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

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

12/12/2025

1

Buy

$3.70

8.19%

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For West African Resources, the broker lifted FY25 EPS forecast by 1.1% and FY26 by 12%. Buy retained, and target price is $3.70.

13/01/2026

-1

No Rating

-

Canaccord Genuity lifted its long-term gold price forecast by 3.5% to US$4,909/oz from 2029 and raised medium-term estimates by 2.1% (2026-28). The broker's long-term forex forecasts are unchanged, leading to a 3.5% rise in gold price estimate in AUD terms to $7,013/oz.

The broker also increased the long-term silver price forecast by 36.6% to US$77.7/oz. 

Price targets for senior and intermediate/junior producers lifted by an average 5% after factoring in revised forecasts.

The broker is under research restriction for West African Resources and didn't provide forecasts for the December quarter production and sales. No rating and target price.