West African Resources (ASX:WAF) is "executing well" and is poised to be highly profitable and produce 450,000 to 500,000 ounces annually over a long mine life, offering compelling value, Euroz Harleys said in a Thursday note.

On Thursday, the company reported 2024 diluted earnings of AU$0.206 per share, up from AU$0.142 a year earlier. Revenue from continuing operations for the 12 months ended Dec. 31, 2024, rose to AU$730 million from AU$661.2 million a year earlier.

The mining company produced 206,622 ounces of gold for the period, in line with its guidance, at an all-in-sustaining cost of $2,391 per ounce.

The research firm noted that WAF's 2025 guidance for its Sanbrado project in Burkina Faso of 190,000 to 210,000 ounces was within expectations, and expects the project to continue to be highly profitable with a long mine life.

WAF's second mine, Kiaka, is on track for first gold production in the third quarter of 2025, the firm added.

Euroz Hartleys forecasts group production of about 480,000 ounces in 2026, with expectations for it to exceed 500,000 ounces in the future.

The firm maintained a buy rating on WAF and raised its price target to AU$3.50 from AU$3.35.