WAF reported a NPAT result of A$92m for H1 CY24 with Sanbrado delivering an operating cash flow of A$116m. Free cash flow for the half was in line with our estimates at -A$86m for the half with growth capex at Kiaka the key draw down on the FCF number. WAF ended H1 CY24 with a A$425M cash balance and A$39m in bullion. Gold price movements drive our price target higher to $3.10 ($3.00 prior). Speculative Buy rating maintained.
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