WEST AFRICAN RESOURCES LIMITED (WAF)
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29/09/2026

1

Buy

$4.45

27.14%

Ord Minnett makes mostly minor changes to commodity price forecasts following a September quarter characterised by stronger energy, coal, precious and most base metal prices, while lithium fell -20%.

The broker remains positive on lithium longer term, lifting CY27 and CY28 price forecasts by 2% and 5%, respectively, supported by electric vehicles, energy storage and renewables demand.

Copper's recent rally is considered vulnerable to reversal, prompting a -6% CY27 price forecast cut, though longer-term fundamentals remain supportive. Aluminium price forecasts are also lowered.

Ord Minnett currently sees more attractive risk-reward across bulk commodities than base metals, particularly iron ore.

For gold stocks under coverage, the broker prefers Buy-rated Capricorn Metals for its asset quality, production growth outlook and valuation.

Unchanged Buy rating and $4.45 target for West African Resources.

This is a summary of research released by Ord Minnett yesterday.

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

64.29%

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.