Production in the March quarter totalled 55,823 ounces at all-in sustaining costs of US$957 per ounce, with the company maintaining guidance for the full year of 250,000-280,000oz at AISC of $720-800/oz.

Assuming guidance is met and the gold price doesn't collapse, that's anticipated to see the company in a net cash position by late this year, and the $200 million debt provided by Taurus extinguished in the first quarter of 2022.

The Taurus debt was reduced to $137 million earlier this month when a $25 million repayment was made.

At the end of March, WAF had A$94 million cash on hand, with $39 million generated from operating activities and $31.4 million in unsold bullion.

In a slow start to the ASX session for gold miners, shares in WAF were down 3% to 95.5c, capitalising the company at $843 million.

The flagging of a possible share buy-back initiative next year comes with analysts at Sprott recently claiming WAF's shares were being very undervalued by investors - at a then price of 87.5c.

The Sprott team said "the Australian market stubbornly refuses to price WAF in line with peers", and suggested "M&A must surely be on the cards in our view, not the least given the scarcity value of plus-200,000oz producers and as WAF's fundamentals rise while price falls".