West African Resources
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West African Resources (WAF) investor relations material

West African Resources Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for West African Resources Limited
Q2 2026 earnings summary27 Jan, 2026

Executive summary

  • Achieved strong gold production in Q4 2025, with over 112,000 ounces produced across Sanbrado and Kiaka, supporting a robust outlook for 2026.

  • Full-year 2025 gold production was 300,383 ounces, meeting guidance, with Kiaka ramping up and surpassing Sanbrado in Q4.

  • No significant health, safety, or social incidents reported, with a TRIFR of 1.49, well below industry average.

Financial highlights

  • Q4 gold sales totaled 105,995 ounces at an average price of US$4,058/oz, generating A$662 million in revenue.

  • All-in sustaining cost averaged US$1,561/oz in Q4 and US$1,488/oz for the year, with Q4 operating cash flow of A$389 million after A$48 million in income tax payments.

  • Year-end cash balance was A$584 million, with A$177 million in unsold gold bullion and notional net cash of US$210 million.

  • Full-year 2025 revenue exceeded A$1.5 billion.

Outlook and guidance

  • 2026 annual production guidance and capital management strategy to be released in Q1 2026.

  • Ten-year plan update, including new drilling results and updated resource and reserve estimates, expected in late March.

Kiaka grid stability outlook for 2026
Capital management strategy post-debt reduction
Will royalty rates be a focus with government?
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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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