West African Resources (WAF) H1 2026 earnings summary

Executive summary

• Revenue rose 206% year-over-year to $1,462.7 million, driven by a 119% increase in gold ounces sold and higher prices following Kiaka's production start in August 2025.

• Achieved record financial results for H1 2026, including first full six months of combined production from Sanbrado and Kiaka.

• Profit after tax increased 103% to $436.6 million, reflecting higher operating margins despite increased costs, taxes, and finance expenses.

• No significant health or safety incidents; TRIFR of 1.25, well below industry average.

Financial highlights

• Operating cash flow was $689.8 million, up 322% year-over-year.

• Net profit after tax (NPAT) was $437 million, with profit before tax at $684 million.

• Net assets increased by $236.4 million (13%) during the half year, reaching $1.99 billion.

• Gold ounces sold: 214,883 (+119% YoY); average sales price: US$4,744/oz (+56% YoY).

• All-in sustaining cost (AISC) per ounce sold: US$1,823 (+33% YoY).

Outlook and guidance

• 10-year production outlook targets average annual gold production of 533,000 oz, peaking at 596,000 oz in 2030.

• Over 100,000m of exploration drilling planned for 2026 to support resource growth and mine life extension.

• Plans to accelerate debt repayments over the next 12 months.