West African Resources’ Sanbrado Gold Operations are located ~90km east-southeast of Ouagadougou, the capital of Burkina Faso. The company has a 90% interest in Sanbrado, with the Government of Burkina Faso holding a 10% interest (free carried).

WAF poured first gold at the project in March 2020, six months ahead of schedule and US$20m under budget.

Sanbrado has Resources of 83 Mt at 1.83 g/t for 4.9 Moz gold and Reserves of 19.8 Mt at 2.4 g/t for 1.5 Moz gold. At May 2025, the company had achieved four years of meeting or beating guidance at the project.

2024 production was 206,622 oz at AISC of US$1,240/oz. Q1 2025 highlights included gold production of 50,033 oz at AISC of US$1,262/oz; Unhedged gold sales of 48,338 oz at average price of US$2,832/oz; cash flow from operating activities A$73m after A$20m of income tax payments; and A$331m cash balance and A$69m unsold gold bullion held at end of Q1.

2025 production guidance is set at 190,000 – 210,000ozs, Site Sustaining Cost <$1,350/oz. A 10-year production outlook will be released in Q3 2025.

Resource Extension: M1 South

  • +18,000m resource definition drilling program is in progress, targeting inferred mineral resource between 1600mRL and 1350mRL
  • Results to date are in-line with current Mineral Resource Estimate, targeting +10 year reserve
  • Updated Mineral Resource Estimate and Ore Reserves expected in Q3 2025

Near Mine Growth: Sanbrado Underground Potential

  • Over 70,000m of surface and underground drilling planned to accelerate resource and reserve growth
  • Mineralisation at M1 South and M5 remain open at depth supporting potential to lift production output and extend mine life at Sanbrado
  • M5 exploration drive on schedule with drilling now in progress, targeting ~650m extension to the M5 South UG resource

Near Mine Growth: M5 Exploration Potential

  • 5 new drill rigs ordered, 2 now on site and 3 to arrive Q3 2025
  • >25,000m diamond drilling program has commenced
  • Drill program targeting high-grade shoots identified in open-pit grade RC control drilling

To read more, we encourage you to view our latest investor presentation.

West African Resources reported that first gold was poured ahead of schedule and under budget at its Kiaka Gold Project in Burkina Faso in June 2025.

On 26 June, Kiaka poured its maiden gold bars weighing 5.7 kg (183.3 troy oz). First gold was poured just three and a half years after the acquisition of the project from B2 Gold Corp and partner GAMS-Mining F&I in November 2021.

Kiaka (90% owned by WAF, 10% Burkina Faso Government) is 45km south of West African’s flagship Sanbrado Gold Operations in Burkina Faso and about 110km southeast of the capital Ouagadougou. The project has Resources of 285 Mt at 0.9 g/t for 7.9 Moz gold and Reserves of 164 Mt at 0.9 g/t for 4.8 Moz gold.

Kiaka will be a long-life, low-cost gold project averaging 234,000oz of gold production per annum for 20 years from 2025. The team expects to ramp the project up to nameplate throughput during Q3 2025.

With the Kiaka build complete and production ramp-up underway, the company has realised its strategy of having two long-life, unhedged, low-cost gold production centres in operation in 2025. First gold at Kiaka is a major milestone for West African and a key step towards the company’s target of being a +500,000 ounces per annum gold producer by 2030.

Below: First gold at Kiaka; Executive Director & COO Lyndon Hopkins and Executive Chairman & CEO Richard Hyde with first Kiaka gold bar.

West African’s Toega deposit is within trucking distance (13km southwest) of the company’s Sanbrado Gold Operations and will be a satellite mining operation, providing seven years of ore feed to the Sanbrado processing plant.

The Toega Gold Deposit has a strike of more than 1,200m, is up to 430m wide and has been drilled to a depth of 400m below surface. Toega’s open pit has a Mineral Resource Estimate of 21.7 million tonnes at 1.8 g/t gold for 1,279,000 oz gold and an Ore reserve of 9.5 million tonnes at 1.9 g/t gold for 569,000 oz gold.

A mining license for Toega’s open pit has been granted, and it will commence production in H2 2025, providing a higher-grade ore source to supplement M5 North. Toega is scheduled to align its pre-production stripping costs with the start of gold production at Kiaka.

In addition, West African has defined a maiden underground resource of 4.9Mt at 3.5 g/t gold for 560,000 oz gold at Toega. The resource remains open at depth and is currently only constrained by the depth of drilling.

A Scoping Study outlined the potential for an initial seven-year underground mine life at Toega producing an average of 81,000 ounces of gold per annum post ramp up in years 2 to 6. Toega underground material is expected to displace up to 1Mtpa of lower grade open-pit, resulting in a potential increase in annual production of ~50,000 oz gold when compared to WAF’s 10-year production plan released in July 2024.

Mineral Resources

West African Resources released an updated 2024 Resources, Reserves and 10-year production outlook for its Sanbrado Gold Operations and the Kiaka Gold Project in Burkina Faso in July 2024.

West African Group Mineral Resources (July 2024)

Ore Reserves Update

The Ore Reserves statement is reported according to the JORC Code 2012. A gold price of US$1400/oz was used for open-pit and underground Ore Reserve estimation.

10-Year Production Outlook

WAF’s updated 10-year production target is set to average more than 420,000oz per annum from 2024 to 2033. Between 2026 and 2031, the Group is expected to average more than 480,000oz per annum after Kiaka delivers its first full year of production, peaking at 494,000oz in 2030. The current mine plans for Sanbrado and Kiaka will be exhausted in 2034 and 2042, respectively, based on a US$1,400/oz gold price and current drilling.

The Mineral Resources and Ore Reserves underpinning the production target were prepared by Competent Persons in accordance with the JORC Code 2012.

West African Group 10 Year Production Target including Inferred Mineral Resources – Ore Tonnes by Project

There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.