West African Resources surges; Macquarie sees potential in Burkina Faso project

West African Resources

14/12/2023 04:46

** Shares of West African Resources  WAF.AX  rise as much as
11% to A$0.9375, best day since March 10, 2021 - if current
gains hold 
    ** Analysts at Macquarie say the gold miner's M5 South
open-pit in Sanbrado Gold Operations, Burkina Faso has strong
developmental potential
    ** Adds M5 South can uplift production in Sanbrado, with
project having pre-production capex of only $20 mln 
    ** Maintains target price at A$1.60 and recommends
"outperform" rating for the stock
    **  All 4 analysts covering the stock rate it "Buy"; their
median PT is A$1.55 – LSEG data
    ** Stock has fallen 28.1% this year as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))