West African Resources Ltd · ASX:WAF
West African Resources — Investor Presentation (March 2026)
32 slides from West African Resources's investor presentation, Mar 17, 2026
Slide 1: Flight to 500 – Investor Presentation March 2026
For personal use only Red-necked Buzzard, Toega WEST AFRICA’S GROWING MID TIER PRODUCER FLIGHT TO 500 Investor Presentation March 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 continued
IMPORTANT NOTICE FORWARD LOOKING STATEMENTS continued Rounding is applied for all Mineral Resources and Ore Reserves figures in this Presentation. In the case of WAF, these facts include, in particular operating cashflows, net profit after tax (NPAT) and future production estimates EXPLORATION RESUL
Slide 4: WAF delivers A$567 million NPAT for 2025
WEST AFRICAN RESOURCES LTD 1 0 0 % U N H ED G ED M I N ER A L R ESO U R C ES A N D O R E R ESERVES WAF delivers A$567 million NPAT for 2025 Revenue: A$1.54 billion For personal use only Profit before tax: A$808 million Profit after tax: A$567 million Cash flow from operating activities: A$79
Slide 5: 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$3,427m* 100%
Slide 6: 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 7: 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 8: WAF Project Locations
WAF PROJECT LOCATIONS For personal use only 8
Slide 9: 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 10: 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 11: 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 11
Slide 12: 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 13: 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 For personal use only 1 2 3 4 Toega construction: 1. Open Pit, 2. CAT 6020 EX-401 Assembly, 3. Mine Services Area and 4. Water Storage Facility 13
Slide 14: Sanbrado Gold Mine – 10 Year Production Plan
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 gold per annum 2025 guidance achieved - full year summary: 250,000 Recovered Gold Ounces ‒ Gold production: 205
Slide 15: 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 16: Resource Extension – M5 South Underground
RESOURCE EXTENSION M5 SOUTH UNDERGROUND Drilling below Mineral Resource confirms potential for significant mine life extension - significant results from For personal use only recent drilling include: ‒ 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 conversi
Slide 17: 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 support the potential for significant resource and reserve growth +30,000m of surface and underground drilling planned in 2026 to further test potential at
Slide 18: 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 include: ‒ 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 re
Slide 19: 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 20: Kiaka Gold Mine
WEST AFRICAN RESOURCES LTD KIAKA GOLD MINE For personal use only 20
Slide 21: Kiaka Gold Mine – Key Project 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 22: Kiaka Gold Mine – November 2023 and 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 22
Slide 23: Kiaka Gold Mine – March 2026 site photos
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 1 2 3 4 March 2026: 1. Main Pit, 2. Central Pit, 3. South Pit and 4. ROM Pad 23
Slide 24: Our People – Équipe WAF
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 24
Slide 25: 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 26: 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 27: 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 28: Looking Ahead – +100,000m Drilling
WEST AFRICAN RESOURCES LTD LOOKING AHEAD - +100,000M DRILLING Q1 2026 2026 Production Guidance For personal use only Q1 2026 10-Year Production Outlook Q2 2026 M5 North surface drilling results Q2 2026 M5 UG portal establishment Q2 2026 M5 South UG drilling results Q3 2026 Toega UG drilling results
Slide 29: Flight to 500
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 30: 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 31: 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 32: 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.
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