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West African Resources (WAF) investor relations material

West African Resources Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary1 Nov, 2025

Executive summary

  • Q3 2025 gold production reached 92,721 oz at an all-in sustaining cost (AISC) of US$1,532/oz, with gold sales of 75,892 oz at an average price of US$3,396/oz; the company remains unhedged.

  • No significant social, health, or safety incidents were reported; TRIFR was 1.78, well below the Western Australian gold industry average.

  • Sanbrado produced 59,852 oz at a sustaining cost of US$1,348/oz, while Kiaka, in its first operational quarter, produced 32,869 oz at US$1,921/oz.

  • Group cash flow from operating activities was A$242m after A$24m in income tax payments; cash balance at quarter end was A$340m.

Financial highlights

  • Group AISC for Q3 was US$1,532/oz and US$1,443/oz year-to-date.

  • Net cash position improved to US$33m at quarter end from net debt of US$72m at the start of Q3.

  • Operating activities generated A$242m in cash, with A$52m VAT refunds received.

  • Group sold 75,892 oz of gold in Q3 at an average price of US$3,396/oz.

  • Half-year profit reported at A$295m before tax and A$215m after tax.

Outlook and guidance

  • Sanbrado remains on track for 2025 annual guidance of 190,000–210,000 oz at a sustaining cost below US$1,350/oz.

  • Kiaka costs expected to trend lower in Q4 as full production and grid power are achieved.

  • Updated 10-year production outlook projects group output peaking at 569,000 oz in 2029, with average annual production of 496,000 oz from 2026–2034.

Kiaka SA ownership: resolution path
Kiaka Q4 cost reduction drivers
Toega's contribution to 2026 production
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Frequently asked questions

West African Resources Limited is a gold mining company focused on the exploration, development, and production of gold assets in West Africa. The company’s primary operations are based in Burkina Faso, where it operates both open-pit and underground mines. West African Resources is involved in all stages of the mining process, from initial exploration to gold extraction and processing, with an emphasis on expanding its resource base and production capabilities. The company is headquartered in Subiaco, Western Australia, and its shares are listed on the Australian Securities Exchange.

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