West African Resources quarterly activities report

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# West African Resources quarterly activities report

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Published: 2026-01-28T00:00:00+00:00
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# West African Resources quarterly activities report
Source: https://quoteapi.com/api/v5/symbols/waf.asx/announcements/6A1308620/document?appID=2fee0049d633f441
Published: 2026-01-28
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 gold sales: 105,995 oz at average price of US$4,058/oz, and the company remains fully unhedged
 Q4 cash flow from operating activities: A$389m after making A$48m of income tax payments
 A$584m cash balance and A$177m unsold gold bullion held at end of Q4
 Diamond drilling beneath the M5 North open-pit Ore Reserve has confirmed potential to extend open-
pit mining at Sanbrado2
 Next quarter objectives:
­ Release 2026 annual production guidance
­ Report drilling results from M5 South Underground
­ Update WAF’s Resource, Reserve and 10 year production plan
­ Outline WAF’s capital management strategy for 2026 and beyond
West African Executive Chairman and CEO Richard Hyde commented:
“Sanbrado delivered another solid quarter, with 49,732 ounces of gold produced at a site sustaining cost
of US$1,399/oz. For the full year 2025, Sanbrado produced 205,228 ounces of gold at a site sustaining cost
of US$1,348/oz, achieving annual production guidance of 190,000 to 210,000 ounces at a site sustaining
cost of under US$1,350/oz. Considering the strong rise in the gold price during 2025 significantly increased
royalty costs, this was another outstanding annual result for Sanbrado and the 5th consecutive year of either
meeting or beating guidance.
The ramp up of Kiaka production saw excellent progress in its first full quarter since startup, with 62,287
ounces of gold produced at a site sustaining cost of US$1,649/oz, bringing annual 2025 gold production to
95,155 ounces.
WAF group produced 300,383 ounces of gold in 2025 and achieved annual guidance of 290,000 to 360,000
ounces. We look forward to releasing WAF’s 2026 annual production guidance and outlining our capital
management strategy later in Q1 2026.”
1 AISC means ‘all in sustaining cost’ calculated according to the World Gold Council guidelines by ounce of gold sold. Refer to
https://www.gold.org/about-gold/gold-supply/responsible-gold/all-in-costs for more information.
2
Refer to ASX announcement titled “WAF hits 16m at 11.2 g/t Au at M5 North below ore reserves” released 9 December 2025.
West African Resources Limited ACN 121 539 375 ABN 70 121 539 375
T: + 61 8 9481 7344 E: info@westafricanresources.com W: westafricanresources.com
PO Box: PO Box 1412, Subiaco WA 6904 Principal Office: Level 1, 1 Alvan Street, Subiaco WA 6008 ASX: WAF
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 (‘Q4’).
Health and safety
There were no significant health or safety incidents during Q4, and WAF’s Total Reportable Injury
Frequency Rate (‘TRIFR’) at the end of the quarter was 1.49. The Injury Frequency Rate for the gold industry
in Western Australia was 5.0 for the most recent available reporting period.3
Production and sales summary
Summary gold sales and production statistics by gold production centre are provided in the table below.
Gold Sold Average price Gold Produced Sustaining cost4
(oz) (USD/oz) (oz) (USD/oz)
Q4 2025
Sanbrado 49,702 $4,079 49,732 $1,399
Kiaka 56,293 $4,039 62,287 $1,649
Group 105,995 $4,058 112,019 $1,561
YTD 2025
Sanbrado 205,517 $3,407 205,228 $1,348
Kiaka 74,548 $3,850 95,155 $1,702
Group 280,065 $3,525 300,383 $1,488
Sanbrado
The Sanbrado gold production centre (‘Sanbrado’) continued its steady performance in Q4. Open pit
mining recommenced in Q4 under WAF’s new owner-mining operating model. Open pit mill feed in Q4
was sourced from both the M5 North pit and from previously mined ore stockpiles. Mined ounces for the
quarter from the M1 South underground of 37,955 were 16% below the previous quarter.
Kiaka
Q4 represents the first full quarter of operational-phase reporting since completion of construction of the
Kiaka gold production centre (‘Kiaka’), with the previous quarter reflecting a shortened period of 1 August
to 30 Sept 2025. Ramp up of the Kiaka process plant progressed well in the quarter, mainly relying on
diesel-generated power with a partial contribution of grid power in the month of December. Open pit
mining activities at Kiaka continued to ramp up as more equipment was commissioned for operations.
3 Refer to the publication: Department of Energy, Mines, Industry Regulation and Safety, Quarterly Performance Snapshot for
the Western Australian minerals sector for three-month period 1 October – 31 December 2024 issued October 2025.
4 Sustaining cost for the Group is ‘all in sustaining cost’ (AISC) as defined by the World Gold Council. Sustaining cost for Sanbrado
and Kiaka is ‘site sustaining cost’ which includes all components of AISC except corporate and share-based payments.
Page 2 of 17
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$1,348/oz, which
achieves annual guidance of 190,000 to 210,000 ounces gold at a site sustaining cost under US$1,350 per
ounce.
Sanbrado sold 49,702 ounces of gold in the quarter at an average realised price of US$4,079/oz, bringing
year to date gold sales to 205,517 ounces at an average realised price of US$3,407/oz. Sanbrado held
11,627 ounces of unsold gold bullion (valued at approximately US$51 million) at the end of the quarter.
SANBRADO PHYSICALS Unit Q1 2025 Q2 2025 Q3 2025 Q4 2025 YTD 2025
Open Pit mining
Total movement BCM ‘000 1,113 312 - 195 1,620
Total movement kt 3,176 880 - 561 4,617
Strip ratio w:o 1.1 1.2 - 0.9 1.0
Ore mined kt 1,545 409 - 299 2,253
Mined grade g/t 0.8 0.9 - 0.8 0.8
Contained gold oz 40,788 11,795 - 7,927 60,510
Underground mining
Ore mined kt 149 153 144 141 587
Mined grade g/t 7.0 6.0 9.7 8.4 7.7
Contained gold oz 33,670 29,320 44,949 37,955 145,894
Processing
Ore milled kt 857 830 868 745 3,300
Head grade g/t 2.0 1.9 2.3 2.2 2.1
Recovery % 92.9% 92.2% 93.5% 93.2% 93.0%
Gold produced oz 50,033 45,611 59,852 49,732 205,228
Gold poured oz 49,426 45,784 59,747 49,506 204,463
Gold sold oz 48,338 49,840 57,638 49,702 205,517
Ore stockpiles
Stockpile ore kt 4,950 4,681 3,957 3,652
Stockpile grade g/t 0.7 0.7 0.6 0.6
Stockpile contained gold oz 106,940 98,592 79,536 72,032
Open pit mining
Open pit mining at Sanbrado recommenced in Q4 under WAF’s new owner-mining team, delivering 299kt
of ore from the M5 North pit at an average grade of 0.8 g/t for 7,927 mined ounces of gold. Full year 2025
open pit mining totalled 2,253kt of ore at a grade of 0.8 g/t for 60,510 mined ounces. Open pit mill feed
in Q4 was sourced from both the M5 North pit and from previously mined ore stockpiles.
Underground mining
Underground mining from M1 South delivered 141kt of ore at a grade of 8.4 g/t for 37,955 mined ounces
of gold in the quarter. Mined ounces were 16% below Q3 primarily due to a 14% drop in mined grade and
slightly lower ore tonnes mined. Full year 2025 underground mining totalled 587kt of ore at a grade of 7.7
g/t for 145,894 mined ounces of gold.
Page 3 of 17
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%, bringing full year 2025 gold production to 205,228
ounces.
Sanbrado Gold Operation Layout
Page 4 of 17
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 produced 62,287
ounces of gold in Q4 at a site sustaining cost of US$1,649/oz. Kiaka sold 56,293 ounces gold at an average
realised price of US$4,039/oz and held 15,468 ounces of unsold gold bullion (valued at approximately
US$68 million) at the end of the quarter.
Open pit mining
Open pit mining continued to ramp up well during Q4, delivering 3,271kt of ore at an average grade of 0.8
g/t for 83,270 ounces of contained gold. This represents a 76% increase in mined ounces compared to Q3,
driven by 46% more ore tonnes mined and a 21% improvement in ore grade following the completion of
the ROM pad construction and focus on the Kiaka Main Stage 1 pit. Full year 2025 open pit mining totalled
6,606kt of ore at a grade of 0.7 g/t for 148,946 mined ounces of gold.
Processing
The Kiaka processing plant ramp-up continued on-schedule, delivering strong operational performance in
Q4. Additional diesel-generated power was brought on-line in the quarter and grid power made a
significant contribution in the month of December. This enabled an increase in plant throughput and
treatment of a feed blend containing a higher proportion of the harder, higher-grade ore. Gold production
rose 90% quarter-on-quarter, driven by a 25% increase in mill throughput and a 44% higher head grade.
During Q4, Kiaka produced 62,287 ounces of gold from 2,174kt of ore processed at an average head grade
of 1.0 g/t and metallurgical recovery of 92.9%, bringing total 2025 production to 95,155 ounces.
KIAKA PHYSICALS Unit Q1 2025 Q2 2025 Q3 2025 Q4 2025 YTD 2025
Open Pit mining
Total movement BCM ‘000 417 1,821 2,467 3,263 7,968
Total movement kt 777 3,448 4,837 7,361 16,424
Strip ratio w:o 10.9 2.3 1.2 1.3 1.5
Ore mined kt 65 1,032 2,238 3,271 6,606
Mined grade g/t 0.5 0.5 0.7 0.8 0.7
Contained gold oz 1,084 17,363 47,228 83,270 148,946
Processing
Ore milled kt - - 1,740 2,174 3,914
Head grade g/t - - 0.7 1.0 0.8
Recovery % - - 88.2% 92.9% 91.3%
Gold produced oz - - 32,869 62,287 95,155
Gold poured oz - - 30,573 59,468 90,040
Gold sold oz - - 18,254 56,293 74,548
Ore stockpiles
Stockpile ore kt 65 1,097 1,595 2,692
Stockpile grade g/t 0.5 0.5 0.6 0.5
Stockpile contained gold oz 1,084 18,447 28,413 44,666
Page 5 of 17
West African Resources Limited
Kiaka Gold Operation Layout
WAF Project Locations
Page 6 of 17
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% fewer gold
ounces sold, partly offset by 10% lower site sustaining costs on a USD absolute basis. Capital development
expenditure of A$7 million in Q4 related mainly to underground development at M1 South.
The lower ‘change in inventory’ costs compared to the previous quarter mainly reflects the
recommencement of open pit mining at Sanbrado.
The Burkina Faso government requires payment of a gross production royalty on gold at the rate of 8% for
a gold price of ≥US$3,000/oz and <US$3500/oz, increasing by 1% for each incremental US$500/oz increase
in the gold price over US$3,500/oz. As such, royalty costs were 19% higher than the previous quarter due
the escalating

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