West African Resources (WAF) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 gold production reached 50,033 oz at an AISC of US$1,262/oz, with 48,338 oz sold at an average price of US$2,832/oz.

• Cash flow from operations was A$73m after A$20m in income tax payments; cash balance stood at A$331m with A$43m in unsold bullion.

• No significant social, health, or safety incidents were reported; TRIFR was 1.62, well below the industry average.

• Sanbrado operations are on track to meet annual guidance of 190,000–210,000 oz at a site sustaining cost below US$1,350/oz.

Financial highlights

• Q1 gold revenue was A$218.3m, with an average realized price of US$2,832/oz.

• AISC per ounce increased 4% from the previous quarter, mainly due to higher costs and slightly higher ounces sold.

• Net operating cash flow was A$73m; capital investing activities used A$123m, primarily for Kiaka development.

• Notional net debt increased to US$36m at quarter-end from US$8m at the start of Q1.

• 2024 net profit after tax was A$246m.

Outlook and guidance

• 2025 group production guidance is 290,000–360,000 oz, including maiden production from Kiaka.

• Site sustaining cost guidance remains below US$1,350/oz.

• Kiaka construction is over 90% complete, with first gold pour expected in Q3 2025.

• Next quarter objectives include maintaining Kiaka construction schedule, reporting M1 South drilling results, and updating the 10-year production plan.