West African Resources (WAF) Investor Presentation summary

Strategic vision and growth targets

• Aims to become a sustainable gold producer exceeding 500,000 ounces annually by 2029, with a production peak of 569,000 ounces in 2029 and an average of 477,000 ounces per year from 2025 to 2034.

• Holds 12.2 million ounces in mineral resources and 6.5 million ounces in ore reserves, all unhedged, with a 10-year production target based on 83% ore reserves at conservative gold prices.

• Over 1,300 km² of exploration permits and more than 200,000 meters of drilling planned for 2025–2026 to support resource and reserve upgrades.

• Strong financial position with A$328 million in cash and bullion and a market capitalization of A$3.25 billion as of August 2025.

• Focused on maximizing existing projects through resource growth, secondary crushing upgrades, and ongoing feasibility and scoping studies.

Key operations and project metrics

• Sanbrado Gold Mine: 85% ownership, 4.7 Moz resources, 2.0 Moz reserves, 11+ year mine life, 94% recovery, 2024 production of 206,622 oz at AISC of US$1,240/oz.

• Kiaka Gold Project: 85% ownership, 7.5 Moz resources, 4.5 Moz reserves, 18-year mine life, 90% recovery, first production in June 2025, average 255,000 oz/year (2026–2030).

• Both projects are located in south-central Burkina Faso, with significant government participation (15% equity, 8% royalty, 1% community fund).

• Workforce is predominantly local, with 95% Burkinabe at Sanbrado and over 90% at Kiaka.

• Additional exploration and development at Toega and M5 South/M1 South underground targets.

Sustainability and community impact

• Over US$370 million contributed to Burkina Faso in taxes and royalties since 2020, with US$24 million to the local development mining fund and US$9 million to community projects.

• 2024 highlights: 206,622 oz gold produced, A$730 million revenue, A$154 million paid in taxes and royalties, A$51 million in wages and benefits, and A$7 million to the Local Development Mining Fund.

• Community investments include building and refurbishing schools, health centers, electrification, scholarships, and resettlement programs at Sanbrado, Toega, and Kiaka.

• Environmental initiatives include a biodiversity strategy, over 80,000 trees planted, waste recycling, and preparation for AASB S2 disclosure.

• Occupational health and safety systems based on ISO 45001, with 5 million man-hours LTI free and TRIFR significantly below industry average.