S&P/ASX 200 Index (ASX: XJO) gold stock West African Resources Ltd (ASX: WAF) is marching higher today.
West African Resources shares closed yesterday trading for $3.05. In late morning trade on Tuesday, shares are swapping hands for $3.09 apiece, up 1.3%.
For some context, the ASX 200 is down 0.2% at this same time, while the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down 0.3%.
Here's why West African shares are outperforming today.
(* Note, all figures below in US dollars unless otherwise specified.)
Image source: Getty Images
ASX 200 gold stock lifts on record production outlook
West African shares are outperforming today after the unhedged gold miner released its production guidance for calendar year 2026 and its 10-year production outlook.
As for the year ahead, the ASX 200 gold stock forecasts production of 430,000 ounces to 490,000 ounces of gold. The high end of that guidance represents a 63% increase from the 300,000 ounces of gold West African produced in 2025.
The company expects to produce this gold at an all-in sustaining cost (AISC) of $1,900 per ounce.
And with plans to increase its gold resources and extend mine lives, the miner is aiming to drill some 100,000 metres across its Sanbrado and Kiaka assets, both located in Burkina Faso, in 2026.
Amid strong operations, West African Gold said it is also considering share buybacks or declaring a maiden dividend in 2026.
"2026 is set to be a record production year for WAF as we will see a full year of operation from Kiaka for the first time, and another solid year of production from Sanbrado is expected," West African Gold CEO Richard Hyde said.
What's ahead for West African Gold shares?
Looking to the decade ahead, the ASX 200 gold stock released an updated Resources, Reserves and 10‐year production outlook.
West African's Reserves increased to 7 million ounces of gold, while its Mineral Resources increased to 13.7 million ounces of gold.
Over the 10 years from 2026 to 2035, the miner expects to produce 5.3 million ounces of the yellow metal. Annual gold production is forecast to peak at 596,000 ounces in 2030.
And Hyde noted that those production figures could ramp up following ongoing exploration.
He said:
We see potential to improve annual production further through our ongoing drilling programs where we plan to drill more than 100,000 metres annually targeting extensions at M5 South underground, beneath M5 North open-pit and Toega underground.
Despite the March retrace following the onset of the Iran war and resulting decline in global gold prices, shares in the ASX 200 gold stock remain up 32% in 12 months.
