WEST AFRICAN RESOURCES LIMITED (WAF)
Share Price Analysis and Chart

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WAF

WAF - WEST AFRICAN RESOURCES LIMITED

FNArena Sector : Gold & Silver
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 1.06
Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.50

03 Feb
2026

0.010

OPEN

$3.50

0.29%

HIGH

$3.60

10,150,707

LOW

$3.47

TARGET
$4.35 24.3% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
WAF: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 20.7 39.8 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 44.6% 92.1% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 8.8 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx20.7
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx724.4 M
Book Value Per Share xxxxxxxxxxxxxxx109.4
Net Operating Cash Flow xxxxxxxxxxxxxxx206.9 M
Net Profit Margin xxxxxxxxxxxxxxx30.90 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx21.24 %
Return on Invested Capital xxxxxxxxxxxxxxx16.98 %
Return on Assets xxxxxxxxxxxxxxx14.01 %
Return on Equity xxxxxxxxxxxxxxx21.24 %
Return on Total Capital xxxxxxxxxxxxxxx23.20 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-278.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx30 M
Long Term Debt xxxxxxxxxxxxxxx396 M
Total Debt xxxxxxxxxxxxxxx426 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx398 M
Price To Book Value xxxxxxxxxxxxxxx1.31

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx487.3 M
Capex % of Sales xxxxxxxxxxxxxxx67.28 %
Cost of Goods Sold xxxxxxxxxxxxxxx382 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx18 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Ord Minnett

29/01/2026

1

Buy

$4.80

37.14%

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker lifts the target on West African Resources to $4.80 from $3.70 and retains a Buy rating. The EPS forecasts are tweaked lower by -0.2% for 2025 and up 21.6% for 2026.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

30/01/2026

1

Speculative Buy

$5.70

62.86%

Canaccord Genuity removes West African Resources from Under Review and initiates a Speculative Buy with a $5.70 target following a strong December quarter and 2025 production beat of 300koz at AISC of US$1,488/oz, ahead of broker expectations.

The result was driven by a faster-than-anticipated ramp-up at Kiaka, where production of 62koz materially exceeded forecasts, while Sanbrado delivered broadly in line despite a planned shutdown.

Net cash stood at US$204m at quarter end, providing balance sheet strength as Kiaka continues to ramp, albeit with power reliability and cost pressures flagged as ongoing risks.

For 2026, Canaccord models group production of 479koz at AISC of US$1,652/oz, noting higher gold prices are likely to lift royalties and costs.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 47.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 19.00 cents and EPS of 97.00 cents.
Access Extra Coverage Research History >

WAF STOCK CHART

FNArena News on WAF

Latest Gold & Silver News

1
Gold: Bullish, But Breather Likely

Mar 09 2022 - Technicals
2
Australian Gold Stocks Undervalued

Dec 09 2021 - Feature Stories
3
Silver Investors Should Be So Lucky

Nov 23 2021 - Weekly Reports
4
Gold Outlook Improves: Are Stocks Cheap?

Sep 13 2021 - Commodities
5
Gold Risky At Present

Jul 21 2021 - Technicals
6
St Barbara’s Outlook Loses Its Lustre

May 19 2021 - Australia
7
Gold Stocks Ready To Shine Again

Dec 03 2020 - Australia
8
Catalysts Aplenty Ahead For Evolution Mining

Oct 28 2020 - Australia
9
Gold: Longer Term Upside

Oct 21 2020 - Technicals
10
Looking Elsewhere For Golden Value

Oct 15 2020 - Weekly Reports