S&P/ASX 200 Index (ASX: XJO) gold stock West African Resources Ltd (ASX: WAF) is charging higher today.
West African Resources shares closed yesterday trading for $2.78. In early morning trade on Tuesday, shares are changing hands for $2.91 apiece, up 4.7%, giving the miner a market cap of some $3.3 billion.
For some context, the ASX 200 is up 0.5% at this same time on Tuesday.
Here's what's grabbing investor interest.
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ASX 200 gold stock lifts off on 130% profit boost
Investors are bidding up the West African Resources share price following the release of the miner's 2025 calendar year results.
Over the 12 months, the ASX 200 gold stock raked in $1.54 billion in revenue.
Gold production increased by 45.4% to 300,383 ounces, up from 206,622 ounces in 2024.
Costs were up too, with the miner reporting an all-in sustaining cost (AISC) of US$1,488 per ounce, up 20% from the US$1,240 AISC the prior year.
The year saw West African achieve gold sales of 280,065 ounces, with the miner receiving an average price of US$3,525 an ounce for the yellow metal.
With production and sales up, the ASX 200 gold stock saw its operating cash flow surge to $790 million, up 213.5% from $252 million in 2024.
Year end gold reserves fell to 6.2 million ounces, from 6.5 million ounces a year ago.
And on the bottom line, West African Resources revealed a net profit after tax (NPAT) of $567 million, up 130.5% from the 2024 NPAT of $246 million.
What did management say?
Commenting on the results helping lift the ASX 200 gold stock today, West African Resources CEO Richard Hyde said, "We finished 2025 in a strong financial position, with $584 million cash and net assets of $1.76 billion on our balance sheet."
Hyde continued:
Sanbrado continued its solid performance in 2025, generating $1.1 billon of revenue from 205,517 ounces gold sold unhedged at an average realised price of $5,283 an ounce (US$3,407/oz). During its first five months of operational ramp-up, Kiaka generated $445 million of revenue from 74,548 ounces gold, sold unhedged at an average realised price of $5,971 an ounce (US$3,850/oz)…
WAF, as an unhedged gold producer is now incredibly well-positioned, particularly at the prevailing gold price levels, to significantly increase group profits and cash flows in 2026. We aim to maintain this for the next 10+ years from our two long-life major gold production centres of Sanbrado and Kiaka.
What's next for the ASX 200 gold stock?
Looking ahead, Hyde said the company is well-placed for another uplift in revenue and operating cash flow in 2026. That growth should be driven by a full year of production from its gold production centres, Sanbrado and Kiaka.
"WAF's strong production performance is expected to continue in 2026," he said.
"We invested significantly in exploration drilling in 2025, and I look forward to releasing our updated Reserves, Resources, and 10-year production target by the end of Q1 2026," Hyde concluded.
