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, driven by higher gold prices and increased production from Kiaka and Sanbrado.

• Completed Kiaka construction ahead of schedule and under budget; transitioned to operations in August 2025.

• Group gold production rose 45% to 300,383oz, with Sanbrado producing 205,228oz and Kiaka 95,155oz in its first five months.

• Ended 2025 with A$584M cash, net assets of A$1.76B, and a net cash position of A$146M.

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

Financial highlights

• Revenue increased to A$1.54B from A$730M year-over-year.

• Net profit after tax rose to A$567M from A$246M year-over-year.

• Operating cash flow reached A$790M, up from A$252M in 2024.

• All-in sustaining cost (AISC) per ounce sold was US$1,488, up from US$1,240 in 2024, mainly due to higher royalties and ramp-up costs at Kiaka.

• Free cash inflow for the year was A$203M.

Outlook and guidance

• 2026 production target set at 290,000–360,000oz gold, with a 10-year average target of 480,000oz per annum to 2034.

• Production expected to exceed 500,000oz per annum from 2029 to 2031, peaking at 569,000oz in 2029.

• Focus on ramping up Toega open-pit mining and M5 South underground at Sanbrado, and maintaining steady production at Kiaka.