West African Resources Ltd

Description

West African Resources Ltd is an unhedged Australian-listed gold producer operating the Sanbrado and Kiaka production centres in Burkina Faso. Group Mineral Resources total approximately 13.7 Moz and Ore Reserves total approximately 7.0 Moz. The March 2026 production plan targets approximately 5.338 Moz of recovered gold from 2026 to 2035, averaging about 533 koz annually and reaching a planned peak of 596 koz in 2030.

The investment case combines established production with continued portfolio growth. Sanbrado has operated since 2020 and its current mine plan extends to 2036, while Kiaka poured first gold in June 2025 and is progressing through its first full production year. Toega adds higher-grade satellite feed, M5 underground production is ramping up, and Kiaka's planned secondary crusher is intended to increase throughput from 2028.

H1 2026 production was approximately 232,905 oz at US$1,823/oz AISC. The company reported A$437M NPAT and A$876M cash at 30 June 2026. More than 100,000 m of 2026 drilling targets reserve conversion, pit extensions and underground optionality.

List of Projects:

Project 1: Sanbrado Gold Operations, Burkina Faso — Gold
Operating open-pit and underground production centre approximately 90 km east-southeast of Ouagadougou. Includes M5 North, M1 South underground, M5 South underground, M1 North and MV3. The 2026–2035 plan averages approximately 256 koz/year.

Project 2: Kiaka Gold Operations, Burkina Faso — Gold
Large-scale operating open-pit mine approximately 45 km south of Sanbrado. Resources total approximately 9.2 Moz and reserves approximately 4.7 Moz. The ten-year plan averages about 277 koz/year and includes Kiaka Main, South and Central pits plus deeper cut-back and underground optionality.

Project 3: Toega Deposit, Burkina Faso — Gold
Satellite deposit approximately 13 km from Sanbrado. The open-pit resource is approximately 600 koz and underground resource approximately 560 koz. First open-pit gold is scheduled for Q3 2026, while underground feed is modelled from 2030.

Project 4: Regional Exploration Portfolio, Burkina Faso — Gold
Exploration tenure surrounding Sanbrado and Kiaka, including near-mine depth extensions and regional anomalies targeted by the 2026 drilling program.

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List of projects

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