West African Resources (ASX: WAF) is confident it can continue to build on its strong 2024 result, with construction at its Kiaka gold project in Burkina Faso nearing completion.
Releasing the company’s 2024 annual report, chief executive officer Richard Hyde said the next 12 months would be integral to progressing West African’s gold production aims, with several important milestones looming.
“It is an exciting time for our company, operating in a strong gold price environment with zero hedging and continuing to consolidate our position as a mid-tier West African gold producer,” Mr Hyde said.
West African achieved gold production of 206,622 ounces at US$1,240/oz in 2024.
Unhedged gold sales were 199,550oz at an average price of US$2,391/oz.
The company received revenue of $730 million, cash flow from operating activities of $252m, a profit before tax of $342m and a profit after tax of $246m.
Mr Hyde said the Sanbrado production centre delivered another strong result in 2024 and that Kiaka’s construction remains on schedule and on budget for first gold in Q3 2025.
“With Kiaka construction nearing completion, we are on the cusp of having two long-life, low-cost gold production centres in operation in 2025.
“This will see West African more than double annual gold production to over 420,000ozpa.”
“We plan to pour first gold at Kiaka by Q3 2025, with the declaration of commercial production expected in H2 2025 [and] West African is guiding gold production of 100,000 to 150,000oz in 2025.”
“This range relates to the timing of process plant commissioning and the ramp-up of processing operations.”
Mr Hyde said the company plans to complete more than 115,000 metres of drilling across its Sanbrado and Kiaka production centres and surrounding exploration areas in 2025.
The company is also set to release an updated mineral resource estimate and ore reserves in Q2 2025.
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