West African Resources (WAF) investor relations material

Executive summary

• Gold operations at Sanbrado and Kiaka delivered strong Q1 2026 production and financial results, with Kiaka ramping up and Sanbrado maintaining steady output.

• Achieved record cash balance of AUD 847 million at quarter end, with AUD 213 million in unsold gold bullion held.

• Burkina Faso government to acquire an additional 25% equity in Kiaka SA, raising its stake to 40% for AUD 175 million, with proceeds expected as a cash payment.

• Plans to distribute cash proceeds from the Kiaka equity sale to shareholders via a special dividend.

• Updated 10-year production plan projects average annual gold output of 533,000 oz, peaking near 600,000 oz in 2030.

Financial highlights

• Q1 gold production totaled 107,728 oz at an all-in sustaining cost (AISC) of $1,921/oz.

• Gold sales revenue reached AUD 742 million, with 104,145 oz sold at an average price of $4,945/oz.

• Operating cash flow for Q1 was AUD 440 million; cash balance at quarter-end was a record AUD 847 million.

• Notional net cash position more than doubled to $450 million.

• Unsold gold bullion valued at AUD 213 million at quarter-end.

Outlook and guidance

• Annual production guidance maintained at 430,000–490,000 oz of gold, with AISC below $1,900/oz.

• 2026–2035 production plan targets average annual output of 533,000 oz.

• Toega project on track for first ore mining in Q2 and delivery to Sanbrado plant in early Q3.

• Ongoing drilling programs targeting further resource and reserve growth, with over 100,000 m planned annually.