While I continue to procrastinate, I thought I would check to see just how WAF has traveled after being a producer (after reaching commercial production un May 2020) just shy of 3 full years and whether they have been able to get even close to the DFS (the sector is littered with those who never achieved the DFS numbers).....
August 2018 (top left), April 2019 (top right), April 2023 (beneath the other two).... Basically.... WAF was able to produce 137k in the 8 months of 2020 (run rate of 182k Then 2021 saw them produce 289k (so very close to their original 300k target! Then 2022 saw them produce 234k, which was slightly below the original production goal. 2023 they are forecasting mid point 220k. 2024 midpoint of approx 195k. 2025 looks to be approx midpoint 190k again. Even if you igore 2020 with its 137k ounces, WAF will have averaged 226k ounces p.a.
From the original DFS - They have beaten it... and... just as importantly, massively boosted the tail end of Sanbrado's production profile.
In the 4 1/2 years production (when they hit the end of 2024), they will have produced 1.075m ounces. A hugely impressive achievement.
However, while the market was unimpressed with the new LOM plan. The graphs hopefully convey just how bit a change it was compared to the DFS.... and updated DFS.
Roughly speaking, Sanbrado's later years will see 150k p.a as the base case, with many of the next 10 seeing closer to 200k p.a. That is all before a second decline could be included.
The 137k WAF were able to scrounge from mostly development ore and unplanned ore in 2020, is impressive too.
Anyway... procrastination over.
WAF Price at posting:
98.0¢ Sentiment: Buy Disclosure: Held
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