WAF has an established track record of cash generation from its Sanbrado asset and we expect this to continue and scale up with the commissioning of Kiaka in 2025. Sovereign risk in Burkina Faso continues to discount the technical and financial quality of WAF’s portfolio. We see Kiaka as a potential significant cash generator that will allow it to diversify its portfolio into more stable African jurisdictions. We initiate coverage on West African Resources (WAF) with Speculative Buy recommendation and a $3.10 Price Target. We take a long-term outlook to our Price Target as time will be needed to return the markets confidence in Burkina Faso.
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