Australia-listed midtier gold producer West African Resources (WAF) achieved its fourth consecutive year of meeting both cost and production guidance in 2024, the company revealed in its December 2024 quarterly report.

“WAF achieved 2024 gold production and cost guidance, with full-year production of 206 622 oz at an all-in sustaining cost (AISC) of $1 240/oz. This was our fourth consecutive year of achieving both cost and production guidance and we look forward to releasing our 2025 guidance in the coming weeks,” chairperson and CEO Richard Hyde said on January 22.

For the fourth quarter, the company recorded gold production of 51 178 oz at an AISC of $1 216/oz. Unhedged gold sales for the quarter amounted to 47 953 oz at an average price of $2 690/oz.

Cash flow from operating activities for the quarter was A$76-million, following A$18-million in income tax payments.

As of the end of the fourth quarter, the company reported a cash balance of A$392-million and unsold gold bullion valued at A$54-million.

Construction and operational readiness at the Kiaka project, in Burkina Faso, progressed on time and within budget, with capital expenditure of A$151-million spent on the project in the fourth quarter.

Further, the company’s Sanbrado operations were recognised with the Burkina Faso National Order of Honor Medal for contributions to the development of municipalities and other local communities.

Additional operational highlights included the completion of the maiden grade control drilling programme at Kiaka ahead of the commencement of first mining, scheduled for late in the first quarter of 2025. Resource definition drilling results beneath the existing ore reserves at the M1 South underground deposit were also released during the quarter.

Looking ahead, the company outlined key objectives for the next quarter, including maintaining construction and operational readiness at Kiaka on schedule and within budget; reporting drilling results from the M1 South, M5 and Kiaka grade control programmes; and releasing the Toega underground mining scoping study.

“Sanbrado delivered another solid quarter with 51 178 oz produced at an AISC of $1 216/oz. Construction, operational readiness and grade control drilling at Kiaka are progressing on time and on budget as we are only two quarters away from first gold being poured at Kiaka in the third quarter of 2025, when WAF will become a producer of more than 420 000 oz/y,” Hyde said.