West African Resources (WAF) Diggers & Dealers Mining Forum 2025 summary

Strategic achievements and growth

• Achieved a market cap increase from $110 million in 2016 to A$2,713 million as of July 2025, with A$328 million in cash and bullion.

• Successfully ramped up the Kiaka mine, acquired in 2021, with first gold poured ahead of schedule in June 2025 and grid power expected online in the September quarter.

• Maintained or exceeded production guidance for four consecutive years, even amid challenging conditions in Burkina Faso.

• Built and operated projects ahead of schedule and under budget, notably Sanbrado and Kiaka.

• Tied up 120 km of prospective greenstone belts for future exploration and value extraction.

Production and exploration outlook

• Updated resources to 12.2 million ounces and reserves to 6.5 million ounces as of June 2025, both increased after mining depletion.

• New 10-year plan targets 4.8 million ounces production, with several years exceeding 500,000 ounces annually, based 83% on reserves at conservative gold prices.

• 2024 production guidance is 300,000 ounces, with 200,000 from Sanbrado and 100,000 from Kiaka; peak production of 569,000 ounces expected in 2029.

• Over 200,000 meters of drilling planned for 2024–2026 to extend resources, especially at M1 South, M5 South, and Toega.

• Secondary crushing to be added at Sanbrado and Kiaka to maintain high throughput and support underground expansion.

Operational excellence and project execution

• Sanbrado mine has 11+ years of life remaining, produced 206,622 ounces in 2024, with a 94% processing recovery rate.

• Kiaka is an 18-year project, ramping up to 250,000 ounces per year, with first gold poured in June 2025 and 92% recoveries.

• Toega project to commence production in H2 2025, targeting 70,000–80,000 ounces per year from open pit and underground operations.

• Own mining fleet and in-house drilling ensure operational control and flexibility, with 40,000 tons mined and 18,000–20,000 tons processed daily at Kiaka.

• Major investments in high-quality equipment and expansion of the mining fleet, including new Caterpillar trucks for both sites.