Page 1

WEST AFRICAN RESOURCES JUNE 2021 QUARTERLY REPORT Press Release 27th July 2021 Key points ■ ■ No significant social , health , or safety incidents , and over 7 million hours worked LTI free Gold production increased by 14 % to 63,610 ounces at an all - in sustaining cost of US $ 928 / oz Combined open - pit and underground mined ounces of 73,264 ounces were 24 % above the prior quarter ■ ■ Unhedged gold sales of 56,852 ounces at an average price of US $ 1,810 / ounce A $ 61m cash on hand and A $ 24m ( 10,210 oz ) of unsold gold bullion at end of quarter ■ • ■ A $ 62m operating cashflow in quarter , after payment of A $ 25m of Burkina Faso CY2020 income tax US $ 51m of Taurus debt repaid in quarter , reducing loan balance to US $ 111m Notional net debt decreased by US $ 19 million to US $ 57 million Progress of Toega resource definition drilling and environmental studies remains on schedule Next quarter objectives : - Continue to increase gold production and reduce per - ounce costs Release Toega resource definition drilling results West African Executive Chairman and CEO Richard Hyde commented : " The Sanbrado mine completed another record quarter with increased ounces and reduced costs , producing 64,000 ounces of gold at AISC of US $ 928 per ounce . " WAF generated A $ 61m of operating cash flow after payment of A $ 25m CY2020 Burkina Faso income tax , repaid US $ 51m of Taurus debt , and held A $ 61m cash and A $ 24m in unsold bullion at the end of the quarter . " West African remains on track to meet 2021 guidance of 250,000 to 280,000 ounces of gold production at AISC of US $ 720 to US $ 800 per ounce . " 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