WPG Resources Ltd is an Australian ASX listed resource company (ASX code WPG) with a current focus on its advanced gold projects in South Australia.
WPG holds its gold prospects through three wholly-owned subsidiaries – Challenger Gold Operations Pty Ltd, Tarcoola Gold Pty Ltd and Tunkillia Gold Pty Ltd. The company has 100% of all minerals at Tarcoola and Tunkillia. The Challenger gold mine is being operated in joint venture with Diversified Minerals Pty Ltd, an entity associated with the PYBAR Group, one of Australia’s pre-eminent and extremely successful underground mining contractors. WPG is the manager of the joint venture.
On 15 March 2016, WPG finalised the acquisition of the Challenger gold mine and associated South Australian exploration assets. The mine was placed on temporary suspension and a revised restart mine plan was developed. Site operations at the Challenger gold mine recommenced in late May 2016 with crushing and milling of low grade stockpiled ore followed by underground mining activities on schedule and under budget. The first gold was poured on 31 May 2016.
WPG also intends to bring Tarcoola into production in the second half of 2016.
The acquisition of the Tarcoola and Tunkillia gold projects in May 2014 marked the completion of WPG’s transition from an iron ore company to a gold focussed company.
Including its advanced gold projects WPG has a portfolio of exploration projects in South Australia covering a combined area of 7,343 square kilometres. These are considered to have excellent potential for the discovery of several types of mineral occurrences including gold, nickel, base metals, iron ore and coal.
A number of the Challenger tenements are subject to joint venture arrangements.
Veritas Securities Equity Research
The research report was prepared by Veritas Securities Limited, Lead Manager for the Placement and Underwriter for the Entitlement Offer announced by WPG on 27 July 2016. The information contained in this document is general information only and is not financial or investment advice, and does not take into account your specific financial situation, particular needs and investment objectives.