West African Resources Reports Strong Gold Production in Q1 2024

Highlights:

• Q1 gold production: 56,595 ounces
• Gold sales: 49,509 ounces at an average price of US$2,078 per ounce
• On track to achieve 2024 guidance of 190,000 to 210,000 ounces of gold at an AISC of less than US$1,300 per ounce

West African Resources Limited (ASX: WAF) has released its production update for the first quarter of 2024 from its Sanbrado Gold Operations. Here are the key highlights:

Production Figures

In Q1, the company produced 56,595 ounces of gold, maintaining consistency with the previous quarter. Underground mining saw a notable increase, with 105kt of ore mined from M1 South, yielding 27,484 ounces of gold. However, open-pit mining experienced a decline, extracting 555kt of ore for 21,941 ounces of gold, aligning with the mine plan.

Sales Performance

Gold sales for the quarter totaled 49,509 ounces, fetching an average price of US$2,078 per ounce. Bullion awaiting settlement increased by 8,982 ounces to 12,126 ounces by the end of Q1.

Outlook

Despite fluctuations in production methods, West African Resources remains on track to meet its 2024 guidance of 190,000 to 210,000 ounces of gold at an all-in sustaining cost (AISC) of less than US$1,300 per ounce.

Executive Comments

Richard Hyde, Executive Chairman and CEO of West African Resources, expressed satisfaction with Sanbrado's performance, highlighting the steady output of the process plant and the favorable reconciliation of high-grade ore from the M1 South underground to the reserve model.

Hyde anticipates providing a comprehensive quarterly activities report in the coming weeks, further elucidating the company's operations and strategic direction.

Conclusion

West African Resources' Q1 production update underscores its resilience amid operational variations. With a strong focus on efficiency and adherence to guidance, the company continues to demonstrate its commitment to delivering value to shareholders amidst the dynamic landscape of the gold mining industry.

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