WAF’s SQ CY24 production number of 47.8Koz was slightly below our estimates due to lower underground mined grades at M1 South. Recent negative sentiment following comments made by the Burkina Faso president appears to be rebutted by meetings with government ministers which confirmed WAF’s mining permits remain in good standing with no intention to withdraw them. We maintain our Speculative Buy recommendation with our price target unchanged at $3.50.
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