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West African Resources (ASX:WAF) is a mid-tier gold producer that fund managers credit with disciplined project delivery. In July 2025, Katana Asset Management reported West African Resources produced first gold from its large-scale, long-life, low-cost Kiaka mine in Burkina Faso, delivered ahead of schedule and below budget. Cadence Capital highlighted strong 2024 results, with revenue of $730 million and profit after tax of $246 million, and noted Kiaka was on track to double production. West African Resources operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 5 comments from 2 fund managers, Katana and Cadence Capital. Founded in 2006 by Richard Hyde and headquartered in Subiaco, Perth, West African Resources operates the Sanbrado gold mine and has developed the Kiaka gold project in Burkina Faso, West Africa, targeting significant long-term growth in production.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Cadence Capital and Katana Asset Management have invested in West African Resources Ltd (ASX:WAF).
Katana and Cadence highlight first gold from Kiaka, delivered ahead of schedule and under budget, which doubles production alongside Sanbrado, as well as strong free cash flow and a proven management team.
Katana notes sudden selling pressure when VanEck changed the index used for its main gold ETF, and operating in Burkina Faso exposes the company to sovereign and security risk.
West African Resources Ltd., founded in 2006 by Richard Hyde and headquartered in Subiaco, Australia, focuses on mineral exploration and development. The company operates through two primary segments: Mining Operations and Exploration and Evaluation. The Mining Operations segment manages the Sanbrado gold project. The Exploration and Evaluation segment oversees all other mineral exploration activities. This structure enables the company to manage its core production assets while maintaining an active pipeline of resource development projects.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.