West African Resources Ltd · ASX:WAF
West African Resources — Indaba Conference 2026
30 slides from West African Resources's conference presentation, Feb 9, 2026
Slide 1: West Africa's Growing Mid Tier Producer: Flight to 500
For personal use only Red-necked Buzzard, Toega WEST AFRICA’S GROWING MID TIER PRODUCER FLIGHT TO 500 Investor Presentation February 2026
Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE DISCLAIMER . The following notice and disclaimer apply to this presentation (Presentation) and you are advised to read this carefully before reading FINANCIAL DATA or making any other use of this Presentation or any information contained in this Presentation. All dollar values in th
Slide 3: Important Notice: Forward Looking Statements
IMPORTANT NOTICE FORWARD LOOKING STATEMENTS continued or claims and other defects in title; competition from larger companies with greater financial and technical resources; the inability to meet financial obligations under agreements to which it is a party; ability to recruit and retain qualified p
Slide 4: West Africa's Growing Mid-Tier Gold Producer
WEST AFRICA’S GROWING MID-TIER GOLD PRODUCER 100% UNHEDGED MINERAL RESOURCES AND ORE RESERVES For personal use only 2025 Mineral Ore 10 Year Exploration Market Guidance Achieved Resources Reserves Production Target Permits Capitalisation 300,383 oz 12.2 Moz 6.5 Moz 4.8 Moz +1,100 km² A$3,987m* 100%
Slide 5: Capital Structure
WEST AFRICAN RESOURCES LTD C A P I TA L S T R U C T U R E INVESTOR BY GEOGRAPHIC LOCATION1,3 Australia & NZ 55.4% ASX: WAF Total Ordinary Shares on Issue 1,142,328,846 Europe 23.5% For personal use only Performance rights on issue 8,451,197 North America 17.3% Top 20 Shareholders1 58% Asia 3.8% Cash
Slide 6: Board and Management
WEST AFRICAN RESOURCES LTD BOARD AND MANAGEMENT For personal use only Richard Hyde Lyndon Hopkins Rod Leonard Libby Mounsey Stewart Findlay Robin Romero Jayde Webb Founder, CEO and Executive Director and Independent Executive Director of Non-Executive Director Non-Executive Director Non-Executive Di
Slide 7: WAF Project Locations
WAF PROJECT LOCATIONS For personal use only 7
Slide 8: Flight to 500: sustainable +500koz gold producer by 2029
WEST AFRICAN RESOURCES LTD F L I G H T TO 5 0 0 WAF aims to be a sustainable +500koz gold producer by 2029 For personal use only 2025-26 Drilling Programs Targeting Resource and Reserve Upgrades M1 South underground resource growth M5 South underground resource growth M5 Central and North open
Slide 9: 10 Year Production Target
WEST AFRICAN RESOURCES LTD 1 0 - Y E A R P R O D U C T I O N TA R G E T Production target to average: 600,000 ‒ 477,000 oz pa 2025 - 2034 ‒ 511,000 oz pa 2026 – 2031 For personal use only 500,000 ‒ 569,000 oz pa 2029 peak 10-year production target based on 83% Ore Reserves at 400,000 conservativ
Slide 10: Sanbrado Gold Operations
WEST AFRICAN RESOURCES LTD S A N B R A D O G O L D O P E R AT I O N S For personal use only 10
Slide 11: Sanbrado Gold Operations Key Project Metrics
SANBRADO GOLD OPERATIONS KEY PROJECT METRICS Location South-central Burkina Faso, West Africa Ownership WAF 85%; Burkina Faso government 15% For personal use only Type Open-pit and underground mining Resources 74 Mt at 1.98 g/t for 4.7 Moz gold (US$2,000) Reserves 25 Mt at 2.5 g/t for 2.0 Moz gold (
Slide 12: Toega Gold Project
TOEGA GOLD PROJECT 8 Y E A R S AT 7 0 - 8 0 K O Z P E R Y E A R , 1 2 . 6 K M F R O M S A N B R A D O M I L L Toega Pit HV Workshop and HME Assembly For personal use only 12
Slide 13: Sanbrado Gold Mine: Years of Meeting or Beating Guidance
SANBRADO GOLD MINE 5 Y E A R S O F M E E T I N G O R B E AT I N G G U I D A N C E 10 Year Sanbrado Production Plan 350,000 For personal use only 300,000 2025 to 2034 average 243,000 oz per annum 2025 guidance achieved - full year summary: 250,000 Recovered Gold Ounces ‒ Gold production: 205,228
Slide 14: Near Mine Growth: Sanbrado Underground Potential
NEAR MINE GROWTH SANBRADO UNDERGROUND POTENTIAL Over +60,000m of surface and underground drilling in progress with potential to deliver significant resource and For personal use only reserve growth Mineralisation at M1 South and M5 remains open at depth supporting potential to lift annual produc
Slide 15: Resource Extension: M5 South Underground
RESOURCE EXTENSION M5 SOUTH UNDERGROUND Drilling below Mineral Resource confirms potential for significant mine life extension For personal use only Significant results from recent drilling: ‒ 28m at 6.1 g/t Au ‒ 12m at 4.9 g/t Au ‒ 8m at 4.7 g/t Au ‒ 5m at 7.2 g/t Au Resource conversion drill
Slide 16: Near Mine Growth: M5 Exploration Potential
NEAR MINE GROWTH M 5 E X P L O R AT I O N P O T E N T I A L For personal use only Recent results from surface and underground drill programs supports the potential for significant resource and reserve growth +30,000m of surface and underground drilling planned in 2026 to further test potential a
Slide 17: Resource Extension: M1 South
RESOURCE EXTENSION M1 SOUTH Successful resource conversion drilling program at M1 South Deeps completed For personal use only Significant Results from recent drilling: ‒ 44m at 25.8 g/t Au ‒ 44.5m at 17.1 g/t Au ‒ 38.5m at 17.4 g/t Au ‒ 21.5m at 24 g/t Au Ore Reserve >1Moz 12,000m resource e
Slide 18: Near Mine Growth: Toega Project
NEAR MINE GROWTH TO E G A P R O J E C T Toega located 12.6 km from Sanbrado mill For personal use only Granted mining licence, production to commence Q4 2025, 8 year open-pit Open Pit reserve of 9.5 Mt at 1.9 g/t gold for 569,000 oz gold Open Pit 70 - 80koz gold production per annum over 8 y
Slide 19: Kiaka Gold Mine
WEST AFRICAN RESOURCES LTD KIAKA GOLD MINE For personal use only 19
Slide 20: Kiaka Gold Mine Key Metrics
KIAKA GOLD MINE 1 8 Y E A R S AT 2 3 4 , 0 0 0 O Z P E R Y E A R Location South-central Burkina Faso, West Africa For personal use only Ownership WAF 85%; Burkina Faso government 15% Type Open-pit, low strip ratio 1.8 : 1 LOM Resources 279 Mt at 0.8 g/t for 7.5 Moz gold (US$2000) Reserves 156 Mt at
Slide 21: Kiaka Gold Mine: November 2023 vs October 2025
KIAKA GOLD MINE 1 8 Y E A R S AT 2 3 4 , 0 0 0 O Z P E R Y E A R For personal use only November 2023 October 2025 21
Slide 22: Kiaka Main Pit and Central Pit
KIAKA GOLD MINE 1 8 Y E A R S AT 2 3 4 , 0 0 0 O Z P E R Y E A R For personal use only Kiaka Main Pit Kiaka Central Pit 22
Slide 23: Our People
OUR PEOPLE Total workforce É Q U I P E WA F Burkina Faso 3,558* For personal use only Burkinabe Internships employees 2025 WAF 95%* Building a strong 157 workforce >70,000 Personnel training hours 2025 * As at 1 February 2026 23
Slide 24: Protecting Our Workforce: Occupational Health and Safety
PROTECTING OUR WORKFORCE O C C U PAT I O N A L H E A LT H A N D S A F E T Y WAF operates a comprehensive Occupational Health and Safety Management System (OHSMS) based on ISO 45001 standards For personal use only Key Statistics: 427 days LTI free WAF TRIFR: 1.49 v Western Australian Gold Industr
Slide 25: Investing in Our Common Future
INVESTING IN OUR COMMON FUTURE D R I V I N G S U S TA I N A B L E G R O W T H A N D S U P P O R T I N G S H A R E D VA L U E Contributions since start of mining operations 2020 US$528 million contributed to Burkina Faso in taxes and royalties For personal use only US$10 million invested in communi
Slide 26: ESG: Building Lasting Value
ESG B U I L D I N G L A S T I N G VA L U E Built 4 schools, refurbishing 6 existing schools University Scholarship Programs For personal use only Livelihood Restoration Programs Trades training and certifications for men, women and youth Built health centres, donated medical supplies, and led h
Slide 27: Flight to 500: Team, Gold Exposure, ESG, Growth
WEST AFRICAN RESOURCES LTD F L I G H T TO 5 0 0 • Quality team aligned with shareholders TEAM For personal use only • 5 years of meeting or beating production guidance GOLD • 6.5 Moz unhedged gold reserves EXPOSURE • 12.2 Moz unhedged gold resources • Building community acceptance by creating jobs,
Slide 28: West Africa's Growing Mid-Tier Gold Producer
For personal use only WEST AFRICAN RESOURCES LTD WEST A F R I C A’S G R O W IN G M I D - TIER G O LD PR O D U C ER w w w. w e s t a f r i c a n r e s o u r c e s . c o m A S X : WA F
Slide 29: Mineral Resources
MINERAL RESOURCES For personal use only Measured Resource Indicated Resource Inferred Resource Total Resource Cutoff Contained Contained Contained Containe Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade Au Au Au d Au g/t (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t
Slide 30: Ore Reserves
ORE RESERVES For personal use only Proved Probable Proved + Probable Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t (000) oz M1 South UG 1,800 7.0 400 3,200 6.1 630 5,000 6.4 1,030 M5 South UG 1,510 2.9 140 1,510 2.