West African Resources (WAF) H2 2024 earnings summary

Executive summary

• Achieved strong profit and cash flow from low-cost gold operations at Sanbrado, with 2024 revenue of A$723M and net earnings of A$246M. Cash at year-end was A$392M, and net assets reached A$1.3B.

• Sanbrado produced 206,622oz gold at an AISC of US$1,240/oz, meeting the upper end of guidance for the fourth consecutive year.

• Construction of the Kiaka mine is nearing completion, with first gold pour targeted for Q3 2025 and commercial production expected in H2 2025.

• Group gold production guidance for 2025 is 190,000–210,000oz at Sanbrado and 100,000–150,000oz at Kiaka.

Financial highlights

• 2024 revenue from continuing operations: A$729.98M (up 10% year-over-year).

• Net profit after tax: A$246.2M (up 49% year-over-year).

• Operating cash inflow: A$251.6M; free cash outflow: A$264.3M, reflecting major investment in Kiaka.

• Gold ounces sold: 199,550 (down 11% year-over-year); average sales price: US$2,391/oz (up 23%).

• All-in sustaining cost (AISC): US$1,240/oz (up 9% year-over-year).

• Net cash position at year-end: A$391.7M cash, offset by A$406.5M borrowings.

Outlook and guidance

• 2025 Sanbrado production guidance: 190,000–210,000oz at site sustaining cost below US$1,350/oz.

• Kiaka first gold pour expected Q3 2025; 2025 guidance: 100,000–150,000oz.

• Updated 10-year production target: average >420,000oz/year, with >480,000oz/year targeted from 2026–2031.