West African Resources (ASX:WAF) is expected to have limited impact from its decision to align with the new Burkina Faso Mining Code, which increases the government's free-carried project interest to 15% from 10%, according to a Wednesday Euroz Hartleys note.

The company, on Wednesday, also confirmed its gold production guidance for the year of 190,000 to 210,000 ounces at an all-in sustaining cost of less than $1,350 per ounce.

The change to 85% from 90% ownership slightly lowers the company's net asset value by 3.2% to AU$3.94 per share, but the overall financial impact is limited, the note said.

The research firm noted that the change in ownership also aligns aligns to neighbouring Guinea's 15% free-carry, and Tanzania's 16% state free-carry, which have both economic and social benefits.

Euroz Hartleys maintained the company's buy rating with a reduced price target of AU$4, down from AU$4.10.

The company's shares fell past 3% in recent Thursday trade.