Earnings release
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Press Release 3 November 2025 West African Resources Limited ACN 121 539 375 ABN 70 121 539 375 T: + 61 8 9481 7344 E: info@westafricanresources.com W: westafricanresources.com PO Box: PO Box 1412, Subiaco WA 6904 Principal Office: Level 1, 1 Alvan Street, Subiaco WA 6008 ASX: WAF SEPTEMBER 2025 QUARTERLY REPORT No significant social, health or safety incidents Q3 gold production: 92,721 oz at AISC1 of US$1,532/oz Q3 gold sales: 75,892 oz at average price of US$3,396/oz, and the company remains unhedged Q3 cash flow from operating activities: A$242m after making A$24m of income tax payments Updated estimates of WAF’s Mineral Resources and Ore Reserves and 10 year production outlook released 6 August 20252 West African Executive Chairman and CEO Richard Hyde commented: “Sanbrado delivered another strong quarter with 59,852 ounces of gold produced at a sustaining cost of US$1,348/oz. Sanbrado remains on-track to achieve 2025 annual guidance of 190,000 to 210,000 ounces gold at a sustaining cost of less than US$1,350 per ounce. “Kiaka made a welcome contribution in its first quarter of operational reporting, with 32,869 ounces of gold produced at a sustaining cost of US$1,921/oz. We expect costs at Kiaka to trend lower in Q4 as full production is achieved and the grid power connection is commissioned. “WAF continues to engage in discussions with the government of Burkina Faso regarding their expression of interest to increase their ownership in WAF’s subsidiary Kiaka SA.” 1 AISC means ‘all in sustaining cost’ calculated according to the World Gold Council guidelines by ounce of gold sold. Refer to https://www.gold.org/about-gold/gold-supply/responsible-gold/all-in-costs for more information. 2 Refer to ASX announcement titled “WAF Gold Production to peak at 569,000 in 2029” released on 6 August 2025. For personal use only
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West African Resources Limited Page 2 of 17 Overview Unhedged gold mining company West African Resources Limited (ASX: WAF, referred to in this release as the ‘Company’ and collectively with its subsidiaries as ‘WAF’ or the ‘Group’) is pleased to present its activity report for the quarter ended 30 September 2025 (‘Q3’). Health and safety There were no significant health or safety incidents during Q3, and WAF’s Total Reportable Injury Frequency Rate (‘TRIFR’) at the end of the quarter was 1.78. The Injury Frequency Rate for the gold industry in Western Australia was 5.0 for the most recent available reporting period. 3 Production and sales summary WAF is pleased to commence operational reporting for its Kiaka gold production centre (‘Kiaka’) in Q3 2025. Summary gold sales and production statistics are provided in the table below. Gold Sold (oz) Average price (USD/oz) Gold Produced (oz) Sustaining cost4 (USD/oz) Q3 2025 Sanbrado 57,638 $3,398 59,852 $1,348 Kiaka 18,254 $3,390 32,869 $1,921 Group 75,892 $3,396 92,721 $1,532 YTD 2025 Sanbrado 155,816 $3,183 155,496 $1,327 Kiaka 18,254 $3,390 32,869 $1,921 Group 174,070 $3,200 188,365 $1,443 Sanbrado The Sanbrado gold production centre (‘Sanbrado’) continued its steady performance in Q3. Mined ounces from the M1 South underground were 53% higher than the previous quarter. Sanbrado’s open pit mill feed was sourced from previously mined ore stockpiles while it progressed preparations to commence owner- mining in Q4. Kiaka Kiaka transitioned from ‘construction phase ’ to ‘operations phase’ for financial reporting purposes on 1 August 2025. The Kiaka process plant was partially power constrained in Q3 with the mill operating on backup diesel generators. Open pit mining ramped up in the quarter, with 40% more total tonnes moved than the prior quarter as more equipment was commissioned and brought on line. The grid power connection was completed in late October and commissioning and ramp-up is underway. 3 Refer to the publication: Department of Energy, Mines, Industry Regulation and Safety, Quarterly Performance Snapshot for the Western Australian minerals sector for three-month period 1 October – 31 December 2024 issued October 2025. 4 Sustaining cost for Group is ‘all in sustaining cost’ (AISC) as defined by the World Gold Council. Sustaining cost for Sanbrado and Kiaka is ‘site sustaining cost’ which includes all components of AISC except corporate and share-based payments. For personal use only
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West African Resources Limited Page 3 of 17 Sanbrado Operations Sanbrado Gold Production Centre, Burkina Faso (‘Sanbrado’) Sanbrado produced 59,852 ounces of gold in Q 3 at a site sustaining cost of US$1, 348/oz. This brings Sanbrado’s year to date production to 155,496 ounces of gold at a site sustaining cost of US$1,327/oz and the Sanbrado operation remains on-track to achieve 2025 annual guidance of 190,000 to 210,000 ounces gold at a site sustaining cost of less than US$1,350 per ounce. Sanbrado sold 57,638 ounces of gold in the quarter at an average realised price of US$3, 398/oz, bringing year to date gold sales to 155,816 ounces at an average realised price of US$3, 183/oz. Sanbrado held 11,870 ounces of unsold gold bullion (valued at approximately US$45 million) at the end of the quarter. SANBRADO PHYSICALS Unit Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 2025 Open Pit mining Total movement BCM ‘000 1,272 1,113 312 - 1,425 Total movement kt 3,650 3,176 880 - 4,056 Strip ratio w:o 1.4 1.1 1.2 - 1.1 Ore mined kt 1,550 1,545 409 - 1,954 Mined grade g/t 0.8 0.8 0.9 - 0.8 Contained gold oz 41,108 40,788 11,795 - 52,583 Underground mining Ore mined kt 127 149 153 144 446 Mined grade g/t 7.7 7.0 6.0 9.7 7.5 Contained gold oz 31,492 33,670 29,320 44,949 107,939 Processing Ore milled kt 897 857 830 868 2,555 Head grade g/t 1.9 2.0 1.9 2.3 2.0 Recovery % 92.4% 92.9% 92.2% 93.5% 92.9% Gold produced oz 51,178 50,033 45,611 59,852 155,496 Gold poured oz 51,679 49,426 45,784 59,747 154,957 Gold sold oz 47,953 48,338 49,840 57,638 155,816 Ore stockpiles Stockpile ore kt 4,113 4,950 4,681 3,957 Stockpile grade g/t 0.7 0.7 0.7 0.6 Stockpile contained gold oz 86,340 106,940 98,592 79,536 Open pit mining There were no open pit mining activities at Sanbrado in Q3. Open pit mining operations are planned to recommence in Q4 with WAF operating its own fleet of Caterpillar mining equipment and Sandvik drills. Sanbrado’s open pit mill feed is being sourced from previously mined ore stockpiles during th is interim period. For personal use only
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West African Resources Limited Page 4 of 17 Underground mining Underground mining from M1 South delivered 144kt of ore at a grade of 9.7 g/t for 44,949 mined ounces of gold in the quarter. Gold ounces increased by 53% in Q3 compared to the previous quarter reflecting a 63% increase in the mined grade partially offset by 6% less ore tonnes mined. Underground development of 1,034m was completed during Q 3, including 112m advancement of the decline. The vertical depth of development increased 16m to 645m below surface. Processing The Sanbrado process plant continued its steady performance in Q3 with 59,852 ounces of gold produced from 868kt of ore milled at a head grade of 2.3 g/t and recovery of 9 3.5%, bringing year to date gold production to 155,496 ounces. Gold production in Q3 was 31% higher than the previous quarter reflecting a higher mill head grade and recovery combined with a higher throughput. The closing ROM stockpiles of 79,536 ounces of contained gold at the end of Q3 were 19% lower than the previous quarter. Sanbrado Gold Operation Layout For personal use only
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West African Resources Limited Page 5 of 17 Kiaka Operations Kiaka Gold Production Centre, Burkina Faso (‘Kiaka’) Kiaka transitioned from ‘construction phase’ to ‘operations phase’ for financial reporting purposes on 1 August 2025 and produced 32,869 ounces of gold in Q3 at a site sustaining cost of $1,921/oz. Kiaka sold 18,254 ounces gold at an average realised price of US$3,3 90/oz and held 12,310 ounces of unsold gold bullion (valued at approximately US$47 million) at the end of the quarter. Open pit mining Open pit mining at Kiaka delivered 2,238 kt of ore at an average grade of 0. 7g/t f or 47,228 ounces of contained gold. This represents a 172% increase in mined ounces over the previous quarter from a 40% increase in total tonnes moved, a 50% decrease in the strip ratio, and 25% increase in ore grade. Processing The Kiaka process plant commenced production in Q3 2025 with 32,869 ounces of gold produced from 1,740kt of ore milled at a head grade of 0.7 g/t and recovery of 88.2%. Plant throughput in the quarter was partially constrained by power availability, with the plant primarily processing softer lower-grade oxide ore operating on backup generators while work progressed on the mains power connection. The grid power connection was completed in late October and commissioning and ramp -up is underway . The closing ROM stockpile at the end of Q3 was 28,413 ounces of contained gold. KIAKA PHYSICALS Unit Q1 2025 Q2 2025 Q3 2025 YTD 2025 Open Pit mining Total movement BCM ‘000 417 1,821 2,467 4,705 Total movement kt 777 3,448 4,837 9,062 Strip ratio w:o 10.9 2.3 1.2 1.7 Ore mined kt 65 1,032 2,238 3,335 Mined grade g/t 0.5 0.5 0.7 0.6 Contained gold oz 1,084 17,363 47,228 65,675 Processing Ore milled kt - - 1,740 1,740 Head grade g/t - - 0.7 0.7 Recovery % - - 88.2% 88.2% Gold produced oz - - 32,869 32,869 Gold poured oz - - 30,573 30,573 Gold sold oz - - 18,254 18,254 Ore stockpiles Stockpile ore kt 65 1,097 1,595 Stockpile grade g/t 0.5 0.5 0.6 Stockpile contained gold oz 1,084 18,447 28,413 For personal use only
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West African Resources Limited Page 6 of 17 Kiaka Gold Operation Layout WAF Project Locations For personal use only
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West African Resources Limited Page 7 of 17 Financial and corporate Sanbrado The site sustaining cost of US$1,3 48/oz for Sanbrado was 5% lower than the previous quarter reflecting 16% more gold ounces sold, partly offset by 9% higher site sustaining cost on a USD absolute basis. The Sanbrado o pen pit mining costs in Q3 mainly reflect run-of-mine stockpile activities and employee expenses for the new owner-mining workforce that was established in preparation for re-commencement of open pit mining in Q4. Open pit ore stockpiles were drawn down for Sanbrado mill feed and this is reflected in the higher ‘change in inventory’ costs compared to previous quarters. Royalties were 44% higher than the previous quarter due to the combined effect of the increase in gold ounces and the Burkina Faso government’s higher gold royalty rate5 applied to a higher realised gold price. Capital development expenditure of A$9 million in Q3 related mainly to underground development at M1 South while sustaining capital expenditure of A$2 million in Q3 related primarily to purchases of machines for in house fabrication of ground engagement tools and wear liners, 2 x wheel loaders, and light vehicle replacements. Kiaka Gold sold in Q3 from Kiaka was 28,586 ounces at a site sustaining cost of US$1,921. Capital development expenditure of A$5 million in Q3 related mainly to open pit stripping at Kiaka Main. Group WAF sold a combined total of 75,892 ounces of gold in Q3 at an average price of US$3,396 per ounce and remains fully unhedged. The AISC of the combined Group was $1,532/oz for Q3 and $1,443/oz YTD. Non-sustaining (‘growth’) capital expenditure of A$ 21 million in Q 3 was 84% lower than the previous quarter with A$14 million of that expenditure related to the Kiaka project. The significant decrease reflects Kiaka’s transition from ‘construction phase’ to ‘operations phase’ for financial reporting purposes on 1 August 2025 . Growth expenditure for the Toega gold deposit in Q 3 was A$ 5m relating to haul road construction and pre-stripping of the open pit mine. The Group had a notional net cash balance of US$ 33 million at the end of Q3 versus a notional net debt balance of US$72 million at the beginning of the quarter. Quarterly cashflow report The Group’s cash balance at the end of Q3 was A$340 million. Operating activities generated net A$ 242 million of cash in Q3 after receipt of A$52 million of VAT refunds and payment of A$24 million of Burkina Faso income taxes. Investing activities used A$70 million of cash, including A$37 million for development of Kiaka. 5 The Burkina Faso government requires payment of a gross production royalty on gold at the rate of 8% for a gold price ≥US$3,000/oz and <US$3500/oz (which increases by 1% for each incremental US$500/oz increase in the gold price/oz) plus a 1% community development levy. For personal use only
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West African Resources Limited Page 8 of 17 Financing activities used A$124 million cash in Q3, including A$12 million of interest payments, A$7 million in principal repayments of the secured loan facilities, and an A$99 million dividend paid to the government of Burkina Faso in relation to their 15% minority interest in SOMISA, the subsidiary that holds Sanbrado. Corporate On 4 June 2025, WAF announced that it will be aligning the equity ownership of its three mining projects, Sanbrado, Kiaka and Toega, with the new Burkina Faso Mining Code (refer to ASX announcement titled “WAF to align with 2024 Burkina Faso Mining Code” released on 4 Ju ne 2025). In line with that announcement, the State’s free carried equity interest in each of Sanbrado, Kiaka and Toega was increased from 10% to 15% in Q3. WAF released its June 2025 Half Year Financial Report on 26 August 2025, reporting a half- year profit of A$295 million before tax and A$215 million after tax. Company securities suspended from trading on ASX Trading in the Company’s securities was halted at the Company’s request on 28 August 2025 pending an announcement regarding a request from the government of Burkina Faso to acquire, for valuable paid consideration, an additional 35% of the Company’s subsidiary Kiaka SA. The Company’s securities were then suspended from quotation on 1 September 2025 in accordance with Listing Rule 17.3. The suspension will continue until ASX is satisfied that the Company is in compliance with the ASX Listing Rules, including Listing Rule 3.1, and that it is otherwise appropriate for the Company’s securities to be reinstated to quotation. The Company continues to engage in discussions with the Burkina Faso Government regarding this matter. For personal use only
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West African Resources Limited Page 9 of 17 SANBRADO FINANCIAL SUMMARY1 (A$’000) Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 2025 Gold sales (oz) 47,953 48,338 49,840 57,638 155,816 Gold revenue 197,561 218,256 253,851 301,730 773,837 OP mining cost 25,850 25,824 12,539 7,133 45,496 UG mining cost 12,667 15,584 17,613 15,445 48,642 Processing cost2 25,480 27,662 32,079 34,017 93,758 Site administration cost 11,544 9,714 10,820 11,307 31,841 Change in inventory (14,474) (15,421) 4,198 9,234 (1,989) Royalties & production taxes3 17,144 17,939 19,865 28,586 66,390 Adjusted operating cost4 78,211 81,302 97,114 105,722 284,138 Rehabilitation 716 628 919 423 1,970 Capital development5 2,857 4,337 7,816 8,930 21,083 Sustaining capex 2,406 4,859 3,310 1,923 10,092 Sustaining leases 1,846 1,577 1,098 2,746 5,421 Site sustaining cost6 86,036 92,703 110,257 119,744 322,704 Site sustaining cost (A$/oz) 1,794 1,918 2,212 2,078 2,071 Site sustaining cost (US$/oz) 1,171 1,203 1,426 1,348 1,327 KIAKA FINANCIAL SUMMARY1 (A$’000) Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 2025 Gold sales (oz) - - - 18,254 18,254 Gold revenue - - - 95,360 95,360 OP mining cost - - - 14,695 14,695 Processing cost2 - - - 23,265 23,265 Site administration cost - - - 6,509 6,509 Change in inventory - - - (8,080) (8,080) Royalties & production taxes3 - - - 12,471 12,471 Adjusted operating cost4 - - - 48,860 48,860 Capital development5 - - - 4,884 4,884 Sustaining capex - - - 288 288 Site sustaining cost6 - - - 54,032 54,032 Site sustaining cost (A$/oz) - - - 2,960 2,960 Site sustaining cost (US$/oz) - - - 1,921 1,921 Table notes: 1. Amounts in the table are unaudited. 2. Processing costs include refining costs and by-product credits, which were reported as a separate line item in previous quarters. 3. Kiaka royalties include the Burkina Faso government gold royalty and community development levy and the 3% net smelter return royalty paid to third parties on gold produced. Sanbrado royalties includes only the Burkina Faso government gold royalty and community development levy. 4. The term ‘adjusted operating cost’ is a performance metric recommended by the World Gold Council. 5. Capital development includes underground capital development, open pit stripping and capitalised reserve extension drilling. 6. The term ‘Site sustaining cost’ includes all components of AISC as defined by the World Gold Council except corporate and share-based payments. For personal use only
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West African Resources Limited Page 10 of 17 GROUP FINANCIAL SUMMARY1 (A$’000) Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 2025 Site sustaining cost - Sanbrado 86,036 92,703 110,257 119,744 322,704 Site sustaining cost - Kiaka - - - 54,032 54,032 Corporate & share-based payments 3,253 4,586 5,141 5,410 15,137 All in sustaining cost 89,289 97,289 115,398 179,186 391,873 Exploration non-sustaining 1,118 1,477 4,114 1,735 7,326 Capex non-sustaining 157,223 118,466 125,780 20,608 264,854 All-in cost 247,629 217,232 245,292 201,529 664,053 Group unit cost summary2 Unit All-in sustaining cost A$/oz 1,862 2,013 2,315 2,361 2,251 All-in cost A$/oz 5,164 4,494 4,922 2,655 3,815 Average sales price A$/oz 4,120 4,515 5,093 5,232 4,993 Average FX rate used A$/US$ 0.6529 0.6272 0.6444 0.6490 0.6409 All-in sustaining cost US$/oz 1,216 1,262 1,492 1,532 1,443 All-in cost US$/oz 3,371 2,819 3,171 1,723 2,445 Average sales price US$/oz 2,690 2,832 3,282 3,396 3,200 Cash, bullion, and borrowings at quarter end Cash and cash equivalents US$m 242.3 206.3 183.8 221.0 Bullion awaiting settlement US$m 33.4 43.1 31.9 92.6 Secured loan facilities3 US$m (257.8) (259.8) (261.7) (255.1) PPA liability4 US$m (15.9) (16.0) (16.3) (15.9) Supplier loan facility US$m (9.5) (9.5) (9.5) (9.5) Notional net cash (debt) US$m (7.5) (35.9) (71.8) 33.1 Price used for bullion awaiting settlement US$2,611 US$3,115 US$3,287 US$3,825 Table notes: 1. Amounts in the table are unaudited. 2. The terms, ‘all-in sustaining cost’ (AISC) and ‘all-in cost’ are performance metrics recommended by the World Gold Council and are calculated by ounce of gold sold. 3. Inclusive of capitalised interest. 4. Amount owing under production payment agreements. For personal use only
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West African Resources Limited Page 11 of 17 Growth Resource, Reserves and 10 Year Production Outlook During Q3 the Company released its updated estimates of Mineral Resources and Ore Reserves along with its 10 year production outlook (refer to ASX announcement titled “WAF gold production to peak at 569,000 oz in 2029” released on 6 August 2025). Highlights from this announcement include: Group Ore Reserves 6.5 Moz gold Mineral Resources 12.2 Moz gold 4.8 Moz gold production from 2025 to 2034; 496koz average gold production per annum from 2026 to 2034 Annual gold production peaking at 569,000 oz in 2029 Sanbrado Production to increase 15% to average 243,000 oz per annum from 2025 to 2034 Production to peak at 319,000 oz in 2030 Mine plan extended to 2035 Secondary crusher installation planned in 2029 when Toega underground commences Kiaka Production to average 248,000 oz gold per annum from 2026 Secondary crushing installation planned in 2028 to maintain 10 Mtpa fresh ore throughput Growth +200,000m exploration drilling planned for 2025-26, including: 30,000m underground drilling at M5 extending resource at depth 15,000m surface drilling beneath M5 open-pit testing cut-back or underground potential 13,500m drilling at Toega converting Inferred Mineral Resource WAF 10 Year Production Target including Inferred Mineral Resources – Recovered Gold by Project Note: 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. For personal use only
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West African Resources Limited Page 12 of 17 Toega gold deposit (‘Toega’) Temporary resettlement of the project affected people (PAPs) has been completed and subdivision of the permanent resettlement site has commenced. Terms of reference for the livelihood restoration program planning tender are being prepared. During the quarter , construction of the water storage facility was completed, and pumping has commenced in preparation for the start of mining activities. Earthworks for the mine services area are well advanced, with construction of mobile maintenance workshop, office and ancillary infrastructure to begin in the December quarter. Toega open pit mining operations will be owner- operated by WAF. Mining equipment began arriving on site during the quarter and commissioning activities are underway. Pre -stripping of the open pit is scheduled to commence by end of Q4 2025. A 13,500m infill drilling program targeting the Toega underground resource commenced during the quarter with results expected in the coming quarters. Environmental Performance and Social Investment Environmental Performance Areas of activity for environmental performance and management in Q3 included: Transitioning environmental management systems for operations at Kiaka and for construction at Toega. Submission of an environmental and social impact assessment to the Ministry of Environment for the M1 and M5 underground operations at Sanbrado. Launched annual reforestation campaign with the participation of local authorities and neighbouring communities of Sanbrado. Monitoring of environmental performance statistics across water use, waste, energy consumption and emissions. For personal use only
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West African Resources Limited Page 13 of 17 Social Investment In Q3 social investment activities included: Constructed and refurbished two primary schools in the host communities of the Kiaka resettlement sites, including solar panels and batteries donated by Oryx Energies, one of WAF’s suppliers. Commenced the 2026 SOMISA University Scholarship selection process to fund complete tertiary studies of a female and male student from the communities surrounding Sanbrado. Implemented remaining livelihood restoration programs , including establishment of 8 field schools with successful seed producers. Commenced livelihood restoration program close out audit for Sanbrado in advance of completing implementation of the program at the end of 2025. Following success of the moringa cultivation project, this project is being extended to additional communities with support and monitoring by the local government Environmental Service. Monitoring of school field Fence construction at market garden extension project Rehabilitation progress at Sanbrado M1 Waste Rock Dump, SAMAO 2025 presentation For personal use only
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West African Resources Limited Page 14 of 17 This report was authorised for release by Mr Richard Hyde, Executive Chairman and CEO. Further information is available at URL link: West African Resources Ltd. For further information, contact: Richard Hyde Nathan Ryan Executive Chairman and CEO Investor Relations Ph: 08 9481 7344 Ph: 0420 582 887 Email: info@westafricanresources.com For personal use only
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West African Resources Limited Page 15 of 17 Summary of Tenements in Burkina Faso as at 30 September 2025 Tenement Name Registered Holder WAF % Held Tenement Number Grant Date Expiry Date Tenement Type Tenement Area km2 Geographical Location Sanbrado SOMISA (Société des Mines de Sanbrado S.A.) 85% Décret No 2024 – 0460/PRES- TRANS/PM /MEMC/MEFP/MEEA du 16/04/2024 13/03/2017 16/04/2029 ML 25.89 Ganzourgou Province Kiaka Kiaka SA 85% Décret No 2016 – 590/PRES/PM /MEMC/MINEFID/MEEVCC Arrêté Conjoint No 2023- 032/MEMC/MEFP du 10/01/2023 08/07/2016 07/07/2036 ML 54.02 Zoundweogo and Boulgou Provinces Toega Toega SA 85% Décret No 2024 – 0459/PRES- TRANS/PM /MEMC/MEFP/MEEA du 16/04/2024 17/04/2024 16/04/2032 ML 10.93 Ganzourgou Province Manessé II Tanlouka SARL 100% N2024/118/MEMC/SG/DGCM 13/11/2020 12/11/2026 EL 86.87 Ganzourgou Province Bollé Wura Resources Pty Ltd SARL 100% No 2024/116/MEMC/SG/DGCM 21/11/2017 20/11/2026 EL 153.91 Ganzourgou Province Nakomgo Kiaka Gold SARL 100% No 2023-478/MEMC/SG/DGCM 24/10/2017 23/10/2026 EL 185.15 Bazega and Ganzourgou Provinces Mankarga V3 Wura Resources Pty Ltd SARL 100% No 2023-347/MEMC/SG/DGCM 16/07/2020 15/07/2026 EL 52.60 Ganzourgou Province Woura* Troboling Society SARL 100% No. 2025-336/MEMC/SG/DGCM 29/05/2019 28/05/2028 EL 149.61 Zoundweogo and Boulgou Provinces Bola** EBT N MINE SARL 100% No 2024-220/MMC/SG/DGCM 15/05/2019 14/05/2025 EL 202.03 Zoundweogo and Boulgou Provinces Koudre II** Wura Resources Pty Ltd SARL 100% No 2023-348/MEMC/SG/DGCM No 2024-240/MEMC/SG/DGCM 04/11/2019 03/11/2025 EL 91.05 Zoundweogo Province Sana Kiaka Gold SARL 100% No 2023-477/ MEMC/SG/DGCM 24/10/2017 23/10/2026 EL 109.76 Zoundweogo and Ganzourgou Provinces Kiaka II Kiaka Gold SARL 100% No 2023-471/MEMC/SG/DGCM 24/10/2017 23/10/2026 EL 134.74 Zoundweogo and Boulgou Provinces * Application pending for transfer of ownership to Wura Resources Pty Ltd SARL. ** Permit renewal application submitted, pending response. For personal use only
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West African Resources Limited Page 16 of 17 WAF Mineral Resources by deposit, 31 December 2024* Measured Resource Indicated Resource Inferred Resource Total Resource Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au (000’s) g/t (000’s) oz (000’s) g/t (000’s) oz (000’s) g/t (000’s) oz (000’s) g/t (000’s) oz MV3 - - - 2,100 2.2 150 1,700 1.9 100 3,830 2.0 250 M1 South UG 1,530 11.5 560 3,000 7.8 760 1,100 5.6 210 5,710 8.3 1,530 M5 Open Pit 1,430 1.1 50 24,400 1.0 790 15,800 1.0 500 41,610 1.0 1,340 M5 UG - - - 1,700 3.6 200 700 4.2 90 2,390 3.8 290 Toega UG - - - 1,700 3.2 170 3,300 3.7 390 5,000 3.5 560 Toega Open Pit - - - 10,900 1.7 600 - - - 10,900 1.7 600 Kiaka 13,440 0.9 380 195,000 0.9 5,400 70,300 0.8 1,750 278,780 0.8 7,530 Sanbrado Stockpile 4,110 0.7 90 - - - - - - 4,110 0.7 90 Total 20,500 1.6 1,080 238,800 1.1 8,070 93,000 1.0 3,040 352,300 1.1 12,200 * Tonnes, grade and contained metal have been rounded to reflect the accuracy of the estimates. Total grade is a weighted average. Rounding errors may occur. WAF Ore Reserves by deposit, 31 December 2024* Proved Probable Proved + Probable Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au (000’s) g/t (000’s) oz (000’s) g/t (000’s) oz (000’s) g/t (000’s) oz M1 South UG 1,800 7.0 400 3,200 6.1 630 5,000 6.4 1,030 M5 South UG - - - 1,510 2.9 140 1,510 2.9 140 M5 Open Pit 410 1.0 10 4,530 1.2 170 4,940 1.1 180 Toega - - - 9,680 1.9 580 9,680 1.9 580 ROM Stockpile 4,110 0.7 90 - - - 4,110 0.7 90 Kiaka 13,250 0.8 350 143,110 0.9 4,120 156,360 0.9 4,470 Total 19,570 1.4 860 162,020 1.1 5,640 181,590 1.1 6,500 * Figures in the table have been rounded. Total grade is a weighted average. Rounding errors may occur. For personal use only
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West African Resources Limited Page 17 of 17 Forward Looking Information This report contains “forward-looking information” including information relating to the Company’s future financial or operating performance. All statements in this report, other than statements of historical fact, that address events or developments that the Company expects to occur, are “forward -looking statements”. This includes projections, forecasts and estimates and statements concerning Mineral Resource and Ore Reserves and future production which may not have been based solely on historical facts, but rather may be based on the opinions, assumptions and estimates of the relevant management as of the date such statements are made. Forward-looking statements are generally, but not always, identified by the words “expects”, “does not expect”, “plans”, “anticipates”, “does not anticipate”, “believes”, “intends”, “estimates”, “targets’, “projects”, “potential”, “scheduled”, “forecast”, “budget” and similar expressions, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. Forward- looking statements are necessarily based on opinions, estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to control or predict, that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward- looking statements. In the case of WAF, statements related to operating cash flows, net profit after tax (NPAT) and future production estimates may be based on assumptions including, but not limited to: meeting production estimates, Mineral Resource and Ore Reserve estimates not having to be re-estimated, no unexpected costs arising, the availability of future funding for the development of a project and no adverse circumstances from the uncertainties listed below eventuating. This information relates to analyses and other information that is based on expectations of future performance and planned work programs. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, risks related to: exploration hazards; exploration and development of natural resource properties; uncertainty in WAF’s ability to obtain funding; gold price fluctuations; recent market events and conditions; the uncertainty of Mineral Resource calculations and the inclusion of I nferred Mineral Resources in economic estimation; governmental regulations; obtaining necessary licenses and permits; the businesses being subject to environmental laws and regulations; the mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; competition from larger companies with greater financial and technical resources; the inability to meet financial obligations under agreements to which it is a party; ability to recruit and retain qualified personnel; and directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Should one or more risk or uncertainty materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. The Company’s forward-looking information is based on the reasonable beliefs, expectations and opinions of the relevant management on the date the statements are made and the Company does not assume any obligation to update forward looking information if circumstances or management’s beliefs, expectations or opinions change, except as required by law. Past performance is not necessarily a guide to future performance. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For additional information, please refer to the Company’s financial statements and other filings all of which are filed on the ASX at www.asx.com.au and the Company's website www.westafricanresources.com. Mineral Resources, Ore Reserves and Production Targets The Company’s estimates of Mineral Resources and Ore Reserves and the production target for the Group are set out in the announcement titled “WAF gold production to peak at 569koz in 2029” released 6 August 2025. The Company confirms it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates of Mineral Resources and Ore Reserves for the Group and all the material assumptions underpinning the production target for the Group and forecast financial information derived from it continue to apply and have not materially changed. For personal use only