WEST AFRICAN RESOURCES LIMITED (WAF)
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11/09/2026

1

Buy

$4.45

26.42%

Ord Minnett highlights West African Resources’ ability to repatriate cash from Burkina Faso as the key positive from yesterday's 1H26 result.

Profit more than doubled to $437m but missed consensus by -26%, largely due to a –$121m withholding-tax expense associated with transferring funds offshore, the analyst explains.

This enabled a 20cps unfranked special dividend, well above the 5cps consensus estimate and easing a major investor concern, Ord Minnett suggests.

Negotiations continue over selling the Burkina Faso government a 25% interest in Kiaka SA.

Ord Minnett cuts its FY26 EPS forecast by -25%, retains its $4.45 target and maintains a Buy rating.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 25.00 cents and EPS of 59.00 cents.
Ord Minnett forecasts a full year FY27 dividend of 25.00 cents and EPS of 68.00 cents.

14/09/2026

1

Speculative Buy

$5.75

63.35%

Canaccord Genuity maintains a Speculative Buy rating for West African Resources with a $5.75 target price following the release of the 1H 2026 results.

The company reported consolidated net profit after tax of $437m and EBITDA of $932m, falling -$185m and -$22m short of the broker's expectations due to $118m in withholding taxes on intercompany dividends alongside higher royalty expenses.

The board declared an unfranked special dividend of 20.0c per share, with the business finishing the half possessing cash and equivalents up 50% to $876m, translating to a net cash position of $488m.

Production totalled 233koz at an all-in sustaining cost of US$1,823 per ounce, leaving the group on track to achieve 2026 guidance of 430koz to 490koz at an all-in sustaining cost below US$1,900 per ounce.

The analyst makes minor revisions to 2026 tax calculations to capture the Burkina Faso withholding taxes, noting the unhedged producer remains fully exposed to strong spot gold prices with 42,453 ounces of unsold bullion.