Both achievements are very rare in the resources sector.

Richard Hyde-led WAF praised the work of it internal team and key contractors and consultants involved; ECG, Outotec, Lycopodium, Knight Piesold, Enikon, EERIE BF, PSS, Kanazoe and Sogea Satom.

WAF poured nearly 5000 ounces in March, with open pit and underground mining said to be tracking to budget and operations not negatively impacted by the COVID-19 pandemic.

The project will have average annual production over the first five years of mine life of 217,000 ounces gold and a 14-month post-tax pay-back on $186 million pre-production capital costs.

All-in sustaining costs over the life of the project are put at $650/oz.

In its first full year of production Sanbrado is slated to produce 300,000oz.

WAF had $81.5 million cash and $12.5 million worth of gold at the end of March, with a $200 million Taurus finance facility fully drawn.

Shares in WAF were up 11% to A59c in morning trade, capitalising the company at $513 million.