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West African Resources Ltd (AU:WAF)
ASX:WAF

West African Resources Ltd (WAF) AI Stock Analysis

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AU

West African Resources Ltd

(Sydney:WAF)

Rating:76Outperform
Price Target:
AU$3.00
â–²(14.50%Upside)
West African Resources Ltd scores well due to strong financial performance and positive technical indicators. Despite a robust balance sheet and revenue growth, the negative cash flow raises concerns. The stock's reasonable valuation adds to its appeal, although the lack of a dividend yield might deter income-seeking investors.

West African Resources Ltd (WAF) vs. iShares MSCI Australia ETF (EWA)

West African Resources Ltd Business Overview & Revenue Model

Company DescriptionWest African Resources Limited engages in the acquisition, exploration, and development of gold projects in West Africa. The company has 90% interests in the Sanbrado Gold Project covering an area of 116 square kilometers located in Burkina Faso; and Kiaka gold project located in Burkina Faso. It also holds 100% exploration license in the Toega Gold Project located in Burkina Faso. West African Resources Limited was incorporated in 2006 and is based in Subiaco, Australia.
How the Company Makes MoneyWest African Resources Ltd generates revenue primarily through the extraction and sale of gold from its mining operations. The company's primary revenue stream comes from the production at the Sanbrado Gold Project, where it mines, processes, and sells gold on the international market. By achieving high production volumes and optimizing operational efficiencies, WAF maximizes its profit margins. The company may also engage in hedging activities to manage gold price volatility and secure stable cash flows. Additionally, strategic partnerships, investments, and exploration activities in other prospective regions may contribute to future revenue growth and diversification.

West African Resources Ltd Earnings Call Summary

Earnings Call Date:Mar 27, 2025
(Q2-2024)
|
% Change Since: 16.44%|
Next Earnings Date:Aug 20, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong performance in gold production and cost efficiency, coupled with significant progress on key projects like Kiaka. Despite a slight decline in underground mined ounces, the company's financial health and safety achievements stand out prominently. The political situation in Burkina Faso remains a concern, though it has not significantly impacted operations.
Q2-2024 Updates
Positive Updates
Strong Gold Production at Sanbrado
Achieved 58,047 ounces of gold production at an all-in sustaining cost of USD 1,030 per ounce in the December quarter, reaching the upper end of 2023 production guidance.
Cost Efficiency
Outperformed cost guidance with an all-in sustaining cost of USD 1,126 per ounce against the guidance of USD 1,175 per ounce.
Safety Milestone
Achieved 5 million hours worked without a Lost Time Injury in 2023, highlighting strong safety performance.
Kiaka Project Progress
Construction is on schedule and budget, with USD 120 million spent by December 2023. First gold pour is expected in the second half of 2025.
Healthy Financial Position
Closed the year with a cash balance of AUD 135 million and a net cash position of AUD 89 million.
Mineral Resource Estimate for M5 South
Completed inaugural mineral resource estimate of 289,000 ounces of gold and a scoping study for M5 South.
Negative Updates
Decline in Underground Mined Ounces
Underground mined ounces from M1 South decreased slightly, although offset by a 16% higher grade.
Limited Western Support in Burkina Faso
Reported minimal support from Western countries in Burkina Faso, affecting geopolitical stability.
Company Guidance
During the earnings call for Q2 2024, West African Resources executives provided a detailed update on their operational performance and financial health. The company reported strong gold production at the Sanbrado mine with 58,047 ounces produced at an all-in sustaining cost of USD 1,030 per ounce, surpassing their annual production guidance with a total of 226,823 ounces at an all-in sustaining cost of USD 1,126 per ounce. The open-pit production increased by 54%, while underground mined ounces achieved grades 16% higher than the previous quarter. Financially, WAF ended the year with a cash balance of AUD 135 million and a net cash position of AUD 89 million, excluding a USD 100 million drawdown from their loan facility. Gold sales amounted to 66,059 ounces in Q4, generating AUD 200 million in revenue, with an average sale price of USD 1,978 per ounce. The company remains unhedged and is progressing with the construction of the Kiaka project, having spent USD 120 million by the end of December, with expectations to pour first gold in the second half of 2025. The executives anticipate releasing their 2024 guidance and a 10-year production outlook in the coming weeks.

West African Resources Ltd Financial Statement Overview

Summary
Income Statement
Balance Sheet
Cash Flow
Breakdown
TTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income StatementTotal Revenue
866.97M724.37M658.82M606.13M711.54M310.31M
Gross Profit
362.79M421.81M354.73M340.45M461.97M189.15M
EBIT
326.97M0.00236.42M259.67M380.28M167.51M
EBITDA
422.24M420.09M329.81M319.37M437.83M191.69M
Net Income Common Stockholders
190.96M223.84M146.87M164.44M188.96M89.36M
Balance SheetCash, Cash Equivalents and Short-Term Investments
83.20M391.67M135.08M173.39M183.41M95.07M
Total Assets
469.27M1.97B1.22B878.71M804.25M530.71M
Total Debt
295.16M425.97M149.15M22.18M25.80M242.14M
Net Debt
212.00M34.30M14.07M-151.21M-157.57M147.11M
Total Liabilities
390.41M660.42M315.01M138.14M249.84M358.45M
Stockholders Equity
80.17M1.25B861.20M700.50M525.05M165.23M
Cash FlowFree Cash Flow
-112.93M-235.71M-21.14M108.92M294.40M38.47M
Operating Cash Flow
246.25M0.00207.19M223.80M349.66M147.92M
Investing Cash Flow
-363.39M-487.35M-228.34M-180.79M-107.96M-116.90M
Financing Cash Flow
362.10M466.04M-23.18M-15.71M-154.56M-21.11M

West African Resources Ltd Technical Analysis

Technical Analysis Sentiment
Positive
Last Price2.62
Price Trends
50DMA
2.41
Positive
100DMA
2.12
Positive
200DMA
1.84
Positive
Market Momentum
MACD
0.11
Negative
RSI
54.34
Neutral
STOCH
38.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAF, the sentiment is Positive. The current price of 2.62 is above the 20-day moving average (MA) of 2.54, above the 50-day MA of 2.41, and above the 200-day MA of 1.84, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 54.34 is Neutral, neither overbought nor oversold. The STOCH value of 38.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WAF.

West African Resources Ltd Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
AUWAF
76
Outperform
$3.23B13.0821.73%―9.95%44.59%
51
Neutral
$2.02B-1.12-21.36%3.65%2.87%-30.54%
$2.38B19.9113.42%0.76%――
$2.08B21.3118.72%―――
$2.22B9.1726.42%2.86%――
$1.95B38.891.93%0.72%――
AUVAU
64
Neutral
AU$3.16B59.217.58%―85.82%-47.59%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:WAF
West African Resources Ltd
2.62
1.12
74.09%
ELKMF
Gold Road Resources Ltd
2.46
1.34
119.64%
EOGSF
Emerald Resources NL
2.08
-0.46
-18.11%
RMLRF
Ramelius Resources Limited
1.92
0.65
51.18%
WGXRF
Westgold Resources
2.04
0.54
36.00%
AU:VAU
Red 5 Limited
0.45
-0.01
-2.17%

West African Resources Ltd Corporate Events

West African Resources Aligns with Burkina Faso’s 2024 Mining Code
Jun 3, 2025

West African Resources Limited has announced its decision to align with the 2024 Burkina Faso Mining Code by increasing the State’s free-carried equity interest in its mining projects from 10% to 15%. This change follows discussions with various stakeholders and does not affect the company’s 2025 gold production guidance or the construction schedule of the Kiaka project, which remains on track.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Updates Director’s Interest with Performance Rights Acquisition
Jun 3, 2025

West African Resources Limited announced a change in the director’s interest, with Jayde Webb acquiring 10,556 performance rights in lieu of non-executive director’s fees. This move, approved by shareholders at the 2025 AGM, reflects the company’s strategy to align director incentives with long-term company performance, potentially impacting its governance and stakeholder confidence.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Ceases Substantial Holding in West African Resources
Jun 2, 2025

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in West African Resources Ltd. This change reflects a series of transactions involving the purchase of securities by an entity controlled by Morgan Stanley, affecting a significant number of fully paid ordinary shares. The implications of this shift may influence the company’s shareholder structure and market perception.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Announces Change in Substantial Holders
May 30, 2025

West African Resources Ltd has announced a change in its substantial holders, indicating that Mitsubishi UFJ Financial Group and First Sentier Investors have ceased to be substantial holders as of May 28, 2025. This change may impact the company’s shareholder structure and could influence its market positioning and stakeholder relationships.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Becomes Substantial Holder in West African Resources
May 28, 2025

Mitsubishi UFJ Financial Group, Inc. has become a substantial holder in West African Resources Limited, with a voting power of 5.78% through its relevant interest in securities held by Morgan Stanley and First Sentier Investors Holdings Pty Limited. This development signifies a significant investment move by Mitsubishi UFJ Financial Group, potentially impacting the company’s influence in West African Resources Limited and indicating strategic positioning in the market.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Sees Shift in Substantial Holders
May 28, 2025

West African Resources Ltd has announced a significant change in its substantial holders, with State Street Bank and Trust Company and its subsidiaries becoming a major stakeholder. This development indicates a shift in the company’s shareholder structure, potentially impacting its governance and strategic decision-making processes.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Acquires Substantial Holding in West African Resources Ltd
May 27, 2025

West African Resources Ltd has announced that Mitsubishi UFJ Financial Group, through its subsidiary First Sentier Investors Holdings Pty Limited, has acquired a substantial holding in the company. This acquisition gives Mitsubishi UFJ Financial Group a significant voting power in West African Resources Ltd, potentially impacting the company’s strategic decisions and market positioning.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Announces Change in Substantial Holdings
May 27, 2025

West African Resources Ltd has announced a change in substantial holdings, with State Street Corporation and its subsidiaries ceasing to be substantial holders as of May 23, 2025. This change in holdings may affect the company’s voting securities and potentially alter its market dynamics, reflecting shifts in stakeholder interests and corporate governance.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Ceases Substantial Holding in West African Resources
May 26, 2025

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in West African Resources Limited as of May 23, 2025. This change was due to the purchase of securities by an entity controlled by Morgan Stanley, affecting a significant number of fully paid ordinary shares and votes, which may impact the company’s shareholder structure and influence.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Acquires Substantial Stake in West African Resources
May 23, 2025

Mitsubishi UFJ Financial Group, Inc. has become a substantial holder in West African Resources Limited, acquiring a significant voting power through its interests in Morgan Stanley and First Sentier Investors Holdings Pty Limited. This acquisition gives Mitsubishi UFJ Financial Group, Inc. a voting power of 5.21% in West African Resources Limited, potentially impacting the company’s governance and strategic decisions.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Investors Ceases Substantial Holding in West African Resources
May 23, 2025

West African Resources Ltd has announced that First Sentier Investors Holdings Pty Limited and its related bodies have ceased to be substantial holders in the company as of May 21, 2025. This change in substantial holding may impact the company’s shareholder structure and influence its market dynamics, potentially affecting investor perceptions and stakeholder interests.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on West African Resources Ltd stock, see the AU:WAF Stock Forecast page.

MUFG Acquires Substantial Holding in West African Resources Ltd
May 22, 2025

West African Resources Ltd has announced that Mitsubishi UFJ Financial Group (MUFG) has acquired a substantial holding in the company through its subsidiary, First Sentier Investors Holdings Pty Limited. This acquisition grants MUFG significant voting power and control over the exercise of rights attached to the securities, marking a notable shift in the company’s shareholder structure. The involvement of a major financial entity like MUFG could potentially enhance West African Resources Ltd’s market positioning and investor confidence, given MUFG’s global financial influence.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Reports High-Grade Gold Finds at M1 South
May 21, 2025

West African Resources Limited has announced significant high-grade gold mineralization results from its recent diamond drilling at the M1 South Main Deeps Resource within the Sanbrado Gold Operations in Burkina Faso. The results, which include impressive gold grades and widths, are expected to enhance the company’s Mineral Resource Estimate and Ore Reserves, with an updated report and a new 10-year production outlook anticipated in Q3 2025. These developments, along with the nearing completion of the Kiaka build, position the company to operate two long-life, low-cost gold production centers by 2025, supporting its strategic growth objectives.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Ceases Substantial Holding in West African Resources
May 20, 2025

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in West African Resources Limited as of May 19, 2025. The change in substantial holding was due to the purchase of securities by an entity controlled by Morgan Stanley, affecting a significant number of fully paid ordinary shares. This development may impact the company’s shareholder structure and influence its market dynamics.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Investors Ceases Substantial Holding in West African Resources
May 19, 2025

West African Resources Ltd announced that First Sentier Investors Holdings Pty Limited and its related entities have ceased to be substantial holders in the company as of May 15, 2025. This change in substantial holding could impact the company’s shareholder structure and influence its market dynamics, potentially affecting investor confidence and future strategic decisions.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Acquires Substantial Stake in West African Resources
May 16, 2025

Mitsubishi UFJ Financial Group, Inc. has become a substantial holder in West African Resources Limited, acquiring a significant voting power of 5.74% through its relevant interest in securities held by Morgan Stanley and First Sentier Investors Holdings Pty Limited. This development indicates a strategic investment move by Mitsubishi UFJ Financial Group, potentially influencing West African Resources’ future decisions and impacting its market dynamics.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Acquires Substantial Interest in West African Resources Ltd
May 15, 2025

West African Resources Ltd has announced a significant change in its shareholder structure. Mitsubishi UFJ Financial Group has acquired a substantial interest in the company through its subsidiary, First Sentier Investors Holdings Pty Limited. This acquisition grants Mitsubishi UFJ Financial Group voting power over a large number of shares, potentially influencing the company’s future decisions and strategic direction.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Issues New Securities on ASX
May 14, 2025

West African Resources Ltd announced the issuance of 83,947 ordinary fully paid securities, which will be quoted on the Australian Securities Exchange (ASX) as of May 14, 2025. This move is part of the company’s strategy to enhance its capital structure and potentially improve its market positioning, providing stakeholders with increased opportunities for investment and growth.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Updates Director’s Shareholding
May 14, 2025

West African Resources Limited announced a change in the interests of its director, Rodney L Leonard, involving the acquisition of 46,637 ordinary shares through the exercise of performance rights. This change increases Leonard’s indirect holdings to 306,661 ordinary shares, reflecting the company’s ongoing commitment to aligning director interests with shareholder value.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Advances Kiaka Gold Project Towards Q3 2025 Production
May 12, 2025

West African Resources Limited has announced significant progress in the development of its Kiaka Gold Project in Burkina Faso, with key milestones achieved in mining and construction activities. The company has completed the construction of the ROM pad, the crushing circuit, and the wet plant, with mining operations ramping up and first gold production on track for Q3 2025. This development positions West African Resources to significantly increase its annual gold production, enhancing its industry standing and offering potential benefits to stakeholders.

The most recent analyst rating on (AU:WAF) stock is a Buy with a A$2.00 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 Updates Director’s Interest
May 12, 2025

West African Resources Limited announced a change in the director’s interest notice, specifically concerning Richard Hyde. The notice details the acquisition of 996,816 performance rights without any disposals, indicating a significant increase in Hyde’s holdings. This change reflects the company’s ongoing commitment to aligning executive interests with performance metrics, potentially impacting its operational strategies and stakeholder relations.

West African Resources Ltd Appoints New Director
May 12, 2025

West African Resources Ltd has announced the appointment of Jayde Webb as a new director, effective May 9, 2025. This appointment is part of the company’s strategic efforts to strengthen its leadership team, although Jayde Webb currently holds no securities or interests in the company, indicating a fresh perspective in the boardroom.

West African Resources Issues New Performance Rights
May 12, 2025

West African Resources Limited has announced the issuance of 1,978,527 performance rights under an employee incentive scheme, which are not intended to be quoted on the ASX. This move is part of the company’s strategy to incentivize and retain key personnel, potentially impacting its operational efficiency and market positioning positively.

West African Resources Faces First Strike at 2025 AGM
May 9, 2025

West African Resources Ltd held its 2025 Annual General Meeting on May 9, where all resolutions were passed except for the non-binding resolution to adopt the 2024 remuneration report, which faced significant opposition. This outcome marks a first strike under the Corporations Act 2001, potentially impacting future governance and shareholder relations.

West African Resources Ltd Aims for Significant Growth in Gold Production
May 9, 2025

West African Resources Ltd held its Annual General Meeting on May 9, 2025, where it discussed its strategic goals and financial performance. The company aims to become a sustainable producer of over 500,000 ounces of gold annually within five years, reflecting its growth ambitions in the mining sector.

Substantial Holder Acquires Significant Stake in West African Resources Ltd
May 2, 2025

West African Resources Ltd has announced that a substantial holder has acquired a significant voting interest in the company. This acquisition involves various financial institutions, including State Street Bank and Trust Company, which now hold a considerable number of ordinary shares, indicating a strategic positioning in the company’s voting power. The implications of this acquisition could potentially influence the company’s decision-making processes and impact its market dynamics.

Mitsubishi UFJ Financial Group Ceases Substantial Holding in West African Resources
May 1, 2025

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in West African Resources Ltd as of April 28, 2025. This change occurred due to the sale of securities by an entity controlled by First Sentier Investors Holdings Pty Ltd and the purchase of securities by an entity controlled by Morgan Stanley. This shift in substantial holding could impact the company’s shareholder dynamics and influence its market positioning.

First Sentier Investors Ceases Substantial Holding in West African Resources
Apr 30, 2025

West African Resources Ltd has announced that First Sentier Investors has ceased to be a substantial holder in the company as of April 28, 2025. This change in substantial holding could impact the company’s shareholder structure and influence its market dynamics, potentially affecting investor sentiment and future strategic decisions.

Mitsubishi UFJ Financial Group Becomes Substantial Holder in West African Resources
Apr 30, 2025

West African Resources Ltd has announced that Mitsubishi UFJ Financial Group, Inc. has become a substantial holder in the company, with a relevant interest in 67,465,781 fully paid ordinary shares, representing a 5.92% voting power. This development indicates a significant investment by Mitsubishi UFJ Financial Group, Inc., potentially impacting the company’s market position and stakeholder interests by increasing its influence in corporate decisions.

Mitsubishi UFJ Financial Group Ceases Substantial Holding in West African Resources
Apr 28, 2025

West African Resources Ltd has announced that Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in the company. This change in substantial holding is a result of various transactions involving the purchase and sale of securities by entities controlled by First Sentier Investors Holdings Pty Ltd and Morgan Stanley, reflecting a shift in the company’s shareholder structure.

West African Resources Ltd Announces Change in Substantial Holdings
Apr 28, 2025

West African Resources Ltd has announced a significant change in its substantial holdings, with First Sentier Investors Holdings Pty Limited and its subsidiaries now holding a notable voting power in the company. This development indicates a shift in the control dynamics of the company, potentially impacting its strategic decisions and market positioning.

West African Resources Corrects Gold Bullion Valuation in Quarterly Report
Apr 17, 2025

West African Resources Limited announced a correction to their Quarterly Activities Report, clarifying that the unsold gold bullion at the end of Q1 was valued at US$43 million, not A$43 million as previously stated. This amendment highlights the company’s significant gold reserves, potentially impacting market perceptions and stakeholder interests.

West African Resources Ltd Reports Strong Operational Cash Flow Amidst Heavy Investments
Apr 16, 2025

West African Resources Ltd reported a net cash inflow from operating activities of $73,016,000 for the current quarter, indicating strong operational performance. However, the company experienced a net cash outflow in investing activities amounting to $122,668,000, primarily due to significant expenditures on property, plant, and equipment. The overall cash position decreased, reflecting the company’s ongoing investment in its operational infrastructure, which may impact its short-term liquidity but could enhance long-term production capabilities.

West African Resources Reports Strong Q1 2025 and Progress on Key Projects
Apr 16, 2025

West African Resources Limited reported a strong Q1 2025 performance with 50,033 ounces of gold produced at an all-in sustaining cost of US$1,262 per ounce, and unhedged gold sales of 48,338 ounces at an average price of US$2,832 per ounce. The company is progressing well with the Kiaka project, maintaining its schedule and budget, and aims to ramp up mining in Q2 2025. The Toega project also shows promising potential with a maiden underground mineral resource estimate. The company is on track to meet its 2025 production guidance, and the transition to owner-mining is expected to enhance operational efficiency.

West African Resources Ltd Announces New Securities Quotation
Apr 16, 2025

West African Resources Ltd has announced the quotation of 14,704 new ordinary fully paid securities on the Australian Securities Exchange (ASX), following the exercise of options or conversion of convertible securities. This move is likely to enhance the company’s capital structure and potentially improve its market position, providing additional resources for its operations in the competitive mining sector.

West African Resources Ltd Unveils 2024 Sustainability Report
Apr 14, 2025

West African Resources Ltd has released its 2024 Sustainability Report, outlining its commitment to sustainable practices and community engagement. The report highlights the company’s efforts in managing environmental impact, supporting local economies, and ensuring the health and safety of its workforce, which are crucial for maintaining its industry position and fostering positive relationships with stakeholders.

West African Resources Achieves Strong Q1 Gold Production
Apr 7, 2025

West African Resources Limited reported a solid start to 2025 with its Sanbrado Gold Operations producing 50,033 ounces of gold in the first quarter. The company sold 48,338 ounces at an average price of US$2,832 per ounce and is on track to meet its annual production guidance of 190,000 to 210,000 ounces. The increase in underground mined ounces and the steady performance of the Sanbrado process plant highlight the company’s strong operational capabilities, positioning it well within the industry.

West African Resources Announces Change in Substantial Shareholding
Apr 7, 2025

West African Resources Ltd has reported a change in the substantial holding of L1 Capital Pty Ltd in its voting securities. The voting power of L1 Capital has decreased from 10.04% to 9.03%, reflecting a change in the number of shares held. This adjustment in holdings could influence the company’s shareholder dynamics and potentially impact its strategic decisions moving forward.

West African Resources Ltd Announces Annual General Meeting
Apr 7, 2025

West African Resources Ltd has announced its Annual General Meeting (AGM) for shareholders, scheduled to be held on May 9, 2025, at the Nedlands Yacht Club in Western Australia. The company encourages shareholders to participate either in person or by proxy, with proxy voting available online. This meeting is a significant event for stakeholders as it provides an opportunity to engage with the company’s management and discuss future strategies.

West African Resources Limited Announces 2025 AGM Details
Apr 7, 2025

West African Resources Limited has announced its Annual General Meeting (AGM) scheduled for May 9, 2025, at the Nedlands Yacht Club in Western Australia. The meeting will cover the financial report for the year ending December 31, 2024, and include a non-binding resolution to adopt the remuneration report. Shareholders are encouraged to participate, with specific instructions provided for proxy voting. The announcement underscores the company’s commitment to transparency and shareholder engagement, which could impact its governance and stakeholder relations.

Mitsubishi UFJ Financial Group Gains Substantial Stake in West African Resources Ltd
Apr 3, 2025

Mitsubishi UFJ Financial Group, Inc. has become a substantial holder in West African Resources Ltd, acquiring a significant voting power of 6.39% through various fully paid ordinary shares. This development indicates a strategic move by Mitsubishi UFJ Financial Group to strengthen its influence and presence in the company, potentially impacting West African Resources Ltd’s market dynamics and stakeholder interests.

MUFG Acquires Substantial Holding in West African Resources
Apr 2, 2025

West African Resources Ltd has announced that Mitsubishi UFJ Financial Group (MUFG) has acquired a substantial holding in the company through its subsidiary, First Sentier Investors Holdings Pty Limited. This acquisition grants MUFG significant voting power and a relevant interest in the shares of West African Resources, potentially impacting the company’s governance and strategic direction.

West African Resources Ltd Announces New Securities Quotation
Mar 31, 2025

West African Resources Ltd has announced the application for the quotation of 14,704 ordinary fully paid securities on the Australian Securities Exchange (ASX), effective March 28, 2025. This move signifies the company’s strategic efforts to enhance its market presence and potentially increase its capital base, which could have implications for its operational capacity and stakeholder value.

Mitsubishi UFJ Financial Group Alters Stake in West African Resources
Mar 26, 2025

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in West African Resources Ltd. The change in their substantial holding status was due to a series of transactions involving the sale and purchase of securities, primarily controlled by Morgan Stanley, which affected the voting securities of the company. This development may impact the company’s shareholder structure and influence its market dynamics.

State Street Corporation Ceases Substantial Holding in West African Resources Ltd
Mar 26, 2025

West African Resources Ltd has announced a change in substantial holding, with State Street Corporation and its subsidiaries ceasing to be substantial holders as of March 24, 2025. This change in holding could impact the company’s voting securities and potentially alter its market dynamics, affecting stakeholders and the company’s strategic direction.

West African Resources Announces Board Changes Ahead of AGM
Mar 26, 2025

West African Resources Limited announced the retirement of Non-executive Director Nigel Spicer at the upcoming Annual General Meeting, with Jayde Webb nominated to fill his position. Webb’s extensive experience in the mining sector is expected to enhance the board’s composition, providing a majority of independent directors, which could positively impact the company’s strategic direction and stakeholder confidence.

State Street Becomes Substantial Holder in West African Resources
Mar 25, 2025

West African Resources Ltd has announced a significant change in its shareholder structure, with State Street Corporation and its subsidiaries becoming substantial holders as of March 21, 2025. This development indicates a notable shift in voting power and could impact the company’s strategic decisions, potentially influencing its market positioning and stakeholder relations.

West African Resources Issues Unquoted Performance Rights
Mar 18, 2025

West African Resources Ltd announced the issuance of unquoted equity securities in the form of performance rights under an employee incentive scheme. This issuance involves a total of 1,847,907 performance rights, which are not intended to be quoted on the ASX. The move is part of the company’s strategy to incentivize and retain its employees, potentially enhancing operational performance and aligning employee interests with shareholder value.

West African Resources Unveils Positive Toega Underground Scoping Study Results
Mar 17, 2025

West African Resources Limited has announced positive results from its scoping study and resource estimation for a potential underground development at the Toega site, beneath the Sanbrado gold production center. The study highlights a maiden underground mineral resource estimate of 4.9 million tonnes at 3.5 g/t for 560,000 ounces of gold. The Toega underground project is expected to produce an average of 81,000 ounces of gold per annum from years 2 to 6, adding 515,000 ounces to the life-of-mine production over a seven-year period. The company plans to fund the estimated US$42 million pre-production capital expenditure through internal cashflows and loans. The combination of Toega underground mining and secondary crushing at Sanbrado could potentially increase Sanbrado’s annual gold production by approximately 50% to around 300,000 ounces per year.

Mitsubishi UFJ Financial Group Increases Stake in West African Resources
Mar 17, 2025

Mitsubishi UFJ Financial Group, Inc. has increased its voting power in West African Resources Ltd, as reflected in a recent change of interests notice. The change in voting power signifies a potential shift in influence within the company, which may impact its strategic decisions and stakeholder interests.

Morgan Stanley Acquires Substantial Stake in West African Resources
Mar 17, 2025

Morgan Stanley and its subsidiaries have become substantial holders in West African Resources Ltd, acquiring a 5.11% voting power through various entities. This development indicates a significant investment from Morgan Stanley, which could impact West African Resources’ market dynamics and investor confidence.

Mitsubishi UFJ Financial Group Becomes Substantial Holder in West African Resources
Mar 14, 2025

West African Resources Ltd has announced that Mitsubishi UFJ Financial Group, Inc. has become a substantial holder in the company, with a voting power of 5.16% through its relevant interest in securities. This development signifies a significant investment by a major financial group, potentially impacting the company’s strategic direction and market perception positively.

West African Resources Ltd Announces Change in Substantial Holding
Mar 14, 2025

West African Resources Ltd has announced a change in the substantial holding of its shares, with First Sentier Investors Holdings Pty Limited and its related entities now holding a significant voting power. This change reflects a shift in the voting power dynamics within the company, potentially impacting its strategic decisions and stakeholder interests.

MUFG Acquires Substantial Holding in West African Resources
Mar 13, 2025

West African Resources Ltd has announced a change in substantial holding, with Mitsubishi UFJ Financial Group (MUFG) now having a relevant interest in the company’s shares through its subsidiary, First Sentier Investors Holdings Pty Limited. This development signifies a shift in the voting power dynamics within the company, potentially influencing future strategic decisions and impacting stakeholders involved.

Mitsubishi UFJ Financial Group Ceases Substantial Holding in West African Resources
Mar 13, 2025

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in West African Resources Ltd as of March 13, 2025. This change was due to the purchase of securities by an entity controlled by Morgan Stanley, which affected a significant number of fully paid ordinary shares, thereby altering the voting interests previously held by Mitsubishi UFJ Financial Group.

West African Resources Ltd Ceases Substantial Holding
Mar 12, 2025

West African Resources Ltd has announced that it has ceased to be a substantial holder in a particular investment, as indicated in a notice dated March 10, 2025. This change involves alterations in relevant interests and associations with voting securities, impacting the company’s stake and possibly its strategic positioning.

Mitsubishi UFJ Financial Group Becomes Substantial Holder in West African Resources Ltd
Mar 11, 2025

Mitsubishi UFJ Financial Group, through its subsidiary First Sentier Investors Holdings Pty Limited, has become a substantial holder in West African Resources Ltd, acquiring a significant number of fully paid ordinary shares. This development indicates a strategic investment move by Mitsubishi UFJ Financial Group, potentially enhancing its influence and voting power within West African Resources Ltd, which could impact the company’s strategic decisions and market positioning.

West African Resources Ltd Sets Ambitious Gold Production Goals
Mar 10, 2025

West African Resources Ltd has released an investor presentation detailing its strategic goals, including an aspiration to become a sustainable producer of over 500,000 ounces of gold annually within five years. The presentation highlights the company’s focus on operational efficiency and cost management, though it acknowledges that these goals are aspirational and subject to various risks and uncertainties.

West African Resources Reports Strong 2024 Financial Results and Expansion Plans
Mar 10, 2025

West African Resources Limited reported a strong financial performance for 2024, with a net profit after tax of $246 million and a revenue of A$730 million. The company produced 206,622 ounces of gold and is on track with the construction of its Kiaka project, expected to double its annual gold production to over 420,000 ounces by 2025.

Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

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