Well they are now a 450koz/pa run rate producer! With the SP appreciating around 50% though in the last year, somewhat fairly valued now against peers. Albeit growth capital now for WAF drops off a cliff and they will be printing cash and hopefully distributing it.
Still a slight African discount here particularly forward looking to FY26 VAU - ~400koz pa FY25 guidance, $2,350/oz midpoint AISC - A$2.7B valuation (A$6,750/oz valuation) RRL - ~365koz pa FY25 guidance, A$2,600/oz midpoint AISC - A$3.3B valuation (A$9,000/oz valuation) NST - ~1,700koz pa FY25 guidance, A$2,000/oz AISC - A$26B valuation (A$15,000/oz valuation) WAF FY25 - ~330koz pa FY25 guidance, A$2,200 (estimate) - A$2.5B (A$7,500/oz valuation) WAF FY26 - ~470koz pa FY26 guidance, A$2,100 (estimate) - A$2.5B (A$5,300/oz valuation)
WAF Price at posting:
$2.20 Sentiment: Buy Disclosure: Held
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