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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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 860.62M | 724.37M | 658.82M | 606.13M | 711.54M | 310.31M |
| Gross Profit | 452.52M | 421.81M | 354.73M | 340.45M | 461.97M | 189.15M |
| EBITDA | 530.70M | 421.01M | 329.81M | 319.37M | 437.83M | 191.69M |
| Net Income | 327.47M | 223.84M | 146.87M | 164.44M | 188.96M | 89.36M |
Balance Sheet | ||||||
| Total Assets | 2.27B | 1.97B | 1.22B | 878.71M | 804.25M | 530.71M |
| Cash, Cash Equivalents and Short-Term Investments | 279.24M | 391.67M | 135.08M | 173.39M | 183.41M | 95.07M |
| Total Debt | 430.90M | 425.97M | 149.15M | 22.18M | 25.80M | 242.14M |
| Total Liabilities | 806.24M | 660.42M | 315.01M | 138.14M | 249.84M | 358.45M |
| Stockholders Equity | 1.45B | 1.25B | 861.20M | 700.50M | 525.05M | 165.23M |
Cash Flow | ||||||
| Free Cash Flow | -287.39M | -235.71M | -21.14M | 108.92M | 294.40M | 38.47M |
| Operating Cash Flow | 267.90M | 251.64M | 207.19M | 223.80M | 349.66M | 147.92M |
| Investing Cash Flow | -558.28M | -489.34M | -228.34M | -180.79M | -107.96M | -116.90M |
| Financing Cash Flow | 116.04M | 512.72M | -23.18M | -15.71M | -154.56M | -21.11M |
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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $9.57B | 12.09 | 28.58% | 1.92% | 36.34% | 110.55% | |
73 Outperform | AU$4.39B | 13.47 | 26.84% | ― | 23.87% | 92.57% | |
72 Outperform | AU$6.45B | 27.59 | 13.09% | ― | 130.98% | ― | |
69 Neutral | AU$7.27B | 199.74 | 2.43% | 0.46% | 89.86% | -81.65% | |
68 Neutral | AU$5.21B | 59.97 | 14.25% | ― | 17.59% | 0.98% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
West African Resources Ltd Corporate Events
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.
West African Resources Limited has announced a change in the director’s interest, specifically for Director Lyndon George Hopkins. The notice details the acquisition of 320,214 ordinary shares, bringing the total direct holdings to 1,373,231 shares. This change reflects the director’s increased stake in the company, potentially signaling confidence in the company’s future performance and aligning the director’s interests with those of the shareholders.
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 announced the quotation of 320,214 new ordinary fully paid securities on the Australian Securities Exchange (ASX). This move is part of the company’s strategy to enhance its capital structure by converting options or other convertible securities, potentially strengthening its financial position and market presence.
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 Limited announced promising diamond drilling results from below the M5 North open-pit ore reserve at its Sanbrado Gold Operations in Burkina Faso. The drilling has confirmed potential for extending the mine’s life, with significant gold mineralization found more than 300 meters below current ore reserves. The company plans to continue its aggressive exploration programs into 2026, aiming to incorporate these findings into its upcoming Mineral Resource and Ore Reserve update. This development could materially extend the open-pit mine-life, providing a base load feed to the Sanbrado process plant in the later years of the company’s 10-year production plan.
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 announced that Van Eck Associates Corporation has ceased to be a substantial holder in the company as of November 28, 2025. This change in substantial holding could impact the company’s market dynamics and investor relations, as Van Eck Associates Corporation was a significant stakeholder.
The most recent analyst rating on (AU:WAF) stock is a Sell 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 announced a change in the director’s interest, specifically regarding Richard Hyde’s holdings. The update reflects an acquisition of 484,949 ordinary shares, increasing his total holdings to 17,633,118 shares. This change in director’s interest signifies a potential strengthening of internal stakeholder confidence and could influence market perceptions of the company’s stability and growth prospects.
The most recent analyst rating on (AU:WAF) stock is a Sell 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 announced the quotation of additional securities on the Australian Securities Exchange (ASX). This move involves the issuance of a total of 944,544 fully paid ordinary shares, which could potentially enhance the company’s liquidity and provide more opportunities for investor engagement.
The most recent analyst rating on (AU:WAF) stock is a Sell 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, an unhedged gold mining company, has announced an investor webinar and conference call scheduled for November 26, 2025. The event, led by Executive Chairman and CEO Richard Hyde, aims to provide updates on the company’s operations, potentially impacting its market positioning and stakeholder interests.
The most recent analyst rating on (AU:WAF) stock is a Sell 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 (WAF) is in discussions with the Burkina Faso Government regarding the government’s request to acquire an additional equity interest in Kiaka SA. The company has proposed increasing national participation and government revenue from new and previously closed mining projects as an alternative. These discussions aim to promote sustainable growth in Burkina Faso’s gold mining industry, with a focus on national participation, job creation, and social benefits. WAF’s operations at Sanbrado and Kiaka remain unaffected, and the company is on track to meet its gold production targets for 2025. The announcement also aims to lift the suspension of WAF’s securities from trading.
The most recent analyst rating on (AU:WAF) stock is a Sell 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 reported a net cash inflow from operating activities of $241.6 million for the current quarter, contributing to a year-to-date total of $401.1 million. Despite this positive cash flow from operations, the company experienced a net cash outflow in investing activities of $69.7 million and a significant outflow in financing activities amounting to $124.3 million, resulting in a decrease in cash and cash equivalents for the period.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$3.50 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 reported a strong third quarter in 2025, with gold production totaling 92,721 ounces and sales of 75,892 ounces at an average price of US$3,396 per ounce. The company highlighted the performance of its Sanbrado and Kiaka operations, noting that Sanbrado produced 59,852 ounces at a sustaining cost of US$1,348 per ounce, while Kiaka contributed 32,869 ounces at a higher cost of US$1,921 per ounce. The transition of Kiaka from construction to operations phase is expected to reduce costs as full production is achieved. The company is also in discussions with the Burkina Faso government regarding potential changes in ownership of its Kiaka subsidiary.
The most recent analyst rating on (AU:WAF) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.