West African Resources (WAF) Q4 2025 TU earnings summary

Executive summary

• Achieved strong gold production in Q4 2025, with over 112,000 ounces produced across Sanbrado and Kiaka, supporting a robust outlook for 2026.

• Full-year 2025 gold production was 300,383 ounces, meeting guidance, with Kiaka ramping up and surpassing Sanbrado in Q4.

• No significant health, safety, or social incidents reported, with a TRIFR of 1.49, well below industry average.

Financial highlights

• Q4 gold sales totaled 105,995 ounces at an average price of US$4,058/oz, generating A$662 million in revenue.

• All-in sustaining cost averaged US$1,561/oz in Q4 and US$1,488/oz for the year, with Q4 operating cash flow of A$389 million after A$48 million in income tax payments.

• Year-end cash balance was A$584 million, with A$177 million in unsold gold bullion and notional net cash of US$210 million.

• Full-year 2025 revenue exceeded A$1.5 billion.

Outlook and guidance

• 2026 annual production guidance and capital management strategy to be released in Q1 2026.

• Ten-year plan update, including new drilling results and updated resource and reserve estimates, expected in late March.