West African Resources (WAF) H2 2025 earnings summary

Executive summary

• Achieved record revenue of A$1.54B and net profit of A$567M in 2025, up 111% and 130% year-over-year, respectively.

• Completed Kiaka construction ahead of schedule and under budget; first gold poured in June 2025.

• Group gold production rose to 300,383oz, a 45% increase year-over-year, driven by Kiaka ramp-up.

• Operating cash flow reached A$790M, with net cash position at A$146M at year-end.

• No significant health or safety incidents; TRIFR of 1.49, well below industry average.

Financial highlights

• Revenue: A$1.54B (2024: A$730M); Net profit: A$567M (2024: A$246M).

• Operating cash flow: A$790M (2024: A$252M); Free cash inflow: A$203M.

• All-in sustaining cost (AISC): US$1,488/oz (2024: US$1,240/oz); average gold price: US$3,525/oz.

• Net assets: A$1.76B; cash: A$584M; borrowings: A$438M.

• Earnings per share: 41.6 cents (2024: 20.7 cents).

Outlook and guidance

• 2026 production target: average 480,000oz/year to 2034, peaking at 569,000oz in 2029.

• Focus on ramping up Toega open-pit mining and M5 South underground at Sanbrado.

• Over 100,000m of drilling planned across Sanbrado and Kiaka in 2026.

• No planned increase in executive or NED remuneration for 2026.