West African Resources achieves significant Q3 results

West African Resources (ASX:WAF) reported a productive third quarter for 2024. The company produced 47,799 ounces of gold at an All-In Sustaining Cost (AISC) of US$1,296 per ounce. Gold sales reached 49,643 ounces, averaging US$2,493 per ounce. A net cash flow of A$59 million from operations was recorded. The company maintains a strong cash position of A$430 million.

Overview of West African Resources' strategic progress

West African Resources is on track to meet its 2024 production guidance of 190,000 to 210,000 ounces at an AISC of less than US$1,300 per ounce. The company has made significant advancements in the Kiaka Gold Project, maintaining construction and operational readiness on schedule and within budget. A$171 million was spent on capital expenditures in Q3, and a A$150 million share placement was completed to fund the development. The company continues to focus on social and environmental initiatives, including tree planting and community investments. Future objectives include progressing drilling programs and releasing a scoping study for the Toega underground mining. West African Resources maintains its status as an unhedged gold producer, which positions it to benefit from favorable gold prices.

Executive commentary on quarterly performance

We are pleased with the continued strong performance in the third quarter, which keeps us on track to meet the upper end of our 2024 production guidance. Our efforts at the Kiaka Gold Project are progressing well, and we remain focused on achieving key milestones on schedule and within budget.