. The outfit is still burning cash pre-revenue from Bakubung, so any pop needs conviction behind it before I'd bite at these levels.
WEZ up nearly 2% today but I reckon this bounce is premature given the capex pressures and weak PGM fundamentals. The market's pricing in a lot of hope on the Bakubung project, but execution risk remains substantial at these levels.
WEZ popping 1.96% to 52c on what looks like sector strength, though the stock's still nursing losses from earlier in the year. Hard to get excited at these levels without seeing actual production numbers, but platinum's finally getting some respect again.
WEZ sitting at R0.55 is interesting numbers wise when you look at where the asset is in development. Fwif the funding risk gets solved and they actually get Mahé into production, platinum prices where they are now make the returns pretty compelling. My reading of this is the market's still pricing in execution risk, which fair enough, but the spread between here and a producing mine is wide.
WEZ sitting at R0.55 is mental value if they actually get that shaft operational. Platinum's not going anywhere and the rand weakness helps exports, so ngl the upside here could be proper if they stop fumbling the project timeline.
reading the sens filings, capex timeline looking stretched but thesis still there
Platinum's beaten down but fundamentals haven't changed, WEZ still sitting on real PGM resources while rand weakness should help when we eventually get out of this rate cycle. Long-term view hasn't changed, just need patience while macro sorts itself out.
WEZ up 7.84% to 55c today, which is decent momentum for a junior explorer. Still trading at a significant discount to Impala and Lonmin on an EV/resource basis, though execution risk on the Bakubung project remains the real test here.
wesizwe's capex timeline for the cut 1 project is the real story here, not the rand weakness everyone's blaming. if they hit their production ramp by 2026 they're sitting on serious leverage to platinum prices. compare that to impala or northam's existing mines, wez is priced like it's still exploration risk when they're actually past that now.
Do you think they ever actually get to production though. Been years of capex burn and the resource is still in development stage, not sure how much longer the balance sheet can take it before dilution goes mental.
WEZ sitting at R0.53 is mental value if they actually get that mine up and running. Platinum's got legs long term, rand weakness helps exports too. Just need to see capex flowing and no more dilution surprises. Holding for the production story.
WEZ sitting at R0.55 is basically giving away the platinum story. Yeah the funding's been messy and the timeline keeps sliding, but palladium and platinum aren't going anywhere. If they ever get Limpopo into production properly, this thing is a 10-bagger from here. But patience is the killer, not the price.
Wesizwe still sitting on massive pgm reserves but the funding story is the real one. Debt levels are chunky and capex to bring Choppie into production is not a small ask. Argonaut and Impala had to sweat it out too when they were in dev mode, difference is commodity prices were kinder to them. At R0.55 though, if they pull off the funding without diluting the pants off existing holders, could be interesting further out.
been digging through the latest MD&A and man the capex burn is real, they're funding the selebi project almost entirely through dilution and debt at the moment. compare that to impala or northam who at least have operating cashflow to lean on and it's night and day. the thesis works if selebi comes online and pgm prices stay decent but that's a lot of ifs when the rand's under pressure too.
Man WEZ at R0.55 is basically penny stock territory now. Thing is, if they actually get that mine going the upside is stupid big, but we're talking years and a ton of capex they gotta find. Compare that to Impala or Anglo's plat division, those guys are actually producing, WEZ is still in development mode. I'm holding but not adding, can't afford to throw more at this if it goes sideways again.
Wesizwe at R0.64 is basically a bet on when they actually get into production at Bakubung. Right now you're paying for a hole in the ground and management's track record on delivery, which hasn't exactly been smooth sailing. Platinum's still got fundamentals but you need this thing operational and actually printing cash, not just burning it on development.
honestly wez has been beaten down so hard that the upside is there if they can just get the mine into production, but thats a big if. platinum prices are holding up ok and thats the tailwind, but this company still needs to execute and thats where im nervous. holding because the risk reward makes sense at 64c but not adding.
Interesting numbers on the capex burn, fwiw. They're still R billions away from production and the rand's been hammering them on the conversion side. Compare that to Implats or Northam already generating cash and it's a different animal. Long term thesis is solid if they get to steady state but this is basically a construction project priced like a miner, imo.
Been digging through the latest SENS filings, balance sheet's stretched tight
Current R 0,44 — 50% of range
Fundamentals sourced from JSE disclosures. Updated quarterly.