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West African Resources (WAF) investor relations material
West African Resources Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Record Q3 production of 127,950 oz at AISC of US$1,570/oz; 135,245 oz sold at US$4,240/oz generated A$458m in operating cash flow.
Quarter-end cash was A$1,195m, with 36,085 oz of unsold bullion valued at A$217m; an A$0.20/share special dividend totaling A$229m was paid on 7 October.
2026 production guidance remained on track, while Toega advanced toward Q1 2027 production and debt repayment remained a priority.
Financial highlights
Q3 operating cash flow was A$458m after A$46m of Burkina Faso income tax; investing used A$77m and financing used A$38m.
Notional net cash rose A$220m during Q3 to A$710m at 30 September 2026.
Q3 non-sustaining growth capex was A$61m, mainly Toega pre-production/construction (A$26m), Kiaka power station (A$16m) and M5 South development/infrastructure (A$15m).
Outlook and guidance
2026 production guidance remained 430,000–490,000 oz at AISC below US$1,900/oz; YTD production was 360,857 oz at US$1,725/oz.
Toega ore deliveries to the Sanbrado mill are expected in early 2027, with gold production targeted for Q1 2027; underground drilling results were expected in Q4 2026.
An updated Sanbrado 10-year production forecast is due in Q1 2027; M5 South stoping is scheduled for early H2 2027, with minimal expected impact on 2027 production.
More than 100,000m of drilling was planned across Sanbrado, Kiaka and surrounding areas in 2026, supported by a US$20m exploration budget.
- 10-year output averages 533,000 oz pa, targeting over 500,000 oz from 2027.WAF
Investor presentation - Annual profit set to reach AUD 1 billion, with rising output and ongoing community investment.WAF
Mining Forum Americas 2026 - Record profit and special dividend highlight strong gold output and cash flow.WAF
H1 2026 - Targets 533,000 oz/year gold output, strong reserves, and leading ESG drive long-term growth.WAF
Diggers & Dealers Mining Forum 2026 - Record gold output and robust cash flow underpin strong 2026 outlook and ongoing growth.WAF
Q2 2026 TU - Aims for 500,000+ oz annual gold production by 2027, backed by 13.7 Moz resources and strong ESG.WAF
AGM 2026 presentation - Record cash flow, strong gold output, and Kiaka equity sale support a special dividend.WAF
Q1 2026 TU - Net profit rose 49% to A$246M, with Sanbrado and Kiaka underpinning future growth.WAF
H2 2024 - Q2 gold output strong, Kiaka project on schedule, and 2024 guidance reaffirmed.WAF
Q2 2024 TU
Next West African Resources earnings date
Next West African Resources earnings date
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