WAF – Macquarie rates the stock as Outperform

The company has executed a US$200m funding package for Sanbrado and completed a $43.2m share placement. First gold is still expected in the third quarter of 2020 and an updated mine plan in the first quarter of 2019.

Completing the funding for Sanbrado is a de-risking event and Macquarie expects the company will accelerate development now. Drilling is likely to provide near-term catalysts, culminating in a resource/reserve upgrade early in 2019.

Outperform rating and $0.50 target maintained.

Sector: Materials.

Target price is $0.50.Current Price is $0.23. Difference: $0.27 – (brackets indicate current price is over target). If WAF meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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