WAF’s 4QCY24 production result, pre-reported, was strong with 51.2koz produced up 7% QoQ. Sanbrado’s AISC of A$1,863/oz for 4QCY24 was a slight beat to our estimates and flat QoQ. Operating cash flows of A$76m were reported for 4QCY24 although A$131m of cash outflows from Kiaka resulted in a slight reduction (-4%) in cash and bullion QoQ. WAF expect to deliver CY25 guidance within the current quarter with CY25 production heavily reliant on Kiaka commissioning timelines. We have adjusted our CY25 production outlook 14% lower to accommodate additional commissioning time for Kiaka in 3QCY25 although we still expect first gold production in 3QCY25. Lower CY25 production estimates are offset by spot gold price movements which lift our Price Target from $3.90 to $4.10. Speculative Buy maintained
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