Australia's West African Resources rises; Macquarie raises PT

West African Resources

22/04/2025 03:16

** West African Resources WAF.AX rises 6.6% to a record high of A$2.58

** Gold miner reports Q1 gold production of 50,033 ounces; all-in sustaining cost at $1,262 per ounce, 11% lower than Macquarie's estimate

** Brokerage says co expected to double production with the start of Kiaka Gold Project in Burkina Faso

** Adds co's net debt of A$128 mln ($82.2 mln) higher than expected due to increased development spending at Kiaka project, which is set for first gold production in Q3 CY25

** Raises PT by 4% to A$2.80; maintains "outperform"

** WAF gains 80.5% YTD

($1 = A$1.5579)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))