WAF’s preliminary 4QCY24 production result was strong with 51.2koz produced at Sanbrado which was up 7% QoQ and in line with our estimates. Operational performance across the underground, open pit, and mill all delivered QoQ improvements. With Sanbrado continuing to perform well, the successful commissioning and ramp-up of Kiaka is our key catalyst for CY25. We maintain our Speculative Buy recommendation with our price target unchanged at $3.90.
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