West African Resources (WAF) Stock Overview
Engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa. More details
| Snowflake Score | |
|---|---|
| Valuation | 5/6 |
| Future Growth | 6/6 |
| Past Performance | 6/6 |
| Financial Health | 6/6 |
| Dividends | 0/6 |
WAF Community Fair Values
Create NarrativeSee what 109 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Materials opportunity
ST
Fair Value from
CA$5.0768.4% undervalued intrinsic discount
An Undervalued 3.3Moz Gold Project in Canada
Key takeaways Upside Gold is developing the Kena Gold Project, near the town of Nelson in the Kootenays region of southern British Columbia. Kena hosts a historical gold resource of 3.33 million ounces (561,000 ounces Indicated and 2.77 million ounces Inferred) across a 10,200-hectare land package.
Read full narrativeWest African Resources Limited Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | AU$3.20 |
| 52 Week High | AU$3.97 |
| 52 Week Low | AU$2.11 |
| Beta | 1.11 |
| 1 Month Change | -4.48% |
| 3 Month Change | -8.83% |
| 1 Year Change | 32.23% |
| 3 Year Change | 223.23% |
| 5 Year Change | 209.18% |
| Change since IPO | 1,233.33% |
Recent News & Updates
Narrative Update • Apr 20
WAF: Speculative Buy Thesis Will Depend On Sustained Margin Execution
Analysts have trimmed their fair value estimate for West African Resources from A$4.70 to A$4.50, citing tempered revenue growth assumptions and slightly higher discount rates, partly offset by expectations for stronger profit margins and a modestly lower future P/E multiple. Analyst Commentary Recent fair value adjustments suggest analysts are rebalancing enthusiasm with a more measured view of the risk and reward on offer for West African Resources.
Narrative Update • Apr 06
WAF: Speculative Buy Rating Will Rely On Future Project Execution
Analysts have nudged their price target for West African Resources up from A$5.70 to A$5.85, citing updated assumptions around revenue growth, profit margins and forward P/E following the recent resumption of coverage at Speculative Buy by the Street. Analyst Commentary Recent research coverage frames the updated A$5.85 price target as part of a constructive view on how West African Resources is positioned, with bullish analysts focusing on the balance between valuation assumptions, revenue potential and profit margins.Narrative Update • Mar 23
WAF: Resumed Speculative Buy Coverage Will Support Future Upside Potential
Analysts have lifted their A$ price target on West African Resources, citing updated assumptions that now pair more moderate revenue growth expectations with higher projected profit margins and a slightly higher future P/E multiple following fresh Street research coverage. Analyst Commentary Recent research coverage points to a more constructive stance on West African Resources, with bullish analysts highlighting a mix of valuation support and execution potential as key reasons for lifting price targets.Recent updates
Narrative Update • Apr 20
WAF: Speculative Buy Thesis Will Depend On Sustained Margin Execution
Analysts have trimmed their fair value estimate for West African Resources from A$4.70 to A$4.50, citing tempered revenue growth assumptions and slightly higher discount rates, partly offset by expectations for stronger profit margins and a modestly lower future P/E multiple. Analyst Commentary Recent fair value adjustments suggest analysts are rebalancing enthusiasm with a more measured view of the risk and reward on offer for West African Resources.Narrative Update • Apr 06
WAF: Speculative Buy Rating Will Rely On Future Project Execution
Analysts have nudged their price target for West African Resources up from A$5.70 to A$5.85, citing updated assumptions around revenue growth, profit margins and forward P/E following the recent resumption of coverage at Speculative Buy by the Street. Analyst Commentary Recent research coverage frames the updated A$5.85 price target as part of a constructive view on how West African Resources is positioned, with bullish analysts focusing on the balance between valuation assumptions, revenue potential and profit margins.Narrative Update • Mar 23
WAF: Resumed Speculative Buy Coverage Will Support Future Upside Potential
Analysts have lifted their A$ price target on West African Resources, citing updated assumptions that now pair more moderate revenue growth expectations with higher projected profit margins and a slightly higher future P/E multiple following fresh Street research coverage. Analyst Commentary Recent research coverage points to a more constructive stance on West African Resources, with bullish analysts highlighting a mix of valuation support and execution potential as key reasons for lifting price targets.Narrative Update • Mar 08
WAF: Speculative Buy Stance Will Rely On Execution To Unlock Upside
Analysts have lifted their A$ price target on West African Resources to A$4.70, with the change underpinned by slightly higher assumed revenue growth, a small improvement in forecast profit margins and a modestly lower future P/E multiple. Analyst Commentary While the higher A$ price target points to a more constructive stance overall, some bearish analysts are still flagging key risks that they feel are not fully reflected in the current valuation.Narrative Update • Feb 22
WAF: Speculative Buy Stance Will Support Higher Fair Value Despite Execution Risk
Analysts have lifted their fair value estimate for West African Resources from A$3.20 to A$4.70, citing updated views on revenue growth, profit margins and future P/E assumptions following recent Speculative Buy research coverage. Analyst Commentary Analysts lifting their fair value estimate to A$4.70 reflects updated assumptions around revenue, margins and P/E settings, but not everyone is leaning in the same direction.Narrative Update • Feb 08
WAF: Higher Fair Value And Resumed Coverage Will Support Future Upside
Analysts have lifted their fair value estimate for West African Resources from A$5.00 to A$5.70, citing updated assumptions around revenue growth, profit margins and future P/E that are reflected in recent Street research that has resumed coverage on the name. Analyst Commentary Recent Street research has resumed coverage on West African Resources, with bullish analysts framing the new A$5.70 fair value estimate as a reflection of updated expectations around revenue, margins and future P/E assumptions.Narrative Update • Jan 25
WAF: Higher Required Returns Will Confront Rich Multiple Despite Stronger Margins
Analysts have lifted their price target on West African Resources to A$3.20. The update reflects adjusted assumptions around revenue growth, profit margins and future P/E multiples, while keeping fair value essentially aligned with prior estimates.Analysis Article • Jan 20
A Piece Of The Puzzle Missing From West African Resources Limited's (ASX:WAF) 28% Share Price Climb
West African Resources Limited ( ASX:WAF ) shareholders would be excited to see that the share price has had a great...Narrative Update • Jan 10
WAF: Higher Required Returns Will Meet Stronger Margins And Lower P E Multiple
Analysts have reduced their price target on West African Resources from A$3.40 to A$3.20, citing updated assumptions for revenue growth, profit margins and a lower future P/E multiple in their valuation work. Valuation Changes Fair Value Estimate adjusted from A$3.40 to A$3.20, in line with the revised price target.
Narrative Update • Dec 27
WAF: Future Returns Will Improve With Strong Margins And Supportive Earnings Multiple
Analysts have modestly increased their price target for West African Resources to approximately A$3.97 from A$3.80, reflecting slightly stronger expectations for revenue growth, profit margins and future earnings multiples, despite a marginally higher discount rate. Valuation Changes The fair value estimate has risen slightly from A$3.80 to approximately A$3.97 per share.Narrative Update • Dec 13
WAF Stronger Margins And Lower Earnings Multiple Will Drive Future Upside
Analysts have raised their price target on West African Resources from A$5.00 to A$5.50, citing expectations of stronger revenue growth, improved profit margins, and a more attractive forward earnings multiple. Valuation Changes The fair value estimate remained unchanged at A$5.00 per share, indicating no revision to the intrinsic value assessment.Narrative Update • Nov 29
WAF: Future Profitability Will Strengthen With Steady Margins And Lower P/E
Analysts have lowered their price target for West African Resources from $4.00 to $3.80 per share, citing slight adjustments to discount rate and valuation assumptions. Valuation Changes Fair Value per share has decreased modestly from A$4.00 to A$3.80.Narrative Update • Nov 15
WAF: Future Profitability Is Expected To Strengthen Despite Lower Growth
Narrative Update: Analyst Price Target Change for West African Resources Analysts have increased their price target for West African Resources from $4.00 to $4.00, citing adjustments to growth forecasts and updated profitability expectations. Valuation Changes Fair Value remains unchanged at A$4.00.Narrative Update • Oct 31
WAF: Revenue Acceleration Will Support Greater Production And Earnings Ahead
Analysts have raised their price target for West African Resources from $3.60 to $4.00. This reflects stronger revenue growth expectations, even though the profit margin outlook is more conservative.Narrative Update • Sep 26
Kiaka Gold And Sanbrado Transition Will Increase Long-Term Production
The downward revision in West African Resources’ consensus price target reflects modest declines in both revenue growth forecasts and net profit margin, resulting in a new fair value estimate of A$3.60. What's in the News Production guidance for full year 2025 reaffirmed, targeting 500,000 ounces per annum by 2030 from two unhedged gold operations in Burkina Faso.Analysis Article • Jun 16
Is West African Resources (ASX:WAF) Using Too Much Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Mar 06
West African Resources (ASX:WAF) Seems To Use Debt Quite Sensibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Mar 06
Investors Still Aren't Entirely Convinced By West African Resources Limited's (ASX:WAF) Earnings Despite 26% Price Jump
West African Resources Limited ( ASX:WAF ) shares have continued their recent momentum with a 26% gain in the last...
New Narrative • Jan 27
Kiaka Project Will Begin Gold Production In Q3 2025
Completion and production ramp-up of the Kiaka project are set to significantly boost revenue and increase gold production efficiency.Analysis Article • Nov 06
The Market Lifts West African Resources Limited (ASX:WAF) Shares 28% But It Can Do More
West African Resources Limited ( ASX:WAF ) shares have continued their recent momentum with a 28% gain in the last...Analysis Article • Sep 18
Market Cool On West African Resources Limited's (ASX:WAF) Earnings
When close to half the companies in Australia have price-to-earnings ratios (or "P/E's") above 20x, you may consider...Analysis Article • Jun 28
A Look At The Fair Value Of West African Resources Limited (ASX:WAF)
Key Insights West African Resources' estimated fair value is AU$1.39 based on Dividend Discount Model With AU$1.61...Analysis Article • May 03
Is West African Resources (ASX:WAF) A Risky Investment?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Apr 10
West African Resources Limited's (ASX:WAF) Shares Leap 35% Yet They're Still Not Telling The Full Story
West African Resources Limited ( ASX:WAF ) shareholders have had their patience rewarded with a 35% share price jump in...Analysis Article • Feb 05
Sentiment Still Eluding West African Resources Limited (ASX:WAF)
When close to half the companies in Australia have price-to-earnings ratios (or "P/E's") above 19x, you may consider...Analysis Article • Aug 30
West African Resources Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
It's been a good week for West African Resources Limited ( ASX:WAF ) shareholders, because the company has just...Analysis Article • Apr 14
Here's Why West African Resources (ASX:WAF) Can Manage Its Debt Responsibly
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Jan 13
With EPS Growth And More, West African Resources (ASX:WAF) Makes An Interesting Case
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Analysis Article • Dec 08
We Think West African Resources (ASX:WAF) Can Stay On Top Of Its Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Shareholder Returns
| WAF | AU Metals and Mining | AU Market | |
|---|---|---|---|
| 7D | 7.0% | 4.4% | 0.2% |
| 1Y | 32.2% | 57.3% | 5.8% |
Return vs Industry: WAF underperformed the Australian Metals and Mining industry which returned 57.3% over the past year.
Return vs Market: WAF exceeded the Australian Market which returned 5.8% over the past year.
Price Volatility
| WAF volatility | |
|---|---|
| WAF Average Weekly Movement | 7.4% |
| Metals and Mining Industry Average Movement | 12.2% |
| Market Average Movement | 10.4% |
| 10% most volatile stocks in AU Market | 17.2% |
| 10% least volatile stocks in AU Market | 4.4% |
Stable Share Price: WAF has not had significant price volatility in the past 3 months compared to the Australian market.
Volatility Over Time: WAF's weekly volatility (7%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2006 | n/a | Richard Hyde | www.westafricanresources.com |
West African Resources Limited engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa. The company has 85% interests in the Sanbrado Gold and Kiaka Gold projects located in Burkina Faso. It also holds interests in the Toega Gold Project located in Burkina Faso.
West African Resources Limited Fundamentals Summary
| WAF fundamental statistics | |
|---|---|
| Market cap | AU$3.66b |
| Earnings (TTM) | AU$473.90m |
| Revenue (TTM) | AU$1.54b |
7.7x
P/E Ratio2.4x
P/S RatioIs WAF overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| WAF income statement (TTM) | |
|---|---|
| Revenue | AU$1.54b |
| Cost of Revenue | AU$663.00m |
| Gross Profit | AU$880.00m |
| Other Expenses | AU$406.10m |
| Earnings | AU$473.90m |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
n/a
| Earnings per share (EPS) | 0.41 |
| Gross Margin | 57.03% |
| Net Profit Margin | 30.71% |
| Debt/Equity Ratio | 24.9% |
How did WAF perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/11 23:50 |
| End of Day Share Price | 2026/05/11 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
West African Resources Limited is covered by 13 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Richard Gray | ATB Cormark |
| Nicholas McGarrigle | Barrenjoey Markets Pty Limited |
| Taylor Guyot | Barrenjoey Markets Pty Limited |