Did Hyde’s Bigger Stake and New Shares Just Rebalance Insider Alignment and Liquidity at West African Resources (ASX:WAF)?

• In late November 2025, West African Resources reported that Managing Director Richard Hyde acquired 484,949 additional shares, lifting his holding to 17,633,118 shares, while also issuing 944,544 new fully paid ordinary shares now quoted on the ASX.
• This combination of increased insider ownership and a larger free float may influence how investors assess alignment between management and shareholders, as well as trading liquidity.
• We’ll now examine how Richard Hyde’s increased shareholding and the additional ASX-quoted shares may reshape West African Resources’ investment narrative.

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West African Resources Investment Narrative Recap

To own West African Resources, you need to believe in its ability to execute at Sanbrado and Kiaka while managing Burkina Faso specific risks and cost pressures. Richard Hyde’s increased stake and the new ASX quoted shares do not materially change the near term focus on Kiaka ramp up as the key catalyst, or the concentration and power infrastructure risks that still sit in the foreground.

The recent half year 2025 result, with A$477.32 million in sales and A$185.8 million in net income, gives investors a current snapshot of earnings power as Kiaka and Sanbrado ramp toward their guidance ranges. Set against that backdrop, tighter alignment between management and shareholders, plus potentially improved liquidity from the extra 944,544 shares, will be weighed against execution and country specific risks around...

Read the full narrative on West African Resources (it's free!)

West African Resources’ narrative projects A$2.2 billion revenue and A$782.2 million earnings by 2028. This requires 35.7% yearly revenue growth and an earnings increase of about A$455 million from A$327.5 million today.

Uncover how West African Resources' forecasts yield a A$3.80 fair value, a 38% upside to its current price.

Exploring Other Perspectives

Ten fair value estimates from the Simply Wall St Community span roughly A$3.40 to A$20.60 per share, underlining how far apart individual views can be. When you weigh those opinions against West African Resources’ reliance on Burkina Faso for all current operations, it becomes even more important to compare several perspectives before deciding how that concentration risk might affect future performance.

Explore 10 other fair value estimates on West African Resources - why the stock might be worth just A$3.40!

Build Your Own West African Resources Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your West African Resources research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.
• Our free West African Resources research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate West African Resources' overall financial health at a glance.

No Opportunity In West African Resources?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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