West African Resources June Quarter Gold Production Beats Expectations, Euroz Hartleys Says

MT Newswires Live12:04

West African Resources (ASX:WAF) delivered stronger-than-expected June quarter gold production and remains on track to achieve its 2026 production guidance, with strong free cash flow expected at current gold prices, Euroz Hartleys said in a note on Tuesday.

The company produced 125,719 ounces of gold in the June quarter, beating the investment firm's 120,800-ounce forecast and the 119,500-ounce consensus, and sold about 110,000 ounces at a realized price of $4,556 per ounce, lifting year-to-date production to 232,900 ounces and sales to 214,000 ounces.

The research firm expects June-quarter all-in sustaining costs (AISC) of about $1,800 per ounce, below guidance, and forecasts the company could generate around AU$845 million in 2026 operating free cash flow at a $4,100 per ounce gold price, implying a 25% free cash flow yield.

The research firm noted strong operating performance across both mines, with Sanbrado producing 57,608 ounces, supported by high-grade ore from the M1 South underground mine, while Kiaka delivered about 67,500 ounces.

Euroz Hartleys believes the result supports its 2026 forecast of 470,500 ounces at an AISC of $1,817 per ounce, within guidance of 430,000 to 490,000 ounces.

Euroz Hartleys maintained a speculative buy rating on West African Resources with a price target of AU$5.55.

West African Resources' shares fell around 5% in recent Tuesday trade.

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