West African Resources Limited has provided an update on the progress at its Kiaka Gold Project in Burkina Faso, highlighting that site construction and mining operations are advancing on schedule and within budget. The company has deployed major mining equipment, including three 200-ton excavators and an initial fleet of ten 140-ton haul trucks, which are driving open-pit mining activities that currently surpass 18,000 bcm per day during the day shift. The recent activities have focused on stripping waste material to facilitate the construction of the run-of-mine pad, which is now complete, and ore mining is steadily increasing with 184kt of ore stockpiled in preparation for processing. The technical indicators in the announcement underscore solid progress in the project’s infrastructure. The crushing circuit has been successfully commissioned, with the first 20kt batch of ore processed and directed to a coarse ore stockpile. Additionally, the wet plant construction is complete, with commissioning progressing well, and the tailings storage facility has been fully lined, with the installation of its geotextile layer nearing completion. An important energy milestone is underway with the 225kV grid power being prepared for connection in the third quarter of 2025, although current commissioning activities are supported by genset backup. The company projects that the Kiaka project will contribute to achieving first gold in the third quarter of 2025. This development, combined with existing projects, is expected to more than double annual gold production to over 420,000 ounces, reflecting a significant potential upside for production capacity and cost efficiency. The sentiment from this update reveals a bullish outlook on one side. The on-time and on-budget progress, robust equipment deployment, and well-advanced commissioning of essential systems create a positive framework for expected production and revenue growth. However, a bearish perspective is not without merit as the forward-looking statements caution investors about market fluctuations, regulatory challenges, and operational risks inherent in large-scale mining projects. Investors are advised to consider these factors against the backdrop of the promising technical and operational milestones achieved at the Kiaka project.