West African Resources (ASX:WAF) reported a strong December quarter, that largely met expectations, according to a Wednesday note by Euroz Hartleys.
On Monday, the company reported that it achieved cost and production guidance, with full-year 2024 gold production of 206,622 ounces at an all-in-sustaining cost of $1,240 per ounce.
It also reported fourth-quarter gold production of 51,178 ounces, at all-in sustaining costs of $1,216 per ounce.
Euroz Hartleys notes that production was largely in line with the firm's forecast of 207,700 gold ounces for the year, but the costs were better than expected.
It also said that WAF's Sanbrado Gold Operations in Burkina Faso continue to operate well and the company has a high level of funds to complete the development of its Kiaka gold project.
Unhedged gold production benefits from a rise in gold price, driving strong margins the investment adviser said.
Euroz Hartleys has a buy rating on West African Resources with a price target of AU$3.10.
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