From Argonaut's new report as of April 17th, do not have access to the whole pdf though: WAF’s 1QCY25 result was a slight beat to our estimates on costs, with pre-reported production at Sanbrado of 50.0koz helping to generate A$73m in operating cash flows for Sanbrado. Cash build was dampened by continued growth spend of A$112m incurred at Kiaka. With only US$75m of growth capital spend left at Kiaka, we currently model sector-leading FCF yields for WAF of ~45% from CY26 onwards. We estimate WAF’s net cash balance will exceed its current market capitalisation in 32 months using Argonaut gold prices and 34 months at spot prices.
WAF Price at posting:
$2.42 Sentiment: Hold Disclosure: Held
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