West African Resources (WAF) investor relations material

Executive summary

• Achieved record quarterly gold production of 125,179 oz in Q2 2026, with no significant health or safety incidents and a TRIFR of 1.25, well below industry average.

• Year-to-date gold production reached 232,905 oz at an AISC of US$1,823/oz, maintaining trajectory for annual guidance of 430,000–490,000 oz at AISC under US$1,900/oz.

• Strong operational performance at both Sanbrado and Kiaka centres, with ongoing exploration and resource extension drilling.

Financial highlights

• Q2 gold sales totaled 110,737 oz at a realized price of US$4,556/oz, generating A$249 million in operating cash flow.

• Group AISC for Q2 was US$1,730/oz; YTD AISC stands at US$1,823/oz.

• Cash balance at quarter end was A$876 million, with ~A$247 million in unsold gold bullion.

• Notional net cash position improved to US$497 million at quarter end.

Outlook and guidance

• On track to meet 2026 annual gold production guidance of 430,000–490,000 oz at AISC below US$1,900/oz.

• Over 100,000 metres of drilling planned in 2026 with a US$20 million exploration budget.

• Anticipates further drilling results from Toega underground and M5.