Earnings release
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Press Release 29 July 2026 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 JUNE 2026 QUARTERLY REPORT Record Quarterly Gold Production of 125,179 oz No significant social, health or safety incidents Q2 gold production: 125,179 oz at AISC1 of US$1,730/oz Q2 gold sales: 110,737 oz at a realised price of US$4,556/oz Q2 cash flow from operating activities of A$249 million A$876 million cash balance and ~A$247 million unsold gold bullion2 held at end of Q2 2026 Subsequent to quarter end: Drilling results from M5 South Underground and M5 North Open Pit released Aiming to report drilling results from Toega underground and further drilling results from M5 Discussions continue with Société de Participation Minière du Burkina Faso (‘SOPAMIB’) regarding its acquisition of a 25% shareholding in Kiaka SA West African Executive Chairman and CEO Richard Hyde commented: “With a record high quarterly gold production of 125,179 ounces in Q2 2026, WAF has achieved a run-rate of over 500,000 ounces per annum from our two large low -cost gold production centres of Sanbrado and Kiaka in Burkina Faso. “Year-to-date 2026 Group gold production was 232,905 ounces at an AISC of $1,823 and WAF remains on- track to achieve annual guidance of 430,000 – 490,000 ounces of gold at an AISC under $1,900/oz. “Outstanding infill and exte nsional drilling results from the M5 underground during the quarter included 29m at 16.4 g/t Au and 27m at 6.7 g/t Au, respectively.3 Drilling results continue to confirm the quality and consistency of WAF’s ore bodies and our ability to extend the mine li ves of our operations . We look forward to releasing the results from our Toega underground drilling program later in Q3 2026. “WAF is on an exciting growth trajectory, and we continue to create value through the drill-bit with a US$20 million exploration budget and more than 100,000 metres of drilling planned at our Sanbrado and Kiaka production centres and surrounding exploration areas in 2026." 1 AISC: refer to note (b) in table 5. 2 The Group held 42,453 ounces of unsold gold as of 30 June 2026 valued at A$5,820 per ounce. 3 Refer ASX announcement “WAF hits 27m at 6.7g/t gold 200m below M5 South UG reserve” released 14 July 2026.
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West African Resources Limited Page 2 of 15 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 June 2026 (‘Q2’). Health and safety There were no significant health or safety incidents during Q 2, and WAF’s Total Reportable Injury Frequency Rate (‘TRIFR’) at the end of the quarter was 1.25. The Injury Frequency Rate for the gold industry in Western Australia was 5.7 for the most recent available reporting period.4 Production and sales summary Gold sales and production statistics by gold production centre are summarised in the table below. Table 1: Production and sales summary Gold Sold (oz) Average price (USD/oz) Gold Produced (oz) Sustaining cost5 (USD/oz) Q2 2026 Sanbrado 45,287 $4,568 57,608 $1,737 Kiaka 65,450 $4,548 67,571 $1,666 Group 110,737 $4,556 125,179 $1,730 YTD 2026 Sanbrado 87,716 $4,766 99,631 $1,881 Kiaka 127,167 $4,729 133,274 $1,721 Group 214,883 $4,744 232,905 $1,823 YTD 2026 Group gold production was 232,905 ounces at an AISC of US$1,823, and WAF remains on-track to achieve annual guidance of 430,000 – 490,000 ounces of gold at an AISC under US$1,900/oz. Sanbrado The Sanbrado gold production centre (‘Sanbrado’) produced 57,608 ounces of gold in Q2 2026, 37% higher than the previous quarter. Higher production was driven by increased tonnes and grade from the M1 South underground mine, which delivered 43,644 mined ounces during the quarter. Pre-strip mining activities at Toega continued in Q2 and included the first ore mined from the Stage 1 pit. Kiaka The Kiaka gold production centre (‘Kiaka) produced 67,571 ounces of gold in Q2 2026, a 3% increase over the previous quarter. Mining activities remained focused on the Kiaka Main Stage 1 pit, while increased mill throughput supported higher gold production during the quarter. 4 Refer to the publication: Department of Local Government, Industry Regulation and Safety Quarterly Performance Snapshot for the Western Australian minerals sector for three-month period 1 January – 31 March 2026 issued March 2026. 5 Sustaining cost for the Group is ‘all in sustaining cost’ (AISC) as defined by the World Gold Council. Sustaining cost for Sanbrado and Kiaka is ‘site sustaining cost’ which includes all components of AISC except corporate and share-based payments.
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West African Resources Limited Page 3 of 15 Sanbrado Operations Sanbrado Gold Production Centre, Burkina Faso (‘Sanbrado’) Sanbrado produced 57,608 ounces of gold in Q 2 at a site sustaining cost of US$ 1,737/oz. This brings Sanbrado’s half year production to 99,631 ounces gold at a site sustaining cost of US$1,881/oz. Sanbrado sold 45,287 ounces of gold in the quarter at an average realised price of US$ 4,568/oz, bringing half year gold sales to 87,716 ounces at an average realised price of US$ 4,766/oz. Sanbrado held 24,200 ounces of unsold gold bullion (valued at approximately A$141 million) at the end of the quarter. Table 2: Sanbrado physicals Unit Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 2026 Open Pit mining (a) Total movement BCM ‘000 - 195 770 684 1,454 Total movement kt - 561 2,114 1,559 3,673 Strip ratio w:o - 0.9 2.1 1.4 1.8 Ore mined kt - 299 682 647 1,329 Mined grade g/t - 0.8 0.8 0.9 0.8 Contained gold oz - 7,927 18,001 17,791 35,792 Underground mining Ore mined kt 144 141 114 167 281 Mined grade g/t 9.7 8.4 7.4 8.1 7.8 Contained gold oz 44,949 37,955 27,320 43,644 70,964 Processing Ore milled kt 868 745 715 787 1,502 Head grade g/t 2.3 2.2 2.0 2.4 2.2 Recovery % 93.5% 93.2% 93.4% 93.7% 93.6% Gold produced oz 59,852 49,732 42,024 57,608 99,631 Gold poured oz 59,747 49,506 42,633 57,699 100,332 Gold sold oz 57,638 49,702 42,428 45,287 87,716 Ore stockpiles Stockpile ore kt 3,957 3,652 3,733 3,760 Stockpile grade g/t 0.6 0.6 0.6 0.6 Stockpile contained gold oz 79,536 72,032 72,365 72,301 Table notes: (a) The open pit mining physicals statistics in the above table exclude Toega pre-strip mining activity. Open pit mining Owner-operated open pit mining continued to ramp up during Q2. The M5 North pit delivered similar mined ounces to the previous quarter. A total of 647kt of ore was mined at an average grade of 0.9 g/t Au, resulting in 17,791 ounces of gold for the quarter. Pre-strip mining activity at the Toega open pit continued in the quarter and included the first ore mined from the stage 1 pit. A total of 1,752kbcm material was moved at Toega which represents an increase of 182% from Q1. Underground mining The M1 South underground delivered 167kt of ore mined at 8.1g/t for 43,644 ounces of gold in the quarter. Underground mined ounces were 60% above Q1 2026 due to 47% more mined tonnes and a 9% increase in grade.
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West African Resources Limited Page 4 of 15 Processing The Sanbrado process plant continued its strong performance in Q2 with 787kt of ore milled at a head grade of 2.4g/t and recovery of 93.7%, which produced 57,608 ounces of gold. Gold production was 37% higher than the prior quarter mainly due to a 24% higher mill grade, driven by higher tonnes and grade from underground mining. Sanbrado Gold Operation Layout Kiaka Gold Operation Layout
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West African Resources Limited Page 5 of 15 Kiaka Operations Kiaka Gold Production Centre, Burkina Faso (‘Kiaka’) Kiaka produced 67,571 ounces of gold in Q2 at a site sustaining cost of US$ 1,666/oz. This brings Kiaka’s half year production to 133,274 ounces gold at a site sustaining cost of US$1,721/oz. Kiaka sold 65,450 ounces of gold in the quarter at an average realised price of US$4,548/oz, bringing half year gold sales to 127,167 ounces at an average realised price of US $4,729/oz. Kiaka held 18,253 ounces of unsold gold bullion (valued at approximately A$106 million) at the end of the quarter. Table 3: Kiaka physicals Unit Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 2026 Open Pit mining Total movement BCM ‘000 2,467 3,263 2,963 1,855 4,818 Total movement kt 4,837 7,361 6,910 4,301 11,211 Strip ratio w:o 1.2 1.3 1.0 0.5 0.8 Ore mined kt 2,238 3,271 3,463 2,838 6,301 Mined grade g/t 0.7 0.8 0.9 0.8 0.8 Contained gold oz 47,228 83,270 97,906 74,134 172,040 Processing Ore milled kt 1,740 2,174 2,339 2,487 4,826 Head grade g/t 0.7 1.0 0.9 0.9 0.9 Recovery % 88.2% 92.9% 92.8% 92.9% 92.9% Gold produced oz 32,869 62,287 65,704 67,571 133,274 Gold poured oz 30,573 59,468 66,270 63,657 129,927 Gold sold oz 18,254 56,293 61,717 65,450 127,167 Ore stockpiles Stockpile ore kt 1,595 2,692 3,816 4,167 Stockpile grade g/t 0.6 0.5 0.6 0.5 Stockpile contained gold oz 28,413 44,666 71,802 73,214 Open pit mining Open pit mining at Kiaka showed a 24% decrease in mined ounces in Q2 versus the previous quarter resulting from an 18% decrease in ore tonnes mined and an 8% decrease in mined grade. Kiaka delivered 74,134 mined ounces of gold from 2,838kt of ore at 0.8g/t. Mining during the quarter continued to focus on Kiaka Main Stage 1 pit. Processing The Kiaka process plant delivered strong operational performance in Q2. Gold production increased 3% in the quarter, driven by a 6% increase in mill throughput. During Q2, Kiaka produced 67,571 ounces of gold from 2,487kt of ore processed at an average head grade of 0.9 g/t and recovery of 92.9%.
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West African Resources Limited Page 6 of 15 WAF Project Locations Burkina permitting updates In 2025, WAF applied to the Government of Burkina Faso to update the Sanbrado life of mine (‘LOM’) plan to include the M5 South underground. Governmental sign-off remains pending. As a result, development is currently behind the budget schedule, with produ ction activities now expected to commence in early 2027, subject to approval being received in H2 2026. There is sufficient flexibility in the Sanbrado LOM plan to adjust the mine plan to maintain expected 2026 gold production. WAF applied to the Government of Burkina Faso in 2025 for an operational permit for the explosives manufacturing and storage facility at Kiaka, which WAF constructed in 2024. The permit to operate this facility has not been approved by the government and as a consequence explosives are being supplied from alternative sources . Open -pit mining production at Kiaka was reduced in Q2 due to a lack of explosives and the 2026 Kiaka mine plan has been adjusted to concentrate on areas of free dig. Waste stripping has also been reduced at Kiaka and Toega to allocate the available explosives supply to ore production.
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West African Resources Limited Page 7 of 15 Financial and corporate Sanbrado Gold sales revenue was 4% lower than the previous quarter from an 8% lower realised gold price, partially offset by 7% more ounces sold. The site sustaining cost of US$1,737/oz was 15% lower than the previous quarter reflecting the higher gold ounces sold and 9% lower site sustaining costs on a USD absolute basis. The lower absolute site sustaining costs were primarily driven by a 47% reduction in capital development expenditure and a 16% reduction in royalties compared with the previous quarter. The reduction in capital development expenditure reflects lower underground development activity at M1 South following strong development completed in Q1 2026. The decrease in r oyalties reflects the lower gold price in the quarter partially offset by the higher gold ounces sold. Kiaka Gold sales revenue was 4% lower than the previous quarter from 6% more ounces sold, partially offset by an 8% lower realised gold price. The site sustaining cost of US$1,666/oz was 6% lower than the previous quarter reflecting the higher sales ounces and similar site sustaining costs on a USD absolute basis. Site sustaining costs were consistent with the prior quarter with 23% lower royalties offsetting higher processing costs and higher sustaining capex. Processing costs were above the prior quarter due to a lower proportion of softer oxide ore in the mill feed blend as mining transitions to deeper areas of the open pit . Sustaining capex in Q2 was mainly comprised of ongoing tailings storage facility expansion works and the purchase of additional open pit mining equipment. Group WAF sold a combined total of 110,737 ounces of gold in Q2 at an average price of US$4,556 per ounce and remains unhedged. The AISC of the combined Group was US$1,730/oz for the quarter. Non-sustaining (‘growth’) capital expenditure of A$107 million in Q2 was mainly comprised of A$55 million for the Kiaka HFO power station, A$30 million for pre-production stripping of Toega, A$16 million for M5 South development and power infrastructure at Sanbrado. The Group had a notional net cash balance of US$497 million at the end of Q2 versus a notional net cash balance of US$449 million at the beginning of the quarter. The Group made significant payments to the Government of Burkina Faso in the quarter including: (i) 15% priority dividends of A$67 million (~US$48m); (ii) 2025 corporate income taxes (net of instalments already paid in prior quarters) of A$124 million (~US$89m); (iii) royalties of A$77 million (~US$54m); and (iv) withholding taxes of A$97 million (~US$70m) on dividends being repatriated by WAF from the Group’s Burkina Faso operating subsidiaries.
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West African Resources Limited Page 8 of 15 Table 4: Production centres financial summaries (a) (A$’000 unless otherwise noted) SANBRADO Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 2026 Gold sales (oz) 57,638 49,702 42,428 45,287 87,716 Gold revenue 301,730 311,874 304,145 291,349 595,494 OP mining cost 7,133 7,675 7,426 9,779 17,205 UG mining cost 15,445 16,306 17,898 19,824 37,722 Processing cost 34,017 31,634 22,904 24,819 47,723 Site administration cost 11,307 11,123 10,098 13,155 23,253 Change in inventory 9,234 (3,610) 7,688 (5,073) 2,615 Royalties (b) 28,586 33,961 42,970 36,000 78,970 Adjusted operating cost (c) 105,722 97,089 108,984 98,504 207,488 Rehabilitation 423 493 394 493 887 Capital development (d) 8,930 7,110 10,666 5,682 16,348 Sustaining capex 1,923 292 2,670 4,108 6,778 Sustaining leases 2,746 1,990 1,523 2,010 3,533 Site sustaining cost(e) 119,744 106,974 124,237 110,797 235,034 Site sustaining cost (A$/oz) 2,078 2,152 2,928 2,446 2,679 Site sustaining cost (US$/oz) 1,348 1,399 2,034 1,737 1,881 KIAKA Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 2026 Gold sales (oz) 18,254 56,293 61,717 65,450 127,167 Gold revenue 95,360 349,769 437,438 419,198 856,636 OP mining cost 14,695 36,013 32,696 29,247 61,943 Processing cost 23,265 49,385 49,247 59,021 108,268 Site administration cost 6,509 13,568 12,783 13,216 25,999 Change in inventory (8,080) (12,930) (10,179) (10,762) (20,941) Royalties (b) 12,471 56,253 57,852 44,721 102,573 Adjusted operating cost (c) 48,860 142,289 142,399 135,443 277,842 Rehabilitation - 286 790 780 1,570 Capital development (d) 4,884 - - - - Sustaining capex 288 192 14,945 17,310 32,255 Site sustaining cost (e) 54,032 142,767 158,134 153,533 311,667 Site sustaining cost (A$/oz) 2,960 2,536 2,562 2,346 2,451 Site sustaining cost (US$/oz) 1,921 1,649 1,779 1,666 1,721 Table notes: (b) Amounts in the table are unaudited. (c) Royalties comprise the gold royalty and local community development levy payable to the State except in Q3 and Q4 of 2025 the Kiaka Royalties amount includes the 3% royalty commitment payable by the Group in respect of the 2021 acquisition of Kiaka and the Toega gold deposit as detailed in note 22C of WAF’s 2025 Annual Report (released to ASX 17 March 2026). (d) The term ‘adjusted operating cost’ is a performance metric recommended by the World Gold Council. (e) Capital development includes underground capital development, open pit stripping and capitalised reserve extension drilling. (f) ‘Site sustaining cost’ includes all components of AISC (refer to note (b) of table 5) except corporate and share-based payments. On a unit basis it is calculated by ounce of gold sold.
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West African Resources Limited Page 9 of 15 Table 5: Group financial summary (a) (A$’000 unless otherwise noted) Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 2026 Site sustaining cost - Sanbrado 119,744 106,974 124,237 110,797 235,034 Site sustaining cost - Kiaka 54,032 142,767 158,134 153,533 311,667 Corporate & share-based payments 5,410 4,769 5,715 5,488 11,202 All in sustaining cost 179,186 254,510 288,086 269,818 557,903 Exploration non-sustaining 1,735 5,769 1,891 1,801 3,692 Capex non-sustaining 20,608 160,017 39,081 107,263 146,344 All-in cost 201,529 420,296 329,058 378,882 707,939 Group unit cost summary Unit All-in sustaining cost (b) A$/oz 2,361 2,401 2,766 2,437 2,596 All-in cost (c) A$/oz 2,655 3,965 3,160 3,421 3,295 Average sales price A$/oz 5,232 6,242 7,121 6,416 6,758 Average FX rate used A$/US$ 0.6490 0.6500 0.6945 0.7100 0.7021 All-in sustaining cost (b) US$/oz 1,532 1,561 1,921 1,730 1,823 All-in cost (c) US$/oz 1,723 2,577 2,194 2,429 2,313 Average sales price US$/oz 3,396 4,058 4,945 4,556 4,744 Cash, bullion, and borrowings at quarter end Cash and cash equivalents US$m 221.0 389.7 584.7 606.1 Bullion awaiting settlement US$m 92.6 118.3 146.7 170.9 Secured loan facilities US$m (255.1) (242.1) (230.3) (219.6) PPA liability (d) US$m (15.9) (15.4) (14.8) (14.1) Supplier loan facility US$m (9.5) (40.8) (37.8) (46.6) Notional net cash (debt) US$m 33.1 209.7 448.6 496.7 Price used for bullion awaiting settlement US$3,825 US$4,368 US$4,608 US$4,026 Table notes: (a) Amounts in the table are unaudited. (b) ‘All in sustaining cost’ (AISC) is 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. Commencing from 2026, royalty commitments payable by the Group in respect of the 2021 acquisition of Kiaka and the Toega gold deposit as detailed in note 22C of WAF’s 2025 Annual Report (released to ASX 17 March 2026) are not included in the Group’s AISC. (c) ‘All-in cost’ includes all components of AISC plus non-sustaining exploration and capex. It is calculated by ounce of gold sold. (d) Amount owing under production payment agreements.
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West African Resources Limited Page 10 of 15 Cash flow As reported in the Company’s June 2026 Appendix 5B quarterly cash flow report, the Group’s cash balance at the end of Q2 was A$876 million. Operating activities generated net A$249 million of cash in Q2, after payment of A$124 million of Burkina Faso income taxes, A$77 million of Burkina Faso royalties, and A$97 million of Burkina Faso withholding taxes on WAF’s offshore dividend repatriations. These withholding taxes were paid on WAF’s share of dividends from the Group’s Burkina Faso operating subsidiaries. The withholding taxes and royalties and are included in line item 1.8 ‘payments to suppliers, employees, & government’ of the Appendix 5B. Investing activities used A$112 million of cash in Q2, comprised of A$12 million for Sanbrado, A$70 million for Kiaka and A$30 million for Toega. Financing activities used A$105 million of cash in Q2, including A$24 million of loan principal repayments, A$11 million of interest on borrowings and a A$67 million minority interest profit distribution representing the 15% priority dividends paid to the Burkina Faso government. SOPAMIB acquisition of 25% stake in Kiaka SA WAF continues to work cooperatively with State- owned company Société de Participation Minière du Burkina Faso (‘SOPAMIB’) to finalise the terms of SOPAMIB’s acquisition of a 25% shareholding in Kiaka SA (‘KSA’) for 70 billion CFA francs (equivalent to approximately A$176 million). KSA owns 100% of Kiaka. This transaction is expected to be completed in 2026. WAF currently holds an 85% equity ownership interest in KSA, with the State hold ing the remaining 15%. A fter the transaction with SOPAMIB, WAF’s equity interest in KSA will be 60%. Growth Toega gold deposit (‘Toega’) During Q2, construction of mobile maintenance workshop, office and ancillary infrastructure continued to progress on schedule, with completion expected in Q3. Haul road construction has now been completed, and a preferred local contractor has been selected to undertake ore haulage to Sanbrado. Toega open pit mining activities continued during the quarter using WAF’s owner mining equipment. Mining activities continued to focus on pre-production stripping of the Stage 1 Toega open pit with some waste movement also undertaken within the stage 2 pit to utilise available free dig material while the explosives supply remains constrained. The Stage 1 pit is currently behind schedule, and ore delivery to the Sanbrado mill is expected to be delayed. A 13,500m infill drilling program targeting the Toega underground resource is ongoing, with results expected to be reported in Q3. M5 South underground drilling Post quarter the Company released diamond drilling results from the M5 South underground that targeted the conversion of the Inferred Mineral Resources between the 1800 and 1600 levels (approximately 500 to 570 metres below surface) and grade control of the lower levels of the Ore Reserve. 6 Highlights from this announcement include: 6 Refer ASX announcement “WAF hits 27m at 6.7g/t gold 200m below M5 South UG reserve” released 14 July 2026.
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West African Resources Limited Page 11 of 15 Diamond drilling delivers thick zones of high -grade mineralisation beneath the current Ore Reserves at the M5 South underground Confirms potential for significant Ore Reserve growth, drilling to continue throughout 2026 Resource conversion drilling progressing on schedule; targeting Ore Reserve growth Significant results from diamond drilling below the M5 South reserve include: 27m at 6.7 g/t Au 11m at 3 g/t Au 11m at 2.8 g/t Au 10m at 2.7 g/t Au Significant results from infill diamond drilling include: 29m at 16.4 g/t Au 39m at 5 g/t Au 13m at 9.9 g/t Au 17m at 6.2 g/t Au 28m at 3.2 g/t Au 18m at 4.9 g/t Au Long section diagram of M5 South showing results from the current drilling program
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West African Resources Limited Page 12 of 15 M5 North diamond drilling Post quarter the Company also reported infill diamond drilling completed within the current Ore Reserve at M5 North. 7 A total of 45 diamond holes for 19,634 metres were drilled between the 2150 and 1900 levels (approximately 240 to 400 metres below surface). The post quarter announcement reported assay results from 20 of the latest holes. Results from the first 22 holes were reported previously, with assays for a further three holes pending at the date of that announcement. Results from the program will be incorporated into an updated resource model and will support a final pit design update along with an optimisation of the Sanbrado open pit mining schedule which is also underway in preparation for the updated 10-year production forecast due in Q1 2027. Drilling focus will now shift to other areas of the M5 deposit, targeting further resource and reserve growth opportunities. Environmental Performance and Social Investment Environmental Performance WAF’s corporate s ustainability team has been working with our site Environmental Managers and biodiversity experts to prepare Species Action Plans as part of our Biodiveristy Strategy. Planning for the 2026 reforestation campaign commence d at the start of Q2 for implementation during the rainy season. WAF’s mining operations supported Burkina Faso’s 8th National Tree Day by donating trees grown by our on-site nurseries. Species included African baobab, moringa and African mahogany, which represent trees of ecological and local value. On-site tree planting activities were also undertaken consisting of species of local and horticultural significance. Social Investment Social investment activities in Q2 continued to focus on education, health and economic development, and included the following: Kiaka SA partnered with one of its major suppliers, Oryx, to construct a preschool in the town of Gogo. Construction is on track with more than 70% completed. Of the project affected persons who completed the vocational training program, 76% have started their own businesses and/or are pursuing further education with partner organisations. Other livelihood restorations completed include training of seven cooperatives established by Kiaka SA with training provided on the production of biofertilisers. These agricultural amendments contain living microorganisms to enhance soil fertility and promote plant growth in a sustainable, environmentally friendly manner, substantially reducing or eliminating reliance on synthetic fertilisers. Approximately 90% of households have moved into their recently constructed new homes at the Toega permanent resettlement site. Construction of t he Kinkirgou Primary School is planned to commence in the coming months. Ahead of commencing ore haulage from Toega to the Sanbrado process plant, a stakeholder engagement plan is being implemented to manage risks on the ore haul road. This includes community meetings held across the nearby villages to inform and educate community members 7 Refer ASX announcement “WAF hits 27m at 6.7g/t gold 200m below M5 South UG reserve” released 14 July 2026.
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West African Resources Limited Page 13 of 15 on the operation of the haul road, use of community crossings , communication of changes to haulage schedules and patterns, and other related safety matters. Tree Planting Day at Kiaka Toega Resettlement Site 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
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West African Resources Limited Page 14 of 15 Summary of Tenements in Burkina Faso as at 30 June 2026 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 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 17/04/2024 16/04/2032 ML 10.93 Ganzourgou Province Manessé II Tanlouka SARL 100% 2024/118/MEMC/SG/DGCM 13/11/2020 12/11/2026 EL 86.87 Ganzourgou Province Bollé Wura Resources Pty Ltd SARL 100% 2024/116/MEMC/SG/DGCM 21/11/2017 20/11/2026 EL 153.91 Ganzourgou Province Nakomgo Kiaka Gold SARL 100% 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% 2023-347/MEMC/SG/DGCM 16/07/2020 15/07/2026 EL 52.60 Ganzourgou Province Woura** Troboling Society SARL 100% 2025-336/MEMC/SG/DGCM 29/05/2019 28/05/2028 EL 149.61 Zoundweogo and Boulgou Provinces Bola** EBT N MINE SARL 100% 2025-499/MEMC/SG/DGCM 2026-064/MEMC/SG/DGCM 15/05/2019 14/05/2028 EL 149.72 Zoundweogo and Boulgou Provinces Koudre II* Wura Resources Pty Ltd SARL 100% 2023-348/MEMC/SG/DGCM 2024-240/MEMC/SG/DGCM 04/11/2019 03/11/2025 EL 91.05 Zoundweogo Province Sana Kiaka Gold SARL 100% 2023-477/ MEMC/SG/DGCM 24/10/2017 23/10/2026 EL 109.76 Zoundweogo and Ganzourgou Provinces Kiaka II Kiaka Gold SARL 100% 2023-471/MEMC/SG/DGCM 24/10/2017 23/10/2026 EL 134.74 Zoundweogo and Boulgou Provinces * Renewal applications submitted, pending approval ** Transfer of ownership to Wura Resources Pty Ltd SARL pending
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West African Resources Limited Page 15 of 15 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; 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 out 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 10-year gold production to average 533,000 oz per annum ” released 31 March 202 6. 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.