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Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
West African Resources
West African Resources (WAF) investor relations material
West African Resources H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary16 Mar, 2026
Executive summary
Achieved record revenue of A$1.54B and net profit of A$567M in 2025, up 111% and 130% year-over-year, respectively.
Completed Kiaka construction ahead of schedule and under budget; first gold poured in June 2025.
Group gold production rose to 300,383oz, a 45% increase year-over-year, driven by Kiaka ramp-up.
Operating cash flow reached A$790M, with net cash position at A$146M at year-end.
No significant health or safety incidents; TRIFR of 1.49, well below industry average.
Financial highlights
Revenue: A$1.54B (2024: A$730M); Net profit: A$567M (2024: A$246M).
Operating cash flow: A$790M (2024: A$252M); Free cash inflow: A$203M.
All-in sustaining cost (AISC): US$1,488/oz (2024: US$1,240/oz); average gold price: US$3,525/oz.
Net assets: A$1.76B; cash: A$584M; borrowings: A$438M.
Earnings per share: 41.6 cents (2024: 20.7 cents).
Outlook and guidance
2026 production target: average 480,000oz/year to 2034, peaking at 569,000oz in 2029.
Focus on ramping up Toega open-pit mining and M5 South underground at Sanbrado.
Over 100,000m of drilling planned across Sanbrado and Kiaka in 2026.
No planned increase in executive or NED remuneration for 2026.
Status of Burkina Faso equity interest in Kiaka
Primary drivers for 2025 AISC increase
M5 South underground development plan for 2026
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Latest events from West African Resources
- Q1 gold output was 50,033 oz at US$1,262/oz AISC; Kiaka nears completion for Q3 2025 start.WAF
Q1 2025 TU16 Feb 2026 - Q2 gold output strong, Kiaka project on track, and 2024 guidance reaffirmed.WAFQ2 2024 TU3 Feb 2026
- 2025 gold output hit 300,383 oz, with strong cash flow and Kiaka ramp-up driving growth.WAFQ4 2025 TU2 Feb 2026
- Strong Q3 gold output, robust cash flow, and Kiaka project advancing on time and budget.WAFQ3 2024 TU19 Jan 2026
- Met 2024 guidance, strong Q4 results, Kiaka over 80% complete for Q3 2025 gold pour.WAFQ4 2024 TU10 Jan 2026
- Q3 gold output reached 92,721 oz at US$1,532/oz AISC, with strong cash flow and net cash of US$33m.WAFQ3 2025 TU7 Dec 2025
- On track for 500,000+ oz gold output by 2029, driven by Sanbrado and Kiaka expansion.WAFDiggers & Dealers Mining Forum 202523 Nov 2025
- Q2 gold output was 45,611 oz at US$1,492/oz AISC; Kiaka build finished early and under budget.WAFQ2 2025 TU16 Nov 2025
- Aims to exceed 500,000 oz gold production annually by 2029, backed by 12.2 Moz resources.WAFInvestor Presentation4 Sep 2025
Next West African Resources earnings date
H1 202625 Aug, 2026
West African Resources
Next West African Resources earnings date
H1 202625 Aug, 2026
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