West African Resources

WFRSF

Other Precious Metals · Basic Materials

Price

$1.87

+0.00 (+0.00%)

Market Cap

$2.14B

Exchange

Other OTC

Winston Score

Winston is proud

An exceptional business — strong profitability, growth, and balance sheet.

Share count rising — dilution

+25.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 912.1M (2021) → 1.15B (2025)

West African Resources is a gold mining company based in Australia that operates in Burkina Faso, a landlocked country in West Africa. Its main asset is the Sanbrado Gold Mine, one of the higher-grade open-pit and underground gold mines in the region. The company sells gold to refiners and bullion banks, which is the standard end market for gold producers.

The company makes money by mining and selling gold, with revenue tied directly to the gold price and how much ore it can process. With a gross margin above 57% and strong returns on capital, Sanbrado has proven to be a low-cost operation relative to many peers. West African Resources is expanding through its Kiaka project, also in Burkina Faso, which could significantly increase production — but operating entirely in one politically unstable country is a serious concentration risk, as Burkina Faso has experienced military coups and ongoing security challenges in recent years.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+450.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+300.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

19.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$592M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

West African Resources grew revenue 450% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

57.5%

Premium pricing power — 57.5% gross margin

Operating Margin

53.7%

Excellent — 53.7% operating margin

ROCE

26.4%

Exceptional — 26.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+183.7%

Fast-growing sales (183.7% YoY)

EPS YoY

+166.2%

Earnings growing fast (166.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

173%

Turns 173% of profit into real cash

FCF Margin

26.6%

Converts sales into free cash efficiently (26.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.25

Conservative — low debt load (0.25)

Interest Cover

37.37x

Comfortably covers interest (37.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

3.4x

Attractive valuation — P/E 3.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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