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■ ■ ■ ■ ■ WEST AFRICAN RESOURCES SEPTEMBER 2021 QUARTERLY REPORT Press Release 15th October 2021 No significant social , health , or safety incidents , and over 8.7 million hours worked LTI free Gold production up 29 % to 81,960 ounces at an all - in sustaining cost of US $ 690 per ounce Combined open - pit and underground production up 32 % to 93,360 mined ounces Unhedged gold sales of 95,070 ounces at an average price of US $ 1,789 per ounce Notional net debt reduced by US $ 65m , positive net cash position of US $ 8m A $ 110m of operating cashflow generated during the quarter • ■ ■ A $ 130m cash on hand and A $ 23m in unsettled gold bullion at quarter - end Additional US $ 28m of debt paid post quarter - end , reducing current Taurus loan balance to US $ 65m Next quarter objectives : Continue to increase gold production and reduce per - ounce costs Progress Toega feasibility studies and submit ESIA and RAP to Burkina authorities Continue accelerated debt repayments West African Executive Chairman and CEO Richard Hyde commented : " The Sanbrado mine completed another record quarter with increased ounces and reduced costs , producing 82,000 ounces of gold at AISC of US $ 690 per ounce . " " WAF generated A $ 110m of operating cash flow , repaid A $ 25m of Taurus debt , and held A $ 130m cash and A $ 23m in unsettled bullion at the end of the quarter . " " The Company continues to accelerate Taurus debt repayments with an additional US $ 28m repaid post quarter - end . " " West African expects to exceed the upper end of 2021 guidance of 280,000 ounces of gold production at AISC below 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