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

28/04/2026

1

Outperform

$4.00

37.93%

West African Resources delivered a solid 1Q result, according to Macquarie, with costs beating expectations following stronger performance at Kiaka. Costs (AISC) of -US$1,921/oz beat the consensus forecast by 6%.

However, the Burkina Faso government's increased stake in Kiaka reduces the company's ownership to 60% from 85%, driving earnings downgrades and a lower valuation, the analyst explains.

A strong net cash position is noted, with Macquarie citing potential for capital returns, including a maiden dividend.

The broker lowers its target by -11% to $4.00 and maintains an Outperform rating, with capital management a key near-term focus.

FORECAST
Macquarie forecasts a full year FY26 dividend of 10.00 cents and EPS of 87.40 cents.
Macquarie forecasts a full year FY27 dividend of 20.00 cents and EPS of 79.90 cents.

27/04/2026

1

Speculative Buy

$7.00

141.38%

Canaccord Genuity maintains a Speculative Buy rating for West African Resources and raises its price target to $7.00 following news that the host government elected to acquire an additional 25% stake in the Kiaka project for $175m.

The deal takes the government's total ownership to 40% and Canaccord Genuity comments this outcome remains significantly more favourable than the 50% threshold previously feared.

Management intends to distribute proceeds to shareholders via a special dividend, providing relief alongside near-term operational headwinds observed at the Sanbrado mine, where higher strip ratios temporarily elevated all-in sustaining costs.

Conversely, the Kiaka division delivered in-line production and lower unit costs, keeping group volumes on track to meet annual guidance parameters despite intermittent grade variability.

The revised 60% equity ownership structure has been incorporated into the financial modeling while unwinding a portion of the geopolitical risking previously applied to the valuation, prompting minor adjustments to future earnings estimates.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 91.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 101.00 cents.