West African Resources Ltd · ASX:WAF
West African Resources — Q4 2025 Earnings Presentation
17 slides from West African Resources's earnings presentation, Jan 27, 2026
Slide 1: December 2025 Quarterly Report
Press Release 28 January 2026 DECEMBER 2025 QUARTERLY REPORT Production and cost guidance met for 5 th consecutive year No significant social, health or safety incidents 2025 cost and gold production guidance met; 5th consecutive year Q4 gold production: 112,019 oz at AISC1 of US$1,561/oz Q4
Slide 2: Overview
West African Resources Limited Overview Unhedged gold mining company West African Resources Limited (ASX: WAF, referred to in this release as the ‘Company’ and collectively with its subsidiaries as ‘WAF’ or the ‘Group’) is pleased to present its activity report for the quarter ended 31 December 2025
Slide 3: Sanbrado Operations
West African Resources Limited Sanbrado Operations Sanbrado Gold Production Centre, Burkina Faso (‘Sanbrado’) Sanbrado produced 49,732 ounces of gold in Q4 at a site sustaining cost of US$1,399/oz. This brings Sanbrado’s annual production to 205,228 ounces of gold at a site sustaining cost of US$1,3
Slide 4: Processing
West African Resources Limited Processing Gold production decreased 17% in Q4 versus Q3, mainly due to 14% lower mill throughput following a planned shutdown during the quarter. Sanbrado produced 49,732 ounces of gold in Q4 from 745kt of ore milled at a head grade of 2.2 g/t and recovery of 93.2%, b
Slide 5: Kiaka Operations
West African Resources Limited Kiaka Operations Kiaka Gold Production Centre, Burkina Faso (‘Kiaka’) Kiaka completed its first full quarter of operations phase reporting since completion of construction, with the previous quarter reflecting a shortened period of 1 August to 30 Sept 2025. Kiaka produ
Slide 6: Kiaka Gold Operation Layout; WAF Project Locations
West African Resources Limited Kiaka Gold Operation Layout WAF Project Locations Page 6 of 17
Slide 7: Financial and corporate
West African Resources Limited Financial and corporate Sanbrado Gold sales revenue was 3% higher than the previous quarter from a 20% higher realised gold price partially offset by 14% fewer ounces sold. The site sustaining cost of US$1,399/oz was 4% higher than the previous quarter reflecting 14% f
Slide 8: Notional net cash balance and quarterly cashflow report
West African Resources Limited The Group had a notional net cash balance of US$210 million at the end of Q4 versus a notional net cash balance of US$33 million at the beginning of the quarter. Quarterly cashflow report The Group’s cash balance at the end of Q4 was A$584 million. Operating activities
Slide 9: Sanbrado Financial Summary (A$'000)
West African Resources Limited SANBRADO FINANCIAL SUMMARY1 (A$’000) Q1 2025 Q2 2025 Q3 2025 Q4 2025 YTD 2025 Gold sales (oz) 48,338 49,840 57,638 49,702 205,518 Gold revenue 218,256 253,851 301,730 311,874 1,085,711 OP mining cost 25,824 12,539 7,133 7,675 53,171 UG mining cost 15,584 17,613 15,445
Slide 10: Group Financial Summary (A$'000)
West African Resources Limited GROUP FINANCIAL SUMMARY1 (A$’000) Q1 2025 Q2 2025 Q3 2025 Q4 2025 YTD 2025 Site sustaining cost - Sanbrado 92,703 110,257 119,744 106,974 429,678 Site sustaining cost - Kiaka - - 54,032 142,767 196,799 Corporate & share-based payments 4,586 5,141 5,410 4,769 19,906 All
Slide 11: Growth
West African Resources Limited Growth Sanbrado During Q2 the Company released diamond drilling results from below the M5 North open-pit ore reserve at the Sanbrado Gold Operations (refer to ASX announcement titled “WAF hits 16m at 11.2 g/t Au at M5 North below ore reserves” released on 9 December 20
Slide 12: Long Section of M5 North showing results from the current drilling program
West African Resources Limited Long Section of M5 North showing results from the current drilling program Page 12 of 17
Slide 13: Toega Development and Environmental Performance and Social Investment
West African Resources Limited Toega gold deposit (‘Toega’) During the quarter, earthworks for the mine services area were completed, and construction of mobile maintenance workshop, office and ancillary infrastructure commenced. Haul road construction is well advanced and remains on schedule to ena
Slide 14: Community investment and contact details
West African Resources Limited Medical waste incinerators were constructed in community health centres and training of their use was delivered. The incinerators will contribute to improving biomedical waste management and strengthen facility hygiene and safety practices. Kiaka completed construc
Slide 15: Summary of Tenements in Burkina Faso
West African Resources Limited Summary of Tenements in Burkina Faso as at 31 December 2025 Tenement Tenement WAF % Tenement Geographical Registered Holder Tenement Number Grant Date Expiry Date Area Name Held Type Location Km² SOMISA (Société des Décret No 2024 – 0460/PRES- Ganzourgou Sanbrado Mines
Slide 16: WAF Mineral Resources by deposit
West African Resources Limited WAF Mineral Resources by deposit, 31 December 2024* Measured Resource Indicated Resource Inferred Resource Total Resource Contained Contained Contained Contained Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade Au Au Au Au (000’s) g/t (000’s) oz (000’s) g/t (000’s)
Slide 17: Forward Looking Information
West African Resources Limited Forward Looking Information This report contains “forward-looking information” including information relating to the Company’s future financial or operating performance. All statements in this report, other than statements of historical fact, that address events or dev
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