WAF’s CY24 results were mostly in line on the key metrics with a A$246m NPAT reported and an A$251.6m operating cashflow result from Sanbrado. Significant growth capital spend during CY24 dampened the free cash flow result, which was -A$235.7m for CY24 but in line with our estimates. WAF is ideally positioned with Sanbrado performing well operationally and generating strong cash flows to offset the ongoing Kiaka capex spend. WAF’s CY25 production guidance of 290- 360koz is unchanged, with Kiaka remaining on track for its first gold pour in 3QCY25. Spot gold prices lift our price target from $4.10 to $4.50 with a Speculative Buy maintained.
To access the full report please log in under the Research Portal at the bottom of this page.
Argonaut’s Research Portal allows you to access Argonaut’s wealth of Research, as well as view the Morning Note, an overview of the Companies covered and the Team.
If you would like to access our research please contact us to create an account.
