West African Resources achieves gold production goals
West African Resources (ASX:WAF) announced that it met its 2023 gold production target for its West African mining operations, concluding the year on a strong note.
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West African Resources Limited
West African Resources (ASX: WAF) is the region’s newest unhedged gold producer after it poured first gold at its Sanbrado Gold Project, Burkina Faso, on 18 March 2020. Sanbrado is targeting annual production of more than 200,000 ounces of gold over next five years at AISC less than US$600/oz.
West African recently announced the acquisition of the 1.1Moz Toega Gold Project from TSX-listed B2 Gold, as it aims to increase Sanbrado’s gold production and mine life. Toega is located within trucking distance of Sanbrado.
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News
Sanbrado Gold Progressing For West African Resources
West African Resources – (ASX: WAF, Share Price: $0.415, Market Cap: $241m, coverage initiated @ $0.08 in Sep 2015 – current gain of 419%)
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West African Gold Shares Head North
West African Resources – (ASX: WAF, Share Price: $0.39, Market Cap: $226m, coverage initiated @ $0.08 in Sep 2015 – gain of 387%)
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Market Smells Big Resource Increase Coming At West African
It’s no big deal to find a couple of million ounces of low grade gold in West Africa. But it’s another thing altogether if the resource base comes with seriously high-grade shoots that can sweeten head grades to make a project a real money spinner.
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High-Grade Gold Hits Continue For WAF
West African Resources (ASX: WAF, Share Price: $0.36, Market Cap: $174m) is one of our favourite African gold exposures. Operating in Burkina Faso since 2007, it ranks as the largest ASX-listed acreage holder within the country and has accelerated its progress towards production status via aggressive drilling, enhanced gold resource base and positive PFS results at its Sanbrado Project.
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Analyst Views
WAF – Macquarie rates the stock as Outperform
The broker lifts estimates for earnings per share in 2021 by 10% but makes no changes to the $1.20 target. Outperform rating maintained.
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WAF – Macquarie rates the stock as Downgrade to Neutral from Outperform
Macquarie upgrades processing assumptions for Sanbrado as the performance to date has been strong.
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