West African Resources (WAF) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 gold production reached 92,721 oz at an all-in sustaining cost (AISC) of US$1,532/oz, with gold sales of 75,892 oz at an average price of US$3,396/oz; the company remains unhedged.

• No significant social, health, or safety incidents were reported; TRIFR was 1.78, well below the Western Australian gold industry average.

• Sanbrado produced 59,852 oz at a sustaining cost of US$1,348/oz, while Kiaka, in its first operational quarter, produced 32,869 oz at US$1,921/oz.

• Group cash flow from operating activities was A$242m after A$24m in income tax payments; cash balance at quarter end was A$340m.

Financial highlights

• Group AISC for Q3 was US$1,532/oz and US$1,443/oz year-to-date.

• Net cash position improved to US$33m at quarter end from net debt of US$72m at the start of Q3.

• Operating activities generated A$242m in cash, with A$52m VAT refunds received.

• Group sold 75,892 oz of gold in Q3 at an average price of US$3,396/oz.

• Half-year profit reported at A$295m before tax and A$215m after tax.

Outlook and guidance

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

• Kiaka costs expected to trend lower in Q4 as full production and grid power are achieved.

• Updated 10-year production outlook projects group output peaking at 569,000 oz in 2029, with average annual production of 496,000 oz from 2026–2034.