WAF has reported its Exploration Programs for CY25 which will see WAF allocate its largest-ever exploration spend to unlock the full underground potential at Sanbrado and advance regional exploration programs along its 150km strike position of prospective tenure. We see some easy wins for WAF in CY25 to define multiple underground resources in addition to the existing M1S and M5 S Shoots. We upgrade our in-ground value of WAF’s resource base from 1.5% to 2% which lifts our price target from $3.50 to $3.60. Speculative Buy recommendation maintained.
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