WAF’s 3QCY24 production, pre-reported, totalled 47.8 Koz with unhedged gold sales of 49.6 Koz at an average price of US$2,493/oz. Sanbrado reported an ASIC of A$1,939/oz for 3QCY24 which was in line with our numbers. Solid quarter by WAF as Sanbrado continues to perform to plan and Kiaka’s progress remains on track. WAF’s growth outlook remains strong as Kiaka comes online in the next 12 months doubling production into CY25/CY26. Our Speculative Buy recommendation with our price target unchanged at $3.50.
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