West African Resources (WAF) Q4 2024 TU earnings summary

Executive summary

• Achieved 206,622 ounces of gold production in 2024 at an all-in sustaining cost (AISC) of $1,240/oz, meeting annual guidance for the fourth consecutive year.

• Q4 gold production was 51,178 ounces at an AISC of $1,216/oz.

• Q4 unhedged gold sales totaled 47,953 ounces at an average price of $2,690/oz.

• Sanbrado operation recognized with the National Order of Honor Medal for community contributions.

• Kiaka project construction is over 80% complete and on schedule for first gold in Q3 2025.

Financial highlights

• Q4 gold sales totaled 48,000 ounces at an average price of $2,690/oz, generating $198 million in revenue.

• Q4 gold revenue was $197.6 million; full-year gold revenue reached $723.2 million.

• Operating cash flow for Q4 was $76 million after $18 million in income taxes.

• Ended Q4 with $392 million in cash and $54 million in unsold gold bullion.

• Q4 capital investment was $132 million, mainly for Kiaka development.

Outlook and guidance

• 2024 production and cost guidance achieved for the fourth consecutive year; 2025 guidance to be released soon.

• On track to pour first gold at Kiaka in Q3 2025, with the project over 80% complete.

• Expected to become a 420,000+ ounce per annum gold producer within six months of Kiaka start-up.

• Toega expected to contribute meaningfully to production from 2026 onwards.

• Next quarter objectives include maintaining Kiaka construction schedule and reporting further drilling results.