West African's Resources' Africa Project Offers Compelling Value, Euroz Hartleys Says

MT Newswires Live
13 May

West African Resources (ASX:WAF) Kiaka gold project in Burkina Faso offers compelling value even after factoring in a discount for country risk, according to a Tuesday note by Euroz Hartleys.

On Tuesday, the company said it has started mining and crushing operations at its project, with first gold on track for the third quarter of the year, according to a Tuesday filing with the Australian bourse.

The project is WAF's catalyst in more than doubling the company's annual gold production from its current level of over 200,000 ounces per annum (ozpa) to a targeted sustainable output exceeding 500,000 ozpa, Euroz said.

Euroz expects Kiaka to produce about 134,000 ounces within the year, contributing to total group output of 338,000 ounces and ramping up production to 280,000 ounces in 2026, pushing total group output close to 500,000 ounces.

The firm maintained West African Resources' buy rating and its price target of AU$4.10.

Shares of the company fell 6% on market close.

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