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West African Resources Ltd
(Sydney:WAF)
West African Resources Ltd (WAF) vs. iShares MSCI Australia ETF (EWA)
West African Resources Ltd Business Overview & Revenue Model
West African Resources Ltd Earnings Call Summary
West African Resources Ltd Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.53B | 724.37M | 658.82M | 606.13M | 711.54M |
| Gross Profit | 860.40M | 421.81M | 354.73M | 340.45M | 461.97M |
| EBITDA | 913.20M | 421.01M | 329.81M | 319.37M | 437.83M |
| Net Income | 473.90M | 223.84M | 146.87M | 164.44M | 188.96M |
Balance Sheet | |||||
| Total Assets | 2.72B | 1.97B | 1.22B | 878.71M | 804.25M |
| Cash, Cash Equivalents and Short-Term Investments | 592.00M | 391.67M | 135.08M | 173.39M | 183.41M |
| Total Debt | 453.10M | 425.97M | 149.15M | 22.18M | 25.80M |
| Total Liabilities | 957.40M | 660.42M | 315.01M | 138.14M | 249.84M |
| Stockholders Equity | 1.72B | 1.25B | 861.20M | 700.50M | 525.05M |
Cash Flow | |||||
| Free Cash Flow | 304.00M | -235.71M | -21.14M | 108.92M | 294.40M |
| Operating Cash Flow | 734.00M | 251.64M | 207.19M | 223.80M | 349.66M |
| Investing Cash Flow | -530.70M | -489.34M | -228.34M | -180.79M | -107.96M |
| Financing Cash Flow | -17.60M | 512.72M | -23.18M | -15.71M | -154.56M |
West African Resources Ltd Technical Analysis
West African Resources Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$1.22B | 26.43 | ― | ― | ― | ― | |
75 Outperform | AU$4.69B | 4.43 | 16.68% | 0.65% | 30.46% | ― | |
72 Outperform | AU$2.81B | 15.30 | 17.03% | ― | 42.75% | -5.56% | |
69 Neutral | AU$6.49B | 7.69 | 12.40% | 1.32% | 23.35% | 15.96% | |
67 Neutral | $3.35B | 7.22 | 23.72% | ― | 23.87% | 92.57% | |
67 Neutral | $5.00B | 7.97 | 12.35% | 0.46% | 89.86% | -81.65% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
West African Resources Ltd Corporate Events
West African Resources Limited has disclosed changes to non-executive director Rodney L Leonard’s indirect interests in the company, reflecting the issue of ordinary shares following the exercise of existing performance rights and the grant of new performance rights in lieu of director fees. Leonard, through Caddy Fox Pty Ltd as trustee for the Leonard Family No 2 account, now holds 339,170 ordinary shares and 16,148 performance rights, with the new rights subject to service conditions and expiring in March 2028.
The transaction, which involved no cash consideration, demonstrates the company’s continued use of equity-based compensation to remunerate non-executive directors, reinforcing alignment between board incentives and shareholder value. While the notice is largely administrative, it indicates incremental dilution from new equity issuance and underscores the board’s commitment to linking director compensation to the company’s long-term performance metrics.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources Limited has applied for quotation on the ASX of 85,335 new ordinary fully paid shares, issued on 20 March 2026 following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted securities slightly expands the company’s equity base, signalling ongoing participation by holders of convertible instruments and incremental dilution for existing shareholders, but without indicating any major shift in its overall capital structure.
The application, lodged as an Appendix 2A with the ASX, confirms that these additional shares will rank as ordinary equity under the existing WAF code. While the issuance is relatively small in scale, it reflects standard capital management activity for a listed resources company and may support liquidity in the stock as the enlarged pool of shares becomes available for trading.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources Limited has notified the market of the issue of 55,508 unquoted performance rights under its employee incentive scheme, effective 20 March 2026. These performance rights, which are subject to transfer restrictions and will not be quoted on the ASX until those restrictions lapse, reflect the company’s ongoing use of equity-based incentives to retain and motivate key staff, potentially aligning employee interests more closely with shareholder value.
The issuance of these additional performance rights modestly expands the company’s pool of unquoted securities but does not immediately affect its quoted share capital. For stakeholders, the move underscores a continued emphasis on performance-linked remuneration, which may support management stability and execution of the firm’s growth strategy in the competitive West African gold mining sector.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources Limited has scheduled its next Annual General Meeting for Friday, 8 May 2026, in line with ASX Listing Rule obligations. The announcement provides key timing for shareholders and potential board candidates, confirming that nominations for director positions must be received by 5:00pm AWST on 30 March 2026.
The timetable formalises the company’s corporate governance calendar and gives investors clarity on when they can engage on strategic, operational and board matters. It also sets a defined window for any proposed changes to the board composition, which may influence the company’s strategic direction and oversight in the coming year.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources has released an investor presentation dated 17 March 2026 that provides a high-level overview of its operations, financial metrics, and status as a growing mid-tier gold producer in West Africa. The document emphasises that the material is summary in nature, may change without notice, and should be read alongside the company’s formal ASX disclosures.
The presentation stresses that it is not a prospectus, offer document, or financial product advice and should not be relied upon as a sole basis for investment decisions. It highlights the use and limitations of non-IFRS measures, clarifies that past performance is not indicative of future results, and underscores the inherent risks and uncertainties associated with forward-looking information about the company’s future performance.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources has lodged its updated corporate governance statement for the financial year ended 31 December 2025, confirming it is available on the company’s website as required under ASX rules. The board-approved statement, current as of 27 February 2026, details the extent of the company’s compliance with ASX Corporate Governance Council recommendations and is supported by a completed Appendix 4G to help investors locate key governance disclosures.
The filing indicates that West African Resources has addressed core governance practices, including board roles, director appointment processes, executive agreements and the accountability of the company secretary. By formally documenting and lodging these disclosures alongside its annual report, the company reinforces transparency for shareholders and demonstrates adherence to the ASX’s governance and reporting framework.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources reported a strong 2025 financial performance, generating A$1.54 billion in revenue, A$808 million profit before tax, and A$567 million net profit after tax. The company produced 300,383 ounces of gold at an all-in sustaining cost of US$1,488 per ounce, sold 280,065 ounces at an average price of US$3,525 per ounce, and ended the year with A$584 million in cash, 27,095 ounces of unsold bullion, and net assets of A$1.76 billion.
Operationally, West African Resources met key objectives including on-budget construction and ramp-up of the Kiaka gold production centre, continued high-margin output from Sanbrado, and the rollout of an owner-mining model for open pits, all while recording no significant health or safety incidents. Management highlighted that the combination of two large, long-life production centres and heavy exploration spend in 2025 positions the company for stronger revenue and cash flows and an updated reserves, resources, and 10-year production target, reinforcing its growth profile in the gold mining sector.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources Limited is an Australian-listed mining company focused on gold exploration and production in West Africa, with principal operations and offices in Burkina Faso. The company is headquartered in Subiaco, Western Australia, and trades on the ASX under the code WAF, supported by a board comprising executive and non-executive directors and established corporate governance structures.
The 2025 annual report for West African Resources outlines its corporate information, including registered details, principal places of business in Australia and Burkina Faso, key executives, company secretaries, share registry, and auditors. This disclosure underlines the company’s operational footprint across Australia and Burkina Faso and reinforces its compliance and reporting framework for shareholders and other stakeholders.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources Ltd has reported the cessation of 59,887 performance rights, identified under the ASX security code WAFAA. These rights lapsed because the conditions attached to them were not met or became incapable of being satisfied, resulting in their removal from the company’s issued capital.
The lapse of these conditional rights marginally reduces the company’s potential equity overhang tied to performance-based incentives. While the change is relatively small in scale, it slightly streamlines West African Resources’ capital structure and may modestly affect dilution expectations for existing shareholders.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Citigroup Global Markets Australia and related Citi entities have notified West African Resources that they have ceased to be a substantial holder in the company as of 3 March 2026. The change reflects a series of adjustments to Citi’s relevant interest in WAF’s ordinary fully paid shares, primarily through decreases tied to securities lending arrangements and related collateral movements across multiple Citi affiliates, signalling a reduced institutional position in the stock.
These transactions involve Citibank N.A. Sydney Branch, Citigroup Global Markets Australia Pty Limited, Citigroup Global Markets Inc, and Citigroup Global Markets Limited, with material net reductions in voting power. The notice indicates that no new associations have been formed or altered among these entities in relation to WAF, clarifying Citi’s diminished influence on the company’s share register and potentially increasing the relative weight of other shareholders in governance matters.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources has responded to media reports on the Burkina Faso Government’s interest in increasing its equity stake in Kiaka SA by up to an additional 25%. The company confirmed that a draft decree authorising such a move has been considered by the Council of Ministers, as required under local law, and forms part of ongoing discussions aimed at balancing government participation with the financial interests of existing shareholders and lenders.
These talks are being led on the state’s side by mining investment vehicle SOPAMIB, which has also expressed interest in partnering with West African Resources on future mining projects to boost national participation, jobs and social benefits. The company stressed that its Sanbrado and Toega projects are not part of these ownership discussions and that operations at both Sanbrado and Kiaka continue unaffected, underscoring operational stability despite potential changes in Kiaka’s shareholding structure.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Mitsubishi UFJ Financial Group, Inc. has lodged a notice with West African Resources stating it has ceased to be a substantial shareholder in the gold miner as of early February 2026. The change follows a series of transactions on 3 February 2026 involving purchases of fully paid ordinary shares in West African Resources by entities controlled by First Sentier Group Limited and Morgan Stanley, altering Mitsubishi UFJ’s relevant interest below the substantial holding threshold.
The filing indicates a reshaping of West African Resources’ share register, with major global financial institutions actively trading positions linked to the stock. While the company’s operations are unaffected in the near term, the shift may influence its investor base composition and could signal evolving institutional appetite for exposure to the West African gold sector.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources has released an investor presentation dated 9 February 2026 outlining high-level information about the group and its operations, framed as “Flight to 500” to underscore its growth ambitions as a mid-tier gold producer. The document is heavily caveated as summary, non‑prospectus material, stressing that it should be read alongside the company’s continuous ASX disclosures and is not an offer, solicitation or financial advice.
The presentation emphasises that past performance metrics and non‑IFRS measures such as AISC, SSC and EBITDA are provided only for illustrative purposes and should not be taken as guidance on future results. It also highlights that any forward‑looking commentary is inherently uncertain and subject to significant risks and assumptions, underscoring the need for investors to undertake their own due diligence and obtain independent professional advice before considering any exposure to the stock.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.70 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Mitsubishi UFJ Financial Group has filed a Form 605 noting that it and related First Sentier and Morgan Stanley-controlled entities purchased multiple small parcels of West African Resources shares on 29 January 2026 before ceasing to be a substantial holder in the company. The divestment notice signals a reshuffling of major investors on West African Resources’ register, implying reduced influence from the Japanese banking group and potentially opening space for other institutional holders to shape funding and strategic decisions as the miner advances its Burkina Faso operations.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.70 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
First Sentier Group Limited and a wide network of its related entities, ultimately linked to Mitsubishi UFJ Financial Group, have filed a notice that they have ceased to be substantial shareholders in West African Resources Ltd as of 30 January 2026. The move signals an exit or significant reduction of a major institutional investor’s position in the gold miner, potentially affecting the company’s share register composition and indicating a shift in how large global asset managers are allocating capital to West African Resources and the broader resources sector.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.70 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Morgan Stanley and certain subsidiaries have notified West African Resources Limited that they have ceased to be a substantial holder in the company as of 29 January 2026. The filing details a series of on-market purchases of ordinary shares by Morgan Stanley Australia Securities Limited on that date, but overall reflects a reduction in Morgan Stanley’s relevant interest to below the substantial holding threshold, signalling a shift in the company’s institutional shareholder base that may affect perceptions of liquidity and major investor support.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$5.70 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources reported strong operating cash flow for the quarter ended 31 December 2025, generating A$388.6 million in net cash from operating activities and A$789.7 million year-to-date, driven by A$663.1 million in quarterly customer receipts and supported by interest income despite substantial tax and supplier payments. The company continued to reinvest in its operations with A$112.9 million in capital expenditure on property, plant and equipment during the quarter, resulting in a net investing cash outflow of A$113.0 million and a modest net cash outflow from financing activities of A$22.8 million, leaving cash and cash equivalents higher than at the start of the quarter and underscoring a robust liquidity position and ongoing commitment to growth.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources reported that it met its 2025 production and cost guidance for the fifth consecutive year, underlining consistent operational performance at its Sanbrado and newly commissioned Kiaka gold mines. Group gold output reached 300,383 ounces in 2025 at an all-in sustaining cost of US$1,488 per ounce, supported by a strong December quarter that delivered 112,019 ounces at US$1,561 per ounce and generated A$389 million in operating cash flow, leaving the company with A$584 million in cash and A$177 million in unsold bullion. Sanbrado produced 205,228 ounces at a site sustaining cost of US$1,348 per ounce despite higher royalty costs from rising gold prices, while Kiaka’s first full quarter of operations produced 62,287 ounces as ramp-up advanced on predominantly diesel power. With no significant health or safety incidents and a Total Reportable Injury Frequency Rate well below the Western Australian gold industry average, the company is now preparing to release 2026 production guidance, update resources, reserves and its 10‑year production plan, and outline a capital management strategy, moves that could further consolidate its position as a growing, low-cost West African gold producer.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Mitsubishi UFJ Financial Group, Inc. has lodged a notice stating it has ceased to be a substantial holder in West African Resources Limited, indicating its voting power has fallen below the regulatory disclosure threshold. The change in substantial holding status follows a series of transactions on 22 January 2026, including purchases of fully paid ordinary shares in West African Resources by entities controlled by First Sentier Group Limited and Morgan Stanley, signaling a shift in the company’s share register and a redistribution of institutional ownership among major global financial groups.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Morgan Stanley and certain subsidiaries have notified West African Resources Ltd that they have ceased to be a substantial shareholder in the company as of 22 January 2026. The change in status follows a series of on-market trades in the company’s ordinary shares, involving numerous small and large buy and sell transactions by Morgan Stanley Australia Securities Limited and Morgan Stanley & Co. International plc, which collectively reduced Morgan Stanley’s holding below the substantial shareholder threshold. The move alters the company’s institutional share register composition and may be watched closely by investors assessing changes in major strategic or institutional backing for West African Resources.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources Limited will host an investor webinar and conference call on 28 January 2026, led by Executive Chairman and CEO Richard Hyde, to discuss its December 2025 quarterly report. The event, accessible via Zoom and telephone with a recording available afterward, aims to brief shareholders and the market on the company’s recent operating and financial performance, reinforcing its investor engagement and transparency around quarterly results.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Mitsubishi UFJ Financial Group, Inc. has lodged a notice stating it has ceased to be a substantial holder in West African Resources Limited as of mid-January 2026, following a series of transactions involving fully paid ordinary shares. The filing details numerous small purchases and a borrow decrease executed through entities controlled by First Sentier Group Limited and Morgan Stanley, reflecting an overall reshaping of Mitsubishi UFJ’s exposure to West African Resources below the substantial holding threshold; this change may slightly diffuse the company’s institutional ownership base but does not signal any disclosed shift in West African Resources’ underlying operations.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Morgan Stanley and certain subsidiaries have notified West African Resources that they have ceased to be a substantial holder in the company as of 16 January 2026, following a series of trades in the company’s ordinary shares. The change in holding, involving multiple buy and sell transactions executed through Morgan Stanley Australia Securities Limited, alters the company’s institutional share register and may modestly shift the balance of major shareholders without directly affecting West African Resources’ underlying operations.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
First Sentier Group Limited and a wide network of its related entities and associates, ultimately connected to Mitsubishi UFJ Financial Group, have lodged a regulatory notice confirming they have ceased to be a substantial shareholder in West African Resources Ltd as of 16 January 2026. The change, formalised in an Australian Corporations Act Form 605 filing, signals a reduction of a major institutional holding in the miner, potentially altering the company’s share register composition and reducing the influence of this particular global asset management group in West African Resources’ corporate governance and capital base.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Mitsubishi UFJ Financial Group has lodged a notice that it has ceased to be a substantial shareholder in West African Resources Limited, after a series of trades in the company’s fully paid ordinary shares executed through entities controlled by Morgan Stanley. The change in status, effective from early January 2026, signals a reduction in a major institutional investor’s voting power in the miner, a move that may slightly shift the company’s share register composition and could be monitored by the market for any further changes in institutional ownership.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.20 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Morgan Stanley and its listed subsidiaries have lodged a notice that they have ceased to be a substantial holder in West African Resources Limited as of 6 January 2026. The filing details numerous on-market purchases of ordinary shares by Morgan Stanley Australia Securities Limited, but overall reflects a reduction in Morgan Stanley’s relevant interest to below the substantial holding threshold, signalling a shift in the shareholder base that may alter the mix of institutional ownership in the company.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.20 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources Ltd has disclosed that First Sentier Group Limited and a broad group of its related entities and associates, ultimately linked to Mitsubishi UFJ Financial Group, have ceased to be substantial shareholders in the company as of 6 January 2026. The notice, lodged under Australian Corporations Act disclosure requirements, signals a significant shift in the company’s institutional share register, potentially reducing the influence of this major global asset management and banking group over West African Resources’ corporate governance and future capital market activity.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.20 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
West African Resources reported record 2025 group gold production of 300,383 ounces from its Sanbrado and Kiaka operations in Burkina Faso, achieving its annual guidance range of 290,000 to 360,000 ounces and marking the fifth consecutive year it has met production targets. Sanbrado contributed 205,228 ounces for the year despite a planned mill shutdown that reduced fourth-quarter output, while Kiaka delivered 95,155 ounces as both open pit mining and processing plant ramp-up progressed strongly, driving a 208% quarter-on-quarter increase in Q4 production. The group sold 280,065 ounces of gold in 2025 at an average realised price of US$3,525 per ounce, with the gap between production and sales attributed to gold-in-circuit build-up and shipment timing, underscoring robust operational momentum as the company heads into its next reporting period.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.20 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Mitsubishi UFJ Financial Group Inc has lodged a notice that it has ceased to be a substantial holder in West African Resources Ltd as of 24 December 2025, under Australian Corporations Act disclosure rules. The filing details multiple small on-market purchases of fully paid ordinary shares in West African Resources by an entity controlled by Morgan Stanley, which collectively altered Mitsubishi UFJ’s relevant interest and voting power so that it no longer met the substantial holder threshold, signalling a change in the company’s institutional shareholding base that investors may monitor for shifts in market support and liquidity.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.20 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.
Morgan Stanley and its listed subsidiaries have notified West African Resources Ltd that they have ceased to be a substantial shareholder in the company as of 22 December 2025. The change in status follows a series of transactions in the company’s ordinary shares conducted by Morgan Stanley Australia Securities Limited, altering the group’s relevant interest and voting power below the substantial holding threshold, and signalling a shift in the company’s institutional shareholding profile that may be closely watched by other investors and market participants.
The most recent analyst rating on (AU:WAF) stock is a Hold with a A$3.20 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.