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Australian gold miner operating the Sanbrado gold mine in Burkina Faso, West Africa, and developing the Kiaka gold project.
Australian gold miner operating the Sanbrado gold mine in Burkina Faso, West Africa, and developing the Kiaka gold project.
Sells gold at the market price, so earnings follow the gold price and ounces produced from a single mine. The Burkina Faso government has a stake in the mine and takes royalties, so political risk matters. Kiaka is the next project meant to add output.
In one line: A single-asset West African gold producer.
Moat: none. Commodity gold producer; Kiaka project adds growth but no structural moat.
Headquarters: Perth, Australia · Founded: 2005 · Employees: 2,085
Size West African Resources (WAF.AX) is an Australia Materials company (Precious Metals) with a market value of $2.74B, the 104th largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.45 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against -16.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 194.1% over the last twelve months (peer median +51.2%); the operating margin is 56.5% (peer median 43.2%).
Valuation It trades at 4.4× forward earnings against a peer median of 8.8× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -18% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -56 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 53.5 points above its cost of capital (10.5% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$2.52B | A$1.53B | A$724M | A$659M | A$606M |
| Revenue growth | — | +112% | +10% | +9% | — |
| Gross profit | A$1.47B | A$860M | A$343M | A$261M | A$276M |
| EBITDA | A$1.56B | A$913M | A$400M | A$321M | A$316M |
| Net income | A$640M | A$474M | A$224M | A$147M | A$164M |
| Free cash flow | A$881M | A$304M | -A$278M | -A$18.2M | A$80.9M |
| Capital expenditure | A$385M | A$431M | A$487M | A$228M | A$115M |
| Total debt | n/a | A$453M | A$426M | A$149M | A$22.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| West African Resources WAF.AX | $2.74B | +4% | +194% | 57% | 4.4× | -18.5% |
| Predictive Discovery PDI.AX | $3.08B | -13% | n/a | -28% | n/a | n/a |
| Endeavour Mining EDV.TO | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% |
| Perseus Mining PRU.AX | $5.77B | +11% | +13% | 48% | 11.8× | -1.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WAF.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.4% | -4.3% | 8th highest of 21 |
| 6-month return | +4.2% | -16.3% | 4th highest of 21 |
| Distance from 52-week high | -15.0% | -34.5% | 2nd highest of 21 |
| Revenue growth (TTM) | +194.1% | +51.2% | 3rd highest of 17 |
| Operating margin | 56.5% | 43.2% | 3rd highest of 17 |
| Forward P/E | 4.4× | 8.8× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -18.5% | -5.1% | least demanding of 13 |
| Growth delivered (Del g) | +37.7% | +21.7% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -56.1 pp | -27.7 pp | least demanding of 13 |
| ROIC minus cost of capital | +53.5 pp | +14.3 pp | 2nd highest of 20 |
| EV / EBITDA | 2.2× | 5.2× | cheapest of 13 |
| Net debt / EBITDA | -0.3× | -0.5× | 6th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| West African Resources WAF.AX | Australia | $2.74B | +4% | +194% | 57% | 4.4× | -18.5% | +37.7% |
| Novagold Resources NG | United States | $2.81B | -27% | n/a | n/a | n/a | n/a | n/a |
| Seabridge Gold SEA.TO | Canada | $2.87B | -8% | n/a | n/a | n/a | n/a | n/a |
| Fortuna Mining FVI.TO | Canada | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% | +29.0% |
| Wesdome Gold Mines WDO.TO | Canada | $2.92B | +6% | +49% | 57% | 7.8× | -10.7% | +33.5% |
| Lingbao Gold 3330.HK | Hong Kong | $2.94B | -28% | -10% | 22% | 8.0× | -5.6% | +17.8% |
| Sichuan Gold 001337.SZ | China | $2.52B | -25% | +57% | 56% | n/a | 17.7% | +13.6% |
| Emerald Resources NL EMR.AX | Australia | $3.04B | +6% | +40% | 61% | 15.2× | 1.5% | +26.4% |
| Perpetua Resources PPTA | United States | $2.44B | -35% | n/a | n/a | n/a | n/a | n/a |
| Shandong Humon Smelting 002237.SZ | China | $2.44B | -32% | +25% | 1% | 11.2× | n/a | n/a |
| Predictive Discovery PDI.AX | Australia | $3.08B | -13% | n/a | -28% | n/a | n/a | n/a |
| Endeavour Silver EDR.TO | Canada | $2.34B | -20% | +198% | 26% | 10.9× | n/a | n/a |
| Allied Gold AAUC.TO | Canada | $3.24B | -19% | +54% | 32% | 3.9× | n/a | n/a |
| Aris Mining ARIS.TO | Canada | $3.24B | -15% | +94% | 46% | 5.5× | 2.1% | +19.8% |
| Western Region Gold 601069.SS | China | $3.29B | -26% | +118% | n/a | 11.2× | 11.7% | +19.5% |
| Hochschild Mining HOC.L | United Kingdom | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% | +14.1% |
| Regis Resources RRL.AX | Australia | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% | +23.5% |
| Sino-Platinum Metals 600459.SS | China | $2.06B | -17% | -27% | 2% | 19.0× | n/a | n/a |
| Westgold Resources WGX.AX | Australia | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% | +33.7% |
| Aya Gold & Silver AYA.TO | Canada | $3.68B | +40% | +265% | 53% | 19.2× | 17.9% | +72.4% |
| DRDGOLD Ltd. Sponsored ADR DRD | United States | $2.00B | -16% | +53% | 51% | 8.1× | -16.4% | +14.1% |