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WEST AFRICAN RESOURCES MARCH 2021 QUARTERLY REPORT Press Release 28th April 2021 Key points ■ 2021 Production guidance maintained during Q1 with sound management of COVID - 19 ■ No significant social , health or safety incidents , over 6 million hours worked LTI free • Gold production increased by 11 % to 55,823 ounces at an all - in sustaining cost of US $ 957 / oz ■ Unhedged gold sales of 56,780 ounces , at an average price of US $ 1,800 / ounce ■ ■ ■ A $ 94m cash on hand , A $ 39m cash generated from operating activities and A $ 31.4m in unsold bullion First scheduled debt payment of US $ 13m to Taurus Additional US $ 25m debt repayment ( post quarter end ) reducing Taurus loan balance to US $ 137m ■ Notional net debt decreased by US $ 25 million to US $ 76 million ■ Updated Resources , Reserves , 2021 production guidance and 10 - year production outlook : - Mineral Resources at 31 December 2020 of 81 Mt at 2.0 g / t for 5.1 Moz gold - Ore Reserves at 31 December 2020 of 20 Mt at 2.3 g / t for 1.5 Moz gold - - 2021 production guidance of 250,000 to 280,000 ounces gold at an AISC of US $ 720 - US $ 800 / oz 10 - year production outlook of 216,000 ounces average per annum 2021 to 2030 Next quarter objectives : Continue to increase gold production and reduce per - ounce costs Finish the drilling campaign for Toega feasibility study West African Executive Chairman and CEO Richard Hyde commented : " The Sanbrado mine completed another quarter with ounces up and costs down , producing 56,000oz of gold at AISC of US $ 957 / oz . WAF generated A $ 39m of operating cash flow and held some A $ 31.4m in unsold bullion at the end of the quarter . During the quarter the Company also increased resources to over 5 million ounces and delivered a 10 - year plan to produce over 200,000 of gold per annum from 2021 to 2030. " Principal Office : Level 1 , 1 Alvan Street , Subiaco WA 6008 , Australia T : +61 8 9481 7344 F : +61 8 9481 7355 E : info@westafricanresources.com www.westafricanresources.com ACN : 121 539 375