Gold miner West African Assets seems heading in the right direction to succeed in its annual steerage for 2024, following a stable first half.
Richard Hyde-led West African informed the promote it produced 51,049 ounces of gold at its flagship Sanbrado gold mission in Burkina Faso, barely down from 56,595oz throughout its first quarter.
The Subiaco-based gold miner has yielded 107,644oz to date this 12 months and mentioned it’s heading in the right direction to satisfy the higher finish of its 190,000-210,000 annual manufacturing steerage for the 2024 full 12 months.
West African informed the market on February 6 its decreased yearly goal was primarily resulting from a discount of ounces from open pit mining operations – though the corporate mentioned this is able to be considerably offset by underground actions.
In distinction, the corporate produced 226,823oz of gold through the 2023 full 12 months, working on an annual manufacturing steerage of 210,000-230,000oz.
The corporate additionally offered an replace relating to development of its Kiaka gold mission, with first gold set to be poured through the third quarter of the 2025 calendar 12 months.
Throughout its second quarter, numerous key development targets had been reached, together with a sizeable concrete pour and implementation of inaugural structural metal on the web site.
Because it stands, greater than 50 per cent of development has been accomplished at Kiaka, with round 75 per cent of project-based prices both dedicated or mounted.
Mr Hyde mentioned the corporate has a possibility to grow to be a future 400,000oz every year plus gold producer.
“We’re happy with the up to date ore reserves and 10-year manufacturing goal launched publish quarter exhibiting West African’s gold manufacturing is predicted to common 480,000 ozper annum from 2026 to 2031,” he mentioned.
“With the ultimate $US100 million drawn below the Coris-Sprott mortgage facility within the second quarter and completion of the $150m share placement publish quarter, West African has secured the funding wanted to seize the effectivity enhancements and decrease dangers of the brand new owner-mining technique for Kiaka.”
West African mentioned it had $425 million in its until on the finish of the second quarter of 2024 – excluding proceeds raised from its $150 million capital increase earlier this month.
As of 10.22am WST, the corporate was buying and selling at $1.48 per share, up 4 per cent.
