West African Resources (WAF) Q2 2025 TU earnings summary

Executive summary

• Achieved first gold pour at Kiaka ahead of schedule and under budget, marking a transformational quarter with two long-life, unhedged gold production centers now operational in Burkina Faso.

• Q2 2025 gold production totaled 45,611 oz at an AISC of US$1,492/oz, with gold sales of 49,840 oz at US$3,282/oz average price; company remains unhedged.

• Targeting 500,000 ounces per annum gold production by 2030, with Kiaka ramping up and Sanbrado maintaining strong output.

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

• Cash flow from operations was A$86m after A$42m in income tax payments; cash balance at quarter-end was A$279m with A$49m in gold bullion on hand.

Financial highlights

• Quarterly gold sales reached 49,840 ounces at an average price of US$3,282 per ounce, generating A$254 million in revenue.

• All-in sustaining cost (AISC) per ounce was US$1,492, 18% higher than the previous quarter.

• Net cash from operating activities was A$86m; capital investing activities used A$126m, mainly for Kiaka development.

• Notional net debt increased to US$72m from US$36m at the start of the quarter.

• Cash and cash equivalents at quarter-end: US$183.8m; bullion awaiting settlement: US$31.9m.

Outlook and guidance

• Sanbrado remains on track for 2025 guidance of 190,000–210,000 ounces at a site-sustaining cost below US$1,350/oz.

• Kiaka ramp-up to commercial production expected in Q3 2025, with grid power connection scheduled.

• Kiaka production guidance for 2025 is 100,000–150,000 ounces, contingent on grid power connection.

• Updated Resource, Reserve, and 10-year production plan to be released in Q3 2025.

• Long-term goal to reach 500,000 oz per annum gold production by 2030.