West African Resources Ltd · ASX:WAF
West African Resources — Mining Forum Americas 2025
28 slides from West African Resources's conference presentation, Sep 16, 2025
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 Colorado Springs, September 2025
Slide 2: Important Notice Disclaimer
IMPORTANT NOTICE DISCLAIMER . The following notice and disclaimer apply to this presentation (Presentation) and you are advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation. FINANCIAL DATA This Presentation is da
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 Production Guidance Resources Reserves Production Target Permits Capitalisation 290 – 360k oz 12.2 Moz 6.5 Moz 4.8 Moz +1,300 km² A$3,469m*
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 LOCATION1,4 ASX: WAF Australia & NZ 46.0% Total Ordinary Shares on Issue 1,141,064,088 For personal use only North America 29.6% Performance rights on issue 9,715,955 Europe 21.0% Top 20 Shareholders1 59% Cash at 30 Jun
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 Lead Independent Executive Director of Non-Executive Non-Executive Non-Executive Executive Chair
Slide 7: WAF Project Locations
WAF PROJECT LOCATIONS For personal use only 7
Slide 8: Flight to 500
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 Drilling Programs Targeting Resource and Reserve Upgrades M1 South underground resource growth M5 South underground resource growth M5 Central and North open-pi
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 600,000 Production target to average: ‒ 477,000 oz pa 2025 - 2034 For personal use only 500,000 ‒ 511,000 oz pa 2026 – 2031 ‒ 569,000 oz pa 2029 peak 400,000 10-year production target based on 83% Ore Reserves at Recovered G
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 Mine Key Project Metrics
SANBRADO GOLD MINE 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 (US$1,4
Slide 12: Sanbrado Gold Mine: Years of Meeting or Beating Guidance
SANBRADO GOLD MINE 4 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 2025 to 2034 average 243,000 oz per annum 350,000 For personal use only 2025 production guidance: 300,000 ‒ 190,000 – 210,000ozs 250,000 ‒ Site Sustaining Cost: <$1,350/oz Recovered
Slide 13: 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 14: Near Mine Growth: Sanbrado Underground Potential
NEAR MINE GROWTH SANBRADO UNDERGROUND POTENTIAL Over +60,000m of surface and underground drilling For personal use only planned in 2025 to accelerate resource and reserve growth Mineralisation at M1 South and M5 remains open at depth supporting potential to lift annual production output and exte
Slide 15: 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 30,000m diamond drilling program in progress at M5 South Underground 15,000m drill program in progress at M5 North targeting potential cut back or additional underground operation Refer to ASX announcements titled
Slide 16: 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 Granted mining licence, production to For personal use only commence H2 2025, 7 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 17: Kiaka Gold Project
WEST AFRICAN RESOURCES LTD KIAKA GOLD PROJECT For personal use only 17
Slide 18: Kiaka Gold Project
KIAKA GOLD PROJECT 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 July 2025 18
Slide 19: Kiaka Gold Project Key Metrics
KIAKA GOLD PROJECT 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
Slide 20: 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$370 million contributed to Burkina Faso in taxes and royalties For personal use only US$9 million invested in communit
Slide 21: Our People
OUR PEOPLE É Q U I P E WA F Total workforce Burkina Faso For personal use only 2,716* Burkinabe Number of work employees experience interns 2025 WAF 93%* Building a strong 90 workforce 6,237 Hours of induction and safety training in 2024 * As at 31 July 2025 21
Slide 22: 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: 5 million man-hours LTI free WAF TRIFR: 1.42 v Western Australian G
Slide 23: Community: Building Lasting Value (Sanbrado, Toega)
COMMUNITY B U I L D I N G L A S T I N G VA L U E SANBRADO TOEGA Built 3 schools, electrified and furnished 5 schools Resettlement program commenced in 2025 For personal use only SOMISA University Scholarship Program entering 4th year Approval for resettlement site and new cemetery developmen
Slide 24: Community: Building Lasting Value (Kiaka)
COMMUNITY B U I L D I N G L A S T I N G VA L U E KIAKA Built 1 school, and refurbishing and expanding another Kiaka University Scholarship Program planning For personal use only US$25.3 million resettlement program progressing: Livelihood Restoration Program commenced in 2025: 2 resettleme
Slide 25: 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 • 4 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 26: 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 27: 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 28: 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.