Advancing gold prices have brought gold investing back into focus. Some of the ASX gold companies are finding a place on the list of many long term investors.
West African Resource Limited (ASX: WAF)
West African Resources has demonstrated strong operational and financial performance, alongside important growth initiatives. In the 2024 annual report, the company reported gold production of 206,622 ounces at US$1,240/oz AISC, unhedged gold sales of 199,550 ounces at an average price of US$2,391/oz, and a net profit after tax of $246M. The company is among the best gold companies to invest in, as it maintains a robust financial position with $331M in cash and $43M in unsold gold bullion as of Q1 2025. Sanbrado produced 50,033 ounces of gold in Q1 2025, and the Kiaka project is progressing on schedule for first gold production in Q3 2025, which is expected to significantly increase the company's annual gold production.
The Company, one of the best gold mining stocks, is focused on expanding its production capabilities and optimizing operations. A maiden underground Mineral Resource Estimate for Toega has been released, outlining 4.9 Mt at 3.5 g/t for 560koz gold, with scoping studies indicating the potential for 515koz gold production over a 7-year mine life. The company is also pursuing a secondary crushing study at Sanbrado, which, combined with the Toega underground project, could increase Sanbrado's annual gold production by approximately 50%. These developments, along with the transition to owner-mining at Sanbrado and Toega, are aimed at increasing production efficiency and lowering costs, supporting the company's goal to become a sustainable +500koz per annum gold producer.
Gold Road Resources Limited (ASX: GOR)
Gold Road Resources Limited has announced several significant developments. The Gruyere Underground Scoping Study, conducted by SRK Consulting, explored the viability of a sub-level cave underground mining option at a gold price of $2,240 per ounce. This study indicates the potential for sustained Gruyere production. An exploration target ranging from 25M to 31M tonnes at 1.20 to 1.47 g/t Au for 1.0 to 1.5M ounces (50% basis) has been estimated for the Gruyere Underground project.
Gruyere achieved a gold production of 71,226 ounces in the March 2025 quarter, at an All-in Sustaining Cost of $2,658 per attributable ounce. The full-year guidance for Gruyere's production is still projected to be between 325,000 and 355,000 ounces. In terms of sales, Gruyere sold 34,135 ounces of gold at a record average price of $4,555 per ounce during the quarter.
Gold Road Resources also announced its 2024 annual report, highlighting both operational challenges and strategic achievements. The Gruyere Joint Venture (JV) faced operational difficulties, including significant rainfall, which led to a decrease in production to 287,270 ounces in 2024, compared to 321,984 ounces in 2023. Despite these challenges, Gruyere's performance improved in the latter part of the year, and the company reported a record full-year net profit after tax of $142.7M. The company also saw growth through its 100% owned Gilmour Deposit, with its first Ore Reserve, and maintained a strong financial position with significant listed investments.
(Source: Company Announcements)
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