West African Resources says its Sanbrado operation in Burkina Faso is tracking towards the higher end of forecast gold production for the year after second-quarter output of 51,049 ounces took the first half scoreboard to 107,644oz.

Guidance for 2024 is 190,000-210,000oz.

Gold sales in the June quarter of 52,445oz took Sanbrado's sales for the half to 101,954oz at an average price of US$2199/oz.

Costs will be reported later this month in WAF's formal June quarter report to the ASX.

All-in sustaining costs in the March quarter were $1291/oz.

WAF had A$484 million in cash and bullion as of June 20.

Earlier this month, WAF unveiled a $150 million equity raising at $1.37 per new share.

It is building a second operation in Burkina Faso called Kiaka that is expected to double annual output to more than 400,000ozpa from mid-decade.

Debt of US$265 million is in the funding mix for Kiaka.

Shares in WAF were little changed at A$1.40 in morning trade, capitalising the company at $1.47 billion.