West African Resources (WAF)
Analyst: Ben Crowley, Macquarie
Price target: A50c
Thursday's close: 28c
Reason: Sanbrado's development gaining pace
Comments: WAF has provided a development update for Sanbrado with EPCM awarded while early works are well underway. Optimisation work conducted since the updated BFS has caused an upsizing of mill throughput to 2Mtpa. Given previous comments about bringing gold forward in the mine plan we already assume throughput of circa 2Mtpa. WAF expects an optimised mine schedule incorporating the mill expansions by 3QFY19. We move back our first gold assumption by six months to 1QFY21, in line with WAF's development timeline. WAF has signed a conditional Letter...