West African Resources (WAF) Q3 2026 earnings summary

Executive summary

• Record Q3 production of 127,950 oz at AISC of US$1,570/oz; 135,245 oz sold at US$4,240/oz generated A$458m in operating cash flow.

• Quarter-end cash was A$1,195m, with 36,085 oz of unsold bullion valued at A$217m; an A$0.20/share special dividend totaling A$229m was paid on 7 October.

• 2026 production guidance remained on track, while Toega advanced toward Q1 2027 production and debt repayment remained a priority.

Financial highlights

• Q3 operating cash flow was A$458m after A$46m of Burkina Faso income tax; investing used A$77m and financing used A$38m.

• Notional net cash rose A$220m during Q3 to A$710m at 30 September 2026.

• Q3 non-sustaining growth capex was A$61m, mainly Toega pre-production/construction (A$26m), Kiaka power station (A$16m) and M5 South development/infrastructure (A$15m).

Outlook and guidance

• 2026 production guidance remained 430,000–490,000 oz at AISC below US$1,900/oz; YTD production was 360,857 oz at US$1,725/oz.

• Toega ore deliveries to the Sanbrado mill are expected in early 2027, with gold production targeted for Q1 2027; underground drilling results were expected in Q4 2026.

• An updated Sanbrado 10-year production forecast is due in Q1 2027; M5 South stoping is scheduled for early H2 2027, with minimal expected impact on 2027 production.

• More than 100,000m of drilling was planned across Sanbrado, Kiaka and surrounding areas in 2026, supported by a US$20m exploration budget.