West African Resources (WAF) Investor presentation summary

Strategic position

• Targeting annual gold production above 500,000 oz from 2027; 2026 production guidance is 430,000–490,000 oz.

• Mineral Resources total 13.7 Moz and Ore Reserves 7 Moz; production target is 82% based on Ore Reserves, 3% Indicated Resources and 15% Inferred Resources.

• Production target averages 533,000 oz pa for 2026–2035, peaking at 596,000 oz in 2030, based on a US$2,000/oz gold price assumption.

Production and financial performance

• H1 NPAT was A$437m; a special dividend of A$0.20 per share was paid on 7 October 2026.

• YTD production was 360,857 oz at AISC of US$1,725/oz; 2026 group AISC guidance is below US$1,900/oz.

• At 30 September 2026, cash was US$830m, gold was US$151m and Kiaka debt facilities had a Q3 balance of US$213m.

Production centres

• Kiaka is an 85%-owned, open-pit operation with a 16-year mine life, 10 Mtpa processing capacity rising to 12 Mtpa in 2028, and 2026 YTD production of 209,305 oz.

• Kiaka production is forecast to average 277,000 oz pa for 2026–2035; its stated Mineral Resource is 9.2 Moz and Ore Reserve is 4.7 Moz.

• Sanbrado is an 85%-owned open-pit and underground operation; 2026 YTD production was 151,552 oz and forecast production averages 256,000 oz pa for 2026–2035.

• Sanbrado metrics include a 2.3 Moz Ore Reserve, 4.4 Moz Mineral Resource and mine life exceeding 11 years.