WAF fell -3.7% on Monday, although we could have easily picked a number of gold or ESG stocks with both groups under pressure at the start of the week. WAF has struggled for the last 2-years, and it’s an aggressive/optimistic call to pick a turn as the whole sector drifts after rallying strongly since early October.
West African-based gold miner WAF joined the ASX200 in July courtesy of some stellar gains from 2019 which transformed the stock into a $1.2bn business. This is a great example of not all stocks in one particular sector moving as one i.e. WAF has consolidated in 2022 while Newcrest (NCM) and Northern Star (NST) have tumbled by -30% & -21% respectively.
West African Resources Limited is an Australia-based gold exploration company. The Company is engaged in the exploration, project development, mining, mineral processing and rehabilitation within the West African country of Burkina Faso. Its segments include Mining Operations and Exploration & Evaluation. Its projects include Sanbrado Gold Project, Kiaka Gold Project and Toega Gold Project. It has a 90% interest in the Sanbrado Gold Project, which is located approximately 90 kilometers (km) east-southeast of Ouagadougou, the capital of Burkina Faso. The project covers an aggregate area of approximately 116 square kilometers, including one granted mining permit and one granted exploration license. It has a 90% interest in Kiaka Gold Project, which is located approximately 45km south of its flagship Sanbrado Gold Mine in Burkina Faso and about 110km southeast of the capital Ouagadougou. Its Toega Gold Project is located approximately 14km from its existing Sanbrado gold operation.
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