West African Resources Limited (WAF) Report Analysis
Corporate Events
WAF Hits 15M At 5.8 G/T Gold in RC Drilling At MV3
2022-06-13 22:14:00
West African Resources Limited reported extensive zones of gold mineralisation intercepted in RC and diamond drilling at the MV3 prospect located 6km from Sanbrado Gold Operations (Sanbrado), Burkina Faso. RC and diamond drilling is underway at the MV3 prosect, located 6km northwest of the Sanbrado mine site, Burkina Faso. A total of 134 holes for 11,545m have been drilled to date with release reporting results for 29 RC holes and 3 diamond holes. MV3 East Prospect: Drilling at MV3 East has returned extensive gold mineralisation associated with mylonitic zones and silica-sericite alteration. Mineralisation has been intercepted in drilling over a strike length of 800m. Significant results from WAF's ongoing drilling program include: MAK22-DD001: 14m at 3.5 g/t Au from 184m, MAK22-DD003: 2.5m at 16.1 g/t Au from 150m, MAK22-RC038: 13m at 2.5 g/t Au from 50m, MAK22-RC041: 24m at 2.1 g/t Au from 13m, MAK22-RC043: 14m at 2.8 g/t Au from 106m, MAK22-RC050: 15m at 5.8 g/t Au from 91m, MAK22-RC051: 12m at 1.9 g/t Au from 46m, MAK22-RC054: 3m at 9.9 g/t Au from 68m and MAK22-RC064: 4m at 14.4 g/t Au from 125m. Drilling to date at MV3 East has focussed on areas that are accessible beneath historic artisanal workings (50 120m downhole). Infill drilling is currently focussing on mineralisation near surface (0-50m). Diamond drilling down plunge of high-grade ore shoots is expected to commence in the coming weeks.
West African Resources Limited Hits 13M At 5.3 G/T Gold in First Pass Drilling At MV3
2022-05-30 22:15:00
West African Resources Limited reported extensive zones of gold mineralisation intercepted in first pass drilling at the MV3 prospect located 6km from the Sanbrado Gold Operations (Sanbrado), Burkina Faso. First pass RC and diamond drilling is underway at the MV3 prosect, located 6km northwest of the Sanbrado mine site, Burkina Faso. A total of 68 holes for 8,329m have been drilled to date. Drilling at MV3 East has returned extensive gold mineralisation associated with mylonitic zones and silica-sericite alteration. Mineralisation has been intercepted in drilling over a strike length of 800m. Significant results from WAF's first pass drilling program include: MAK22-RC002: 2m at 19.9 g/t Au from 40m; MAK22-RC004: 8m at 3.6 g/t Au from 80m; MAK22-RC005: 11m at 2.5 g/t Au from 72m; MAK22-RC007: 14m at 3 g/t Au from 113m; MAK22-RC033: 13m at 5.3 g/t Au from 110m; MAK22-RC034: 4m at 15.1 g/t Au from 79m; MAK22-RC035: 2m at 31.8 g/t Au from 83m. MV3 Main Anomaly: To date 5 wide-spaced lines of RC drilling (MAK22-RC008 - 032) have been completed at the MV3 Main prospect. Results so far have returned broad low-grade results with intermittent narrow results above 0.5 g/t Au. While results are not that significant to date, they confirm a source for the auger anomaly. MV3 Main results to date include: MAK22-RC011: 33m at 0.32 g/t Au from 3m; MAK22-RC012: 13m at 0.22 g/t Au from 4m; MAK22-RC012: 11m at 0.31 g/t Au from 24m; MAK22-RC013: 14m at 0.21 g/t Au from 45m; MAK22-RC016: 14m at 0.20 g/t Au from 5m; MAK22-RC019: 22m at 0.21 g/t Au from 57m; MAK22-RC020: 11m at 0.26 g/t Au from 12m; MAK22-RC029: 13m at 0.39 g/t Au from 87m; MAK22-RC031: 25m at 0.27 g/t Au from 29m. Drilling to date at MV3 East has focussed on areas that are accessible beneath historic artisanal workings (50 120m downhole). Recent earthworks have backfilled the artisanal sites and the company currently targeting mineralisation near surface (0 50m) along the current 800m known strike of the Geochem anomaly, historic drilling and artisanal workings. Further results are pending. Further drilling targeting the higher-grade results from MV3 East is being prioritised at the present time. At MV3 Main, additional drilling to the north of recent RC lines is expected to be undertaken in the future to complete testing the auger anomaly.
West African Resources Limited, Annual General Meeting, May 13, 2022
2022-04-01 07:50:00
West African Resources Limited, Annual General Meeting, May 13, 2022, at 10:00 W. Australia Standard Time. Location: Vibe Hotel Subiaco Level 9, 9 Alvan Street, Subiaco Western Australia Australia Agenda: To consider Non-binding Resolution to adopt Remuneration Report; to consider re-election of Mr. Lyndon Hopkins as a Director; to consider re-election of Mr. Nigel Spicer as a Director; to consider grant of Performance Rights to Mr. Richard Hyde (or his Nominee(s)); to consider grant of Performance Rights to Mr. Lyndon Hopkins (or his Nominee(s)); and to consider other matters.
West African Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 126.51 million.
2022-02-10 00:00:00
West African Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 126.51 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 101,112,000 Price\Range: AUD 1.25 Discount Per Security: AUD 0.0375 Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 96,000 Price\Range: AUD 1.25 Transaction Features: Subsequent Direct Listing
West African Resources Limited, Special/Extraordinary Shareholders Meeting, Feb 01, 2022
2021-12-29 01:26:00
West African Resources Limited, Special/Extraordinary Shareholders Meeting, Feb 01, 2022, at 10:00 W. Australia Standard Time. Location: Vibe Hotel Subiaco Level 9, 9 Alvan Street Subiaco Western Australia Australia Agenda: To consider ratification of issue of shares under Tranche 1 Placement; to consider ratification of issue of shares under the Kiaka Agreement; to consider ratification of issue of shares under the GAMS Agreement; to consider issue of shares to director Mr. Rod Leonard under Tranche 2 Placement; to consider issue of shares to director Mr. Nigel Spicer under Tranche 2 Placement; to consider issue of shares to director Mr. Stewart Findlay under Tranche 2 Placement; to consider proposed issue of shares to B2Gold on conversion of convertible note; and to transact other matters.
West African Resources Limited (ASX:WAF) completed the acquisition of a 90% stake in Kiaka S.A from B2Gold Corp. (TSX:BTO) and GAMS-Mining F&I Ltd.
2021-12-01 00:00:00
West African Resources Limited (ASX:WAF) agreed to acquire a 90% stake in Kiaka S.A from B2Gold Corp. (TSX:BTO) and GAMS-Mining F&I Ltd for $100 million on October 25, 2021. Under the terms of the agreement WAF shall pay the following consideration for the 90% stake (a) $0.5 million in cash, paid at signing of the agreements (the Deposits) (b) $55 million comprising 50% cash and 50% Closing Consideration Shares , paid on the Closing Date c) $45 million in cash or Deferred Consideration Shares, paid on the Deferred Consideration Payment Date. The Deferred Consideration is a promissory note for payment of $45 million to B2Gold on the Deferred Consideration Payment Date in cash or Deferred Consideration Shares at the election of B2Gold; d) the Kiaka Royalty. In a related transaction, WAF entered into an amended and restated purchase agreement with B2Gold and GAMS, pursuant to which B2Gold has now agreed to sell to WAF 100% of the shares of Kiaka Gold SARL, the holder of the Toega gold project located in Burkina Faso (the "Toega Project") (the original transaction was structured as a sale of assets comprising the Toega Project) and GAMS will sell its 10% beneficial interest in the Toega Project. As of November 29 ,2021, West African Resources Limited (ASX:WAF) announced the closing of its non-underwritten Share Purchase Plan. The gross proceeds raised under the Placement and the SPP will be used to fund: The closing cash component of the Kiaka Project acquisition consideration; The closing cash payment of the Toega acquisition consideration; Repayment of the syndicated finance facility with Taurus Mining Finance Fund L.P.; Exploration programs; and General working capital purposes including cost of the transaction. The closing of the transaction is subject to certain customary conditions. The parties expect the Kiaka transaction to be completed by the end of November 2021.The other 10% of Kiaka S.A is owned by the government of Burkina Faso. As on December 1, 2021, the transaction has been completed. West African Resources Limited (ASX:WAF) completed the acquisition of a 90% stake in Kiaka S.A from B2Gold Corp. (TSX:BTO) and GAMS-Mining F&I Ltd on December 1, 2021.
West African Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million.
2021-11-27 00:00:00
West African Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 8,000,000 Price\Range: AUD 1.25
West African Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 10 million.
2021-10-26 00:00:00
West African Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 10 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 8,000,000 Price\Range: AUD 1.25
West African Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 126.39 million.
2021-10-26 00:00:00
West African Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 126.39 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 101,112,000 Price\Range: AUD 1.25 Discount Per Security: AUD 0.0375 Transaction Features: Subsequent Direct Listing
West African Resources Limited to Acquire 6.8Moz Kiaka Gold Project
2021-10-25 21:27:00
West African Resources Limited announced it has entered into definitive agreements to acquire 90% of the Kiaka gold project from B2Gold Corp. and their partner, GAMSMining F&I Ltd. with the remaining 10% held by the State of Burkina Faso. Kiaka is located 45km south of the Company's Sanbrado Gold Project in Burkina Faso.
West African Resources Limited (ASX:WAF) agreed to acquire a 90% stake in Kiaka S.A from B2Gold Corp. (TSX:BTO) and GAMS-Mining F&I Ltd for $100 million.
2021-10-25 00:00:00
West African Resources Limited (ASX:WAF) agreed to acquire a 90% stake in Kiaka S.A from B2Gold Corp. (TSX:BTO) and GAMS-Mining F&I Ltd for $100 million on October 25, 2021. Under the terms of the agreement WAF shall pay the following consideration for the 90% stake (a) $0.5 million in cash, paid at signing of the agreements (the Deposits) (b) $55 million comprising 50% cash and 50% Closing Consideration Shares , paid on the Closing Date c) $45 million in cash or Deferred Consideration Shares, paid on the Deferred Consideration Payment Date. The Deferred Consideration is a promissory note for payment of $45 million to B2Gold on the Deferred Consideration Payment Date in cash or Deferred Consideration Shares at the election of B2Gold; d) the Kiaka Royalty. In a related transaction, WAF entered into an amended and restated purchase agreement with B2Gold and GAMS, pursuant to which B2Gold has now agreed to sell to WAF 100% of the shares of Kiaka Gold SARL, the holder of the Toega gold project located in Burkina Faso (the "Toega Project") (the original transaction was structured as a sale of assets comprising the Toega Project) and GAMS will sell its 10% beneficial interest in the Toega Project. As of November 29 ,2021, West African Resources Limited (ASX:WAF) announced the closing of its non-underwritten Share Purchase Plan. The gross proceeds raised under the Placement and the SPP will be used to fund: The closing cash component of the Kiaka Project acquisition consideration; The closing cash payment of the Toega acquisition consideration; Repayment of the syndicated finance facility with Taurus Mining Finance Fund L.P.; Exploration programs; and General working capital purposes including cost of the transaction. The closing of the transaction is subject to certain customary conditions. The parties expect the Kiaka transaction to be completed by the end of November 2021.The other 10% of Kiaka S.A is owned by the government of Burkina Faso. As on December 1, 2021, the transaction has been completed.
West African Resources Limited Announces Production Guidance for the December 2021 Quarter
2021-10-03 21:19:00
West African Resources Limited announced production guidance for the December 2021 quarter. The company reports gold production for the December 2021 quarter is forecast to exceed the September quarter, therefore Company now expects annual gold production for Sanbrado to exceed the 2021 guidance range of 250,000 to 280,000 ounces of gold.
West African Resources Limited Provides Production Update from Sanbrado Gold Operations for the September Quarter
2021-10-03 21:19:00
West African Resources Limited provided a production update from its Sanbrado Gold Operations (Sanbrado) for the September 2021 quarter. Underground production from M1 South decreased marginally in the September quarter with 87kt mined at 10.0g/t for 28,060 ounces of gold. Open-pit production increased 72% with 1,090kt mined at 1.9g/t for 68,300 ounces of gold, largely driven by grade from M1 South, compared to the June quarter 2021. Gold production increased 29% over the June quarter with a record 81,960 ounces of gold produced in the September quarter from of 834kt of ore milled at a head grade of 3.2 g/t at a recovery of 95%.
West African Resources Limited Reports Resource Definition Drilling Confirmed the Geological Model with Extensive Zones of Gold Mineralisation Intercepted at the Toega Deposit, Burkina Faso
2021-09-07 22:18:00
West African Resources Limited reported resource definition drilling has confirmed the geological model with extensive zones of gold mineralisation intercepted at the Toega deposit, Burkina Faso. Resource Definition Drilling WAF has completed a resource definition RC and diamond drilling program at the recently acquired Toega Gold Project (Toega). The program also included diamond core holes to provide geotechnical and metallurgical test works samples. A total of 118 holes were drilled for 15,514m. Resource definition by WAF drilling has confirmed the geological model developed by previous owners B2 Gold, with multiple holes intercepting mineralisation of similar geometry, grade and tenor. Drilling also intercepted mineralisation near surface, outside the scoping study $1400/oz open pit shell, which will be incorporated into future mining studies. Extensive gold mineralisation was confirmed in the main zone, up to 150m wide and 200m deep with NAK21-DD014 returning 79m at 2 g/t Au from 70m and 56m at 1.6 g/t Au from 159m. Significant results from the Toega resource definition drilling include: NAK21-DD003: 22m at 1.7 g/t Au from 125m; NAK21-DD004: 16m at 2.6 g/t Au from 98m; NAK21-DD004: 29m at 3.4 g/t Au from 125m; NAK21-DD011: 17m at 3.8 g/t Au from 158m; NAK21-DD012: 41m at 2.3 g/t Au from 161m; NAK21-DD014: 79m at 2.0 g/t Au from 70m and 56m at 1.6 g/t Au from 159m; NAK21-DD015: 12m at 4.4 g/t Au from 147m; NAK21-RC024: 12m at 6.1 g/t Au from 108m; NAK21-RC026A: 22m at 5.0 g/t Au from 80m; NAK21-RC052: 20m at 1.9 g/t Au from 84m; NAK21-RC061A: 42m at 2.4 g/t Au from 103m; NAK21-RC063: 29m at 1.3 g/t Au from 80m and NAK21-RC066: 22m at 1.5 g/t Au from 100m. Toega Feasibility Study Progress: WAF commenced the Toega feasibility study in 2020 focussing on the key areas including resource definition drilling and resource upgrade, geotechnical and metallurgical studies as well as advancing environmental and social studies. The Toega feasibility study is progressing to plan and will be reported along with the Company's annual resource and reserve statement in first quarter of 2022.
West African Resources Limited Presents at Africa Down Under Conference 2021, Sep-01-2021 09:45 AM
2021-09-01 03:40:00
West African Resources Limited Presents at Africa Down Under Conference 2021, Sep-01-2021 09:45 AM. Venue: Pan Pacific Hotel, 207 Adelaide Terrace, Perth, Western Australia, Australia. Speakers: Richard Hyde, Founder, Executive Chairman & CEO.
Paydirt Media Pty Ltd, Africa Down Under Conference 2021, Sep 01, 2021
2021-08-31 23:16:00
Paydirt Media Pty Ltd, Africa Down Under Conference 2021, Sep 01, 2021. Venue: Pan Pacific Hotel, 207 Adelaide Terrace, Perth, Western Australia, Australia.
West African Resources Limited Intercepts 2m at 82.7 g/t Gold and 10.5m at 6.6 g/t Gold in Northern Shoot at M1 South
2021-08-16 23:49:00
West African Resources Limited reported high gold has been intercepted within the northern shoot at the M1 South deposit, Sanbrado Gold Project, Burkina Faso. Highlights: Underground diamond drilling within the northern shoot at M1 South returns high grade results; Intercepts located outside of the current mine plan at 300m to 400m below surface; Strengthens potential to extend the M1 South underground to the north; Follow-up drilling planned for Fourth Quarter 2021 and Second Quarter 2022. Exploration drilling from the 2025mRL level (275m bsl) at the M1 South Deposit has intercepted high-grade gold in the northern shoot at the M1 South gold deposit. High grade results include: M1SRD_0185: 1m at 8.5 g/t Au from 126m; M1SRD_0189: 3m at 12.2 g/t Au from 226m - and 3m at 18.4 g/t Au from 246m - and 2m at 82.7 g/t Au from 282m; M1SRD_0190: 10.5m at 6.6 g/t Au from 224.5m. The new results are in addition to historic drilling beneath the northern part of the M1 South open pit M1 South open pit including: TAN16-DD052: 4m at 29.9 g/t Au from 122m - and 4m at 38.9 g/t Au from 172m; TAN16-DD077A: 11m at 7.9 g/t Au from 279m - and 10m at 5.3 g/t Au from 293m TAN17-DD172A: 0.5m at 34.1 g/t Au from 316m.
West African Resources Limited, Q2 2021 Earnings Call, Jul 27, 2021
2021-07-23 03:44:00
West African Resources Limited, Q2 2021 Earnings Call, Jul 27, 2021
West African Resources Limited Presents at Diggers and Dealers Mining Forum, Aug-02-2021 10:40 AM
2021-06-30 19:09:00
West African Resources Limited Presents at Diggers and Dealers Mining Forum, Aug-02-2021 10:40 AM. Venue: Goldfields Arts Centre, Cheetham Street, Kalgoolie, Western Australia, Australia. Speakers: Richard Hyde, Founder, Executive Chairman & CEO.
Fundamental Summary
Looking at West African's financials of Q4 reflected unimpressive, mediocre results. Its growth, value, and income factors all individually appear positive and give support for optimism regarding the likelihood of continued positive performance. As such, West African received an overall score of 68 and a HOLD recommendation.
West African reported earnings results for the full year ended December 31, 2021. For the full year, the company reported sales was AUD 712.14 million compared to AUD 311.17 million a year ago. Net income was AUD 188.96 million compared to AUD 89.36 million a year ago. Basic earnings per share from continuing operations was AUD 0.209 compared to AUD 0.102 a year ago. Diluted earnings per share from continuing operations was AUD 0.207 compared to AUD 0.101 a year ago.
Business Description
West African engages in the acquisition, exploration, and development of gold projects in West Africa. The company has 90% interests in the Sanbrado Gold Project covering an area of 116 square kilometers located in Burkina Faso; and Kiaka gold project located in Burkina Faso. It also holds 100% exploration license in the Toega Gold Project located in Burkina Faso. West African was incorporated in 2006 and is based in Subiaco, Australia.
Sector Overview
West African is included in the Metals & Mining according to GICS (global industry classification standard). The Metals & Mining industry is included in the Materials sector. It includes the producers of aluminum, iron, steel, gold, other diversified metals and minerals, and their related products, as well as the mining and production the above materials. West African's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.
Fundamental Highlights
| Parameter | Value | Change | Score | |
|---|---|---|---|---|
| Return on Equity | 59.0 | -43.3% | 63 | |
| Net Cashflow | 88.3 | 496.7% | 73 | |
| Capital Expenditure | -108.0 | -80.8% | 42 | |
| Asset Turnover | 1.1 | 2.9% | 58 | |
| Free Cashflow | 0.3 | 70.5% | 84 |
* All values are TTM
The below chart reflects West African's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While West African's peer average final assessment score stands on 65.0, West African's score is 68.
- WAF
- Peers average
Technical Analysis
When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. West African's stock is now priced above its 5-day and 200-day, but below its 50-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near and long-term. In particular, many institutional investors keep close watch of the 200-day moving average. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), West African's stock indicates that it's likely oversold. Overall, these technical indicators don't clearly signal directional momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 62.
5D MA
1.25
50D MA
1.28
200D MA
1.24
MACD
-0.01
RSI
0.51
STOCH
50.0
Balance Sheet Analysis
Liabilities and Cash & Equivalents stood out as the most significant drivers of West African's balance sheet strength. West African is doing a good job of keeping its liabilities under control and growing intelligently. At filing, their liabilities were 249.8, representing -13.1% change from the previous period. These numbers show that management has successfully encouraged growth while managing liabilities, especially relative to their peers. The company's liabilities movement component, therefore, received a grade of 92. Also, West African did a great job related to cash and cash equivalents this period, which stood at 183.4, representing a 201.1% change from the previous filing. Its impressive cash and cash equivalents metrics should support upward pressure on its's stock price. Consequently, their cash and cash equivalents movement received a grade of 92. However, one concerning metric, Book Value Factors, stood out. West African's price to book ratio (P/B) was reported as 2.7 and represents -29.8% change from the previous report. This characteristic can affect companies in the same industry and market capitalization by up to 0.3%. Their book value factor metrics are even more concerning when compared to their peers. Consequently, their book value factors movement received a grade of 42. The company's balance sheet, Therefore, earned a score of 87.
| Parameter | Value | Change | Score |
|---|---|---|---|
| Assets | 804.2 | 51.1% | 56 |
| Liabilities | 249.8 | -13.1% | 92 |
| Price to Book | 2.7 | -29.8% | 42 |
| Cash & Equivalents | 183.4 | 201.1% | 92 |
| Equity | 525.0 | 126.0% | 81 |
The below chart describes West African's performance as reflected on its balance sheet with respect to its peers. While West African received a balance sheet score of 87, the average of its peers stands on 68.0.
- WAF
- Peers average
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|---|---|---|---|---|---|---|---|---|---|
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| South32 Limited | 18.7B | 74 | 73 | 80 | 79 | 74 | 84 | 3 | 1 |
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| Hastings Technology Metals Limited | 404.8M | 75 | 72 | 56 | 67 | 67 | 65 | 61 | 1 |
| Alkane Resources Limited | 402.0M | 45 | 56 | 83 | 88 | 40 | 78 | 62 | 1 |
| Centaurus Metals Limited | 397.2M | 78 | 74 | 55 | 64 | 78 | 66 | 63 | 1 |
| Bowen Coking Coal Limited | 385.5M | 78 | 74 | 55 | 64 | 78 | 66 | 64 | 1 |
| Jupiter Mines Limited | 372.2M | 63 | 93 | 46 | 52 | 80 | 66 | 65 | 1 |
| Galan Lithium Limited | 362.2M | 78 | 74 | 55 | 64 | 78 | 66 | 66 | 1 |
| Talga Group Ltd | 359.9M | 90 | 78 | 38 | 45 | 95 | 53 | 67 | 1 |
| BCI Minerals Limited | 349.8M | 86 | 73 | 58 | 67 | 82 | 71 | 68 | 1 |
| Metals X Limited | 344.8M | 90 | 77 | 50 | 67 | 80 | 68 | 69 | 1 |
| Pantoro Limited | 330.8M | 78 | 74 | 55 | 64 | 78 | 66 | 70 | 1 |
| Aurelia Metals Limited | 327.8M | 85 | 69 | 59 | 60 | 72 | 65 | 71 | 1 |
| Macmahon Holdings Limited | 283.7M | 47 | 61 | 72 | 78 | 44 | 68 | 72 | 1 |
| Lotus Resources Limited | 277.3M | 78 | 74 | 55 | 64 | 78 | 66 | 73 | 1 |
| Firefinch Limited | 236.2M | 78 | 74 | 55 | 64 | 78 | 66 | 74 | 1 |
| Andromeda Metals Limited | 229.8M | 78 | 74 | 55 | 64 | 78 | 66 | 75 | 1 |
Income Statement Analysis
West African's income statement factors had several troubling metrics this period. West African's revenue efficiency metrics look especially concerning this period, highlighting issues management is having controlling and reducing expenses while increasing earnings. This metric might have a 24.0 percent impact on companies in the same industry and with the same market capitalization. Their revenue efficiency, specifically in contrast to their industry peers', isn't encouraging. Its revenue efficiency, therefore, received a grade of 43. Also, In this filing, West African reported a return on equity (ROE) ratio of 59.0, which represents a growth of -43.3%. This metric might have a 10.6 percent impact on companies in the same industry and with the same market capitalization. These numbers show that management has been unsuccessful in fostering appropriate growth related to return on assets and return on equity momentum relative to their peers. Therefore, their return factors component earned a score of 63. At the same time, one income statment metric, EBITDA, was actually strongly positive. West African reported impressive EBITDA this period. At filing, EBITDA was reported as 449.5, representing 45.2% change from the previous period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 20.0%. The company is headed in the right direction regarding EBITDA, exhibiting efficient capital controls and strong overall financial performance. Therefore, its EBITDA component earned a score of 84. Its income statement, therefore, earned a score of 59.
| Parameter | Value | Change | Score |
|---|---|---|---|
| EBITDA | 449.5 | 45.2% | 84 |
| Total Revenues | 712.1 | 37.2% | 43 |
| Return on Equity | 59.0 | -43.3% | 63 |
The below chart describes West African's performance as reflected on its income statement with respect to its peers. While West African received a income statement score of 59 , the average of its peers stands on 64.0.
- WAF
- Peers average
| Name | Market Cap | Revenue Momentum | Earning Movement | Return Factors Momentum | Income Statement | mc_sort | Hidden |
|---|---|---|---|---|---|---|---|
| BHP Group Limited | 208.5B | 64 | 79 | 79 | 71 | 0 | 1 |
| Fortescue Metals Group Limited | 55.0B | 58 | 78 | 75 | 67 | 1 | 1 |
| Newcrest Mining Limited | 19.4B | 95 | 45 | 48 | 66 | 2 | 1 |
| South32 Limited | 18.7B | 47 | 94 | 95 | 72 | 3 | 1 |
| Mineral Resources Limited | 9.2B | 94 | 42 | 44 | 63 | 4 | 1 |
| Lynas Rare Earths Limited | 8.3B | 50 | 91 | 83 | 69 | 5 | 1 |
| Northern Star Resources Limited | 8.2B | 48 | 66 | 68 | 56 | 6 | 1 |
| IGO Limited | 7.8B | 98 | 72 | 48 | 78 | 7 | 1 |
| BlueScope Steel Limited | 7.3B | 86 | 71 | 66 | 72 | 8 | 1 |
| Pilbara Minerals Limited | 6.9B | 38 | 96 | 96 | 69 | 9 | 1 |
| Allkem Limited | 6.9B | 46 | 75 | 74 | 61 | 10 | 1 |
| OZ Minerals Limited | 6.2B | 48 | 82 | 82 | 66 | 11 | 1 |
| Evolution Mining Limited | 4.8B | 94 | 46 | 43 | 64 | 12 | 1 |
| Alumina Limited | 4.4B | 87 | 73 | 76 | 79 | 13 | 1 |
| OZ Minerals Holdings Pty Ltd | 4.0B | 39 | 88 | 45 | 61 | 14 | 1 |
| Iluka Resources Limited | 3.9B | 50 | 62 | 89 | 60 | 15 | 1 |
| Andean Resources Ltd. | 3.7B | 37 | 89 | 91 | 97 | 16 | 1 |
| Coronado Global Resources Inc. | 2.9B | 39 | 98 | 97 | 74 | 17 | 1 |
| Nickel Industries Limited | 2.8B | 66 | 61 | 55 | 60 | 18 | 1 |
| AVZ Minerals Limited | 2.8B | 87 | 63 | 41 | 68 | 19 | 1 |
| Sims Limited | 2.7B | 45 | 90 | 92 | 69 | 20 | 1 |
| Zimplats Holdings Limited | 2.6B | 94 | 50 | 52 | 68 | 21 | 1 |
| Liontown Resources Limited | 2.4B | 87 | 78 | 91 | 84 | 22 | 1 |
| Perseus Mining Limited | 2.3B | 42 | 88 | 83 | 65 | 23 | 1 |
| Deterra Royalties Limited | 2.3B | 45 | 83 | 66 | 61 | 24 | 1 |
| Sandfire Resources Limited | 1.9B | 64 | 73 | 74 | 69 | 25 | 1 |
| Core Lithium Ltd | 1.8B | 87 | 47 | 81 | 70 | 26 | 1 |
| Chalice Mining Limited | 1.5B | 99 | 65 | 76 | 81 | 27 | 1 |
| Grange Resources Limited | 1.5B | 74 | 61 | 61 | 64 | 28 | 1 |
| Capricorn Metals Ltd | 1.3B | 37 | 98 | 97 | 69 | 29 | 1 |
| Silver Lake Resources Limited | 1.2B | 95 | 42 | 41 | 63 | 30 | 1 |
| De Grey Mining Limited | 1.2B | 44 | 45 | 76 | 47 | 31 | 1 |
| Gold Road Resources Limited | 1.2B | 94 | 48 | 49 | 67 | 32 | 1 |
| Lake Resources NL | 1.2B | 87 | 62 | 66 | 73 | 33 | 1 |
| Sayona Mining Limited | 1.2B | 87 | 62 | 66 | 73 | 34 | 1 |
| Regis Resources Limited | 1.1B | 65 | 50 | 45 | 53 | 35 | 1 |
| Piedmont Lithium Inc. | 1.1B | 87 | 63 | 68 | 77 | 36 | 1 |
| 5E Advanced Materials Inc. | 927.2M | 74 | 37 | 56 | 58 | 37 | 1 |
| ioneer Ltd | 867.9M | 87 | 55 | 60 | 69 | 38 | 1 |
| Syrah Resources Limited | 856.9M | 38 | 67 | 62 | 50 | 39 | 1 |
| Equigold NL | 854.0M | 79 | 44 | 91 | 65 | 40 | 1 |
| Ramelius Resources Limited | 828.4M | 94 | 51 | 48 | 68 | 41 | 1 |
| Vulcan Energy Resources Limited | 826.7M | 87 | 67 | 84 | 78 | 42 | 1 |
| Jervois Global Limited | 813.1M | 37 | 94 | 93 | 71 | 43 | 1 |
| Mincor Resources NL | 808.9M | 98 | 57 | 59 | 77 | 44 | 1 |
| Imdex Limited | 796.9M | 77 | 60 | 56 | 56 | 45 | 1 |
| Bellevue Gold Limited | 722.0M | 87 | 44 | 83 | 69 | 46 | 1 |
| St Barbara Limited | 701.5M | 93 | 56 | 53 | 70 | 47 | 1 |
| Emerald Resources NL | 679.4M | 37 | 96 | 94 | 68 | 48 | 1 |
| Red 5 Limited | 671.6M | 95 | 58 | 66 | 75 | 49 | 1 |
| Boart Longyear Group Ltd. | 651.0M | 93 | 58 | 67 | 74 | 50 | 1 |
| Mount Gibson Iron Limited | 629.5M | 99 | 62 | 66 | 78 | 51 | 1 |
| Westgold Resources Limited | 575.3M | 84 | 58 | 43 | 65 | 52 | 1 |
| OM Holdings Limited | 563.6M | 50 | 96 | 97 | 75 | 53 | 1 |
| Australian Strategic Materials Ltd | 540.9M | 91 | 62 | 66 | 74 | 54 | 1 |
| Neometals Ltd | 531.9M | 87 | 66 | 56 | 72 | 55 | 1 |
| Adriatic Metals PLC | 528.8M | 87 | 62 | 66 | 73 | 56 | 1 |
| Argosy Minerals Limited | 467.8M | 87 | 62 | 66 | 73 | 57 | 1 |
| Perenti Global Limited | 461.4M | 73 | 81 | 87 | 78 | 58 | 1 |
| Champion Iron Limited | 441.1M | 95 | 50 | 45 | 71 | 59 | 1 |
| Panoramic Resources Limited | 420.4M | 95 | 50 | 62 | 71 | 60 | 1 |
| Hastings Technology Metals Limited | 404.8M | 90 | 51 | 53 | 68 | 61 | 1 |
| Alkane Resources Limited | 402.0M | 68 | 74 | 74 | 70 | 62 | 1 |
| Centaurus Metals Limited | 397.2M | 87 | 62 | 66 | 73 | 63 | 1 |
| Bowen Coking Coal Limited | 385.5M | 87 | 62 | 66 | 73 | 64 | 1 |
| Jupiter Mines Limited | 372.2M | 96 | 46 | 50 | 81 | 65 | 1 |
| Galan Lithium Limited | 362.2M | 87 | 62 | 66 | 73 | 66 | 1 |
| Talga Group Ltd | 359.9M | 87 | 40 | 47 | 60 | 67 | 1 |
| BCI Minerals Limited | 349.8M | 94 | 47 | 56 | 68 | 68 | 1 |
| Metals X Limited | 344.8M | 94 | 84 | 79 | 87 | 69 | 1 |
| Pantoro Limited | 330.8M | 87 | 62 | 66 | 73 | 70 | 1 |
| Aurelia Metals Limited | 327.8M | 68 | 58 | 49 | 58 | 71 | 1 |
| Macmahon Holdings Limited | 283.7M | 88 | 51 | 48 | 65 | 72 | 1 |
| Lotus Resources Limited | 277.3M | 87 | 62 | 66 | 73 | 73 | 1 |
| Firefinch Limited | 236.2M | 87 | 62 | 66 | 73 | 74 | 1 |
| Andromeda Metals Limited | 229.8M | 87 | 62 | 66 | 73 | 75 | 1 |
Cash Flow Analysis
West African appears likely to maintain its strong cash flow metrics and momentum going forward. West African did a great job related to free cash flow this period, which stood at 0.3, representing a 70.5% change from the previous filing. This parameter coud affect companies in the same industry and market capitalization by up to 4.3%. Their free cash flow situation is all the more impressive relative to their peers and competitors. The company's free cash flow movement, therefore, received a grade of 84. Also, West African's management was effective in improving their net cash flow, which now sits at 88.3 and represents a 496.7% change from the previous report. This industry-leading net cash flow momentum should reinforce broader positive momentum for its's stock price going forward. Consequently, their net cash flow movement received a grade of 73. On the other hand, Capital Expenditure, jumped out as looking rather underwhelming. West African's management did not a remarkable job this period managing capital expenditures (CapEx). In terms of the raw numbers, CapEx was reported as -108.0, which represents a -80.8% change from the last period. The company's disappointing CapEx growth is expected to stunt the momentum they hoped for this period. Its CapEx movement, therefore, received a grade of 42. Their cash flow received an overall score of 66.
| Parameter | Value | Change | Score |
|---|---|---|---|
| Net Cashflow | 88.3 | 496.7% | 73 |
| Capital Expenditure | -108.0 | -80.8% | 42 |
| Asset Turnover | 1.1 | 2.9% | 58 |
| Free Cashflow | 0.3 | 70.5% | 84 |
The below chart describes West African's performance as reflected on its cash flow with respect to its peers. While West African received a cash flow score of 66, the average of its peers stands on 68.0.
- WAF
- Peers average
| Name | Market Cap | Cashflow Momentum | Free Cashflow Growth | Capital Expenditure Growth | Assets Factors Momentum | Cash Flow | mc_sort | Hidden |
|---|---|---|---|---|---|---|---|---|
| BHP Group Limited | 208.5B | 70 | 77 | 80 | 71 | 75 | 0 | 1 |
| Fortescue Metals Group Limited | 55.0B | 74 | 78 | 69 | 74 | 75 | 1 | 1 |
| Newcrest Mining Limited | 19.4B | 58 | 48 | 63 | 55 | 57 | 2 | 1 |
| South32 Limited | 18.7B | 72 | 86 | 82 | 75 | 78 | 3 | 1 |
| Mineral Resources Limited | 9.2B | 58 | 69 | 54 | 63 | 61 | 4 | 1 |
| Lynas Rare Earths Limited | 8.3B | 78 | 63 | 76 | 58 | 70 | 5 | 1 |
| Northern Star Resources Limited | 8.2B | 70 | 58 | 54 | 91 | 73 | 6 | 1 |
| IGO Limited | 7.8B | 80 | 73 | 66 | 57 | 72 | 7 | 1 |
| BlueScope Steel Limited | 7.3B | 48 | 47 | 56 | 70 | 52 | 8 | 1 |
| Pilbara Minerals Limited | 6.9B | 87 | 97 | 76 | 78 | 86 | 9 | 1 |
| Allkem Limited | 6.9B | 75 | 77 | 70 | 84 | 82 | 10 | 1 |
| OZ Minerals Limited | 6.2B | 69 | 97 | 66 | 73 | 78 | 11 | 1 |
| Evolution Mining Limited | 4.8B | 54 | 49 | 61 | 39 | 50 | 12 | 1 |
| Alumina Limited | 4.4B | 68 | 74 | 76 | 70 | 72 | 13 | 1 |
| OZ Minerals Holdings Pty Ltd | 4.0B | 49 | 86 | 84 | 39 | 50 | 14 | 1 |
| Iluka Resources Limited | 3.9B | 75 | 84 | 52 | 74 | 74 | 15 | 1 |
| Andean Resources Ltd. | 3.7B | 40 | 55 | 56 | 37 | 41 | 16 | 1 |
| Coronado Global Resources Inc. | 2.9B | 77 | 86 | 53 | 93 | 81 | 17 | 1 |
| Nickel Industries Limited | 2.8B | 75 | 63 | 76 | 61 | 70 | 18 | 1 |
| AVZ Minerals Limited | 2.8B | 60 | 69 | 76 | 37 | 58 | 19 | 1 |
| Sims Limited | 2.7B | 83 | 98 | 56 | 82 | 82 | 20 | 1 |
| Zimplats Holdings Limited | 2.6B | 75 | 77 | 63 | 44 | 64 | 21 | 1 |
| Liontown Resources Limited | 2.4B | 59 | 69 | 76 | 51 | 62 | 22 | 1 |
| Perseus Mining Limited | 2.3B | 69 | 94 | 90 | 83 | 83 | 23 | 1 |
| Deterra Royalties Limited | 2.3B | 77 | 88 | 96 | 51 | 75 | 24 | 1 |
| Sandfire Resources Limited | 1.9B | 73 | 85 | 63 | 71 | 76 | 25 | 1 |
| Core Lithium Ltd | 1.8B | 61 | 69 | 76 | 72 | 69 | 26 | 1 |
| Chalice Mining Limited | 1.5B | 53 | 62 | 84 | 38 | 55 | 27 | 1 |
| Grange Resources Limited | 1.5B | 75 | 79 | 76 | 62 | 73 | 28 | 1 |
| Capricorn Metals Ltd | 1.3B | 81 | 83 | 81 | 79 | 82 | 29 | 1 |
| Silver Lake Resources Limited | 1.2B | 63 | 53 | 64 | 47 | 58 | 30 | 1 |
| De Grey Mining Limited | 1.2B | 80 | 69 | 76 | 61 | 73 | 31 | 1 |
| Gold Road Resources Limited | 1.2B | 57 | 57 | 54 | 50 | 56 | 32 | 1 |
| Lake Resources NL | 1.2B | 68 | 69 | 76 | 60 | 68 | 33 | 1 |
| Sayona Mining Limited | 1.2B | 68 | 69 | 76 | 60 | 68 | 34 | 1 |
| Regis Resources Limited | 1.1B | 65 | 76 | 68 | 69 | 69 | 35 | 1 |
| Piedmont Lithium Inc. | 1.1B | 59 | 62 | 69 | 54 | 60 | 36 | 1 |
| 5E Advanced Materials Inc. | 927.2M | 55 | 48 | 71 | 71 | 61 | 37 | 1 |
| ioneer Ltd | 867.9M | 47 | 57 | 54 | 51 | 51 | 38 | 1 |
| Syrah Resources Limited | 856.9M | 59 | 58 | 43 | 98 | 69 | 39 | 1 |
| Equigold NL | 854.0M | 91 | 69 | 72 | 84 | 87 | 40 | 1 |
| Ramelius Resources Limited | 828.4M | 59 | 56 | 81 | 58 | 62 | 41 | 1 |
| Vulcan Energy Resources Limited | 826.7M | 67 | 69 | 76 | 69 | 71 | 42 | 1 |
| Jervois Global Limited | 813.1M | 43 | 51 | 38 | 82 | 54 | 43 | 1 |
| Mincor Resources NL | 808.9M | 63 | 63 | 72 | 45 | 57 | 44 | 1 |
| Imdex Limited | 796.9M | 71 | 72 | 79 | 73 | 74 | 45 | 1 |
| Bellevue Gold Limited | 722.0M | 51 | 64 | 56 | 51 | 54 | 46 | 1 |
| St Barbara Limited | 701.5M | 54 | 46 | 71 | 55 | 56 | 47 | 1 |
| Emerald Resources NL | 679.4M | 84 | 81 | 80 | 81 | 84 | 48 | 1 |
| Red 5 Limited | 671.6M | 68 | 49 | 48 | 59 | 59 | 49 | 1 |
| Boart Longyear Group Ltd. | 651.0M | 62 | 74 | 81 | 63 | 68 | 50 | 1 |
| Mount Gibson Iron Limited | 629.5M | 68 | 69 | 59 | 56 | 64 | 51 | 1 |
| Westgold Resources Limited | 575.3M | 59 | 69 | 71 | 59 | 63 | 52 | 1 |
| OM Holdings Limited | 563.6M | 75 | 90 | 90 | 75 | 82 | 53 | 1 |
| Australian Strategic Materials Ltd | 540.9M | 72 | 69 | 76 | 69 | 72 | 54 | 1 |
| Neometals Ltd | 531.9M | 62 | 54 | 71 | 52 | 60 | 55 | 1 |
| Adriatic Metals PLC | 528.8M | 68 | 69 | 76 | 60 | 68 | 56 | 1 |
| Argosy Minerals Limited | 467.8M | 68 | 69 | 76 | 60 | 68 | 57 | 1 |
| Perenti Global Limited | 461.4M | 61 | 69 | 54 | 78 | 67 | 58 | 1 |
| Champion Iron Limited | 441.1M | 56 | 69 | 51 | 49 | 55 | 59 | 1 |
| Panoramic Resources Limited | 420.4M | 69 | 69 | 79 | 54 | 67 | 60 | 1 |
| Hastings Technology Metals Limited | 404.8M | 65 | 68 | 74 | 57 | 67 | 61 | 1 |
| Alkane Resources Limited | 402.0M | 69 | 58 | 68 | 71 | 68 | 62 | 1 |
| Centaurus Metals Limited | 397.2M | 68 | 69 | 76 | 60 | 68 | 63 | 1 |
| Bowen Coking Coal Limited | 385.5M | 68 | 69 | 76 | 60 | 68 | 64 | 1 |
| Jupiter Mines Limited | 372.2M | 51 | 51 | 84 | 44 | 50 | 65 | 1 |
| Galan Lithium Limited | 362.2M | 68 | 69 | 76 | 60 | 68 | 66 | 1 |
| Talga Group Ltd | 359.9M | 53 | 48 | 76 | 70 | 62 | 67 | 1 |
| BCI Minerals Limited | 349.8M | 62 | 54 | 76 | 49 | 60 | 68 | 1 |
| Metals X Limited | 344.8M | 70 | 81 | 72 | 55 | 68 | 69 | 1 |
| Pantoro Limited | 330.8M | 68 | 69 | 76 | 60 | 68 | 70 | 1 |
| Aurelia Metals Limited | 327.8M | 72 | 58 | 54 | 49 | 60 | 71 | 1 |
| Macmahon Holdings Limited | 283.7M | 72 | 53 | 46 | 57 | 62 | 72 | 1 |
| Lotus Resources Limited | 277.3M | 68 | 69 | 76 | 60 | 68 | 73 | 1 |
| Firefinch Limited | 236.2M | 68 | 69 | 76 | 60 | 68 | 74 | 1 |
| Andromeda Metals Limited | 229.8M | 68 | 69 | 76 | 60 | 68 | 75 | 1 |
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