Earnings release
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Press Release 28 October 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 SEPTEMBER 2026 QUARTERLY REPORT Record Quarterly Gold Production of 127,950 oz at AISC of US$1,570/oz ▪ No significant social, health or safety incidents ▪ Q3 gold production: 127,950 oz at AISC1 of US$1,570/oz ▪ Q3 gold sales: 135,245 oz at a realised price of US$4,240/oz ▪ Q3 cash flow from operating activities of A$458 million ▪ Cash balance of A$1,195 million and ~A$217 million unsold gold bullion2 held at end of Q3 2026 ▪ Special dividend of A$0.20 per share paid to WAF shareholders post quarter ▪ Next quarter objectives: Report drilling results from Toega underground and further drilling results from M5 Finalise terms and complete SOPAMIB’s acquisition of a 25% shareholding in Kiaka SA West African Resources Limited Executive Chairman and CEO Richard Hyde commented: “WAF achieved another quarter of record gold production with 127,950 ounces of gold at an AISC of US$1,570/oz from our two large low-cost gold production centres of Sanbrado and Kiaka, which maintains our run rate at over 500,000 ounces per annum. “YTD 2026 we have produced 360,857 gold ounces at an AISC of US$1,725/oz and we are well on track to achieve 2026 guidance of 430,000-490,000 ounces at an AISC below US$1,900/oz.3 “We generated A$458 million of operating cash flow for the quarter and finished September with A$1,195 million in cash and around A$217 million in unsold gold bullion . We were pleased to reward WAF shareholders with an AUD 20 cents per share special dividend post-quarter, and we intend to accelerate debt repayments with our secured lenders over the next 12 months. “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. We look forward to releasing the results from our Toega underground drilling program in Q4 2026.” 1 AISC: refer to note (b) in table 5. 2 The Group held 36,085 ounces of unsold gold as of 30 September 2026 valued at A$6,013 per ounce. 3 Refer ASX announcement titled “WAF 2026 Production Guidance” released 31 March 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 activities report for the quarter ended 30 September 2026 (‘Q3’). Health and safety There were no significant health or safety incidents during Q 3, and WAF’s Total Reportable Injury Frequency Rate (‘TRIFR’) at the end of the quarter was 0.87. 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 below table 1. Table 1: Production and sales summary Gold Sold (oz) Average price (USD/oz) Gold Produced (oz) Sustaining cost5 (USD/oz) Q3 2026 Sanbrado 61,753 $4,214 51,920 $1,519 Kiaka 73,492 $4,262 76,030 $1,554 Group 135,245 $4,240 127,950 $1,570 YTD 2026 Sanbrado 149,468 $4,537 151,552 $1,732 Kiaka 200,659 $4,559 209,305 $1,660 Group 350,127 $4,550 360,857 $1,725 YTD 2026 Group gold production was 360,857 ounces at an AISC of US$1,725/oz, and WAF remains well on-track to achieve annual guidance of 430,000 – 490,000 ounces of gold at an AISC under US$1,900/oz. Sanbrado The Sanbrado gold production centre ('Sanbrado') produced 51,920 ounces of gold in Q3 2026, 10% lower than the previous quarter, mainly due to lower grade from the M1 South underground mine, which delivered 35,898 mined ounces during the quarter. This was partly offset by the M5 North open pit, where mined ounces increased 8% on Q2. Pre-strip mining activities at Toega continued in Q3. Kiaka The Kiaka gold production centre ('Kiaka') produced 76,030 ounces of gold in Q3 2026, a 13% increase over the previous quarter, driven by a 15% increase in mill throughput. Mining activities remained focused on the Kiaka Main Stage 1 pit, with ore tonnes mined up 13% on the previous quarter. 4 Refer to the publication: Department of Local Government, Industry Regulation and Safety Quarterly Performance Snapshot for the Western Australian minerals sector for three-month period 1 January – 31 March 2025 issued March 2026. 5 Sustaining cost for the Group is ‘all in sustaining cost’ (AISC) as defined by the World Gold Council. Sustaining cost for Sanbrado and Kiaka is ‘site sustaining cost’ which includes all components of AISC except corporate and share-based payments.
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West African Resources Limited Page 3 of 15 Sanbrado Operations Sanbrado Gold Production Centre, Burkina Faso (‘Sanbrado’) Sanbrado produced 51,920 ounces of gold in Q3 at a site sustaining cost of US$ 1,519/oz. This brings YTD production for Sanbrado to 151,552 ounces of gold at a site sustaining cost of US$1,732/oz. Sanbrado sold 61,753 ounces of gold in the quarter at an average realised price of US$ 4,214/oz, bringing YTD gold sales to 149,468 ounces at an average realised price of US$ 4,537/oz. Sanbrado held 15,224 ounces of unsold gold bullion (valued at approximately A$92 million) at the end of the quarter. Table 2: Sanbrado physicals Unit Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Open Pit mining (a) Total movement BCM ‘000 195 770 684 467 1,921 Total movement kt 561 2,114 1,559 1,246 4,919 Strip ratio w:o 0.9 2.1 1.4 1.0 1.5 Ore mined kt 299 682 647 636 1,965 Mined grade g/t 0.8 0.8 0.9 0.9 0.9 Contained gold oz 7,927 18,001 17,791 19,284 55,076 Underground mining Ore mined kt 141 114 167 171 452 Mined grade g/t 8.4 7.4 8.1 6.5 7.3 Contained gold oz 37,955 27,320 43,644 35,898 106,862 Processing Ore milled kt 745 715 787 716 2,218 Head grade g/t 2.2 2.0 2.4 2.4 2.3 Recovery % 93.2% 93.4% 93.7% 94.7% 93.9% Gold produced oz 49,732 42,024 57,608 51,920 151,552 Gold poured oz 49,506 42,633 57,699 52,786 153,118 Gold sold oz 49,702 42,428 45,287 61,753 149,468 Ore stockpiles Stockpile ore kt 3,652 3,733 3,760 3,851 Stockpile grade g/t 0.6 0.6 0.6 0.6 Stockpile contained gold oz 72,032 72,365 72,301 72,633 Table notes: (a) The open pit mining physicals statistics in the above table exclude Toega pre-strip mining activity. Open pit mining The M5 North pit delivered an 8% increase in mined ounces compared to the previous quarter from a 10% increase in mined grade, partially offset by a 2% decrease in ore tonnes mined. A total of 636kt of ore was mined at an average grade of 0.9 g/t Au, resulting in 19,284 ounces of mined gold for the quarter. Pre-strip mining activity at the Toega open pit continued in the quarter, with 1,689kbcm of material moved, which was consistent with Q2. Underground mining The M1 South underground delivered 171kt of ore mined at 6.5g/t for 35,898 ounces of gold in the quarter. Underground mined ounces were 18% below Q2 due to a 20% decrease in grade, partially offset by a 2% increase in mined tonnes.
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West African Resources Limited Page 4 of 15 Processing The Sanbrado process plant continued its strong performance in Q3 with 716kt of ore milled at a head grade of 2.4g/t and recovery of 94.7%, which produced 51,920 ounces of gold. Gold production was 10% lower than the prior quarter, mainly due to a 9% decre ase in mill throughput resulting from a planned shutdown for a mill reline. Sanbrado schematic layout Kiaka schematic layout
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West African Resources Limited Page 5 of 15 Kiaka Operations Kiaka Gold Production Centre, Burkina Faso (‘Kiaka’) Kiaka produced 76,030 ounces of gold in Q3 at a site sustaining cost of US$1,554/oz. This brings Kiaka's YTD production to 209,305 ounces of gold at a site sustaining cost of US$1,660/oz. Kiaka sold 73,492 ounces of gold in the quarter at an average realised price of US$4,262/oz, bringing YTD gold sales to 200,659 ounces at an average realised price of US$4,559/oz. Kiaka held 20,861 ounces of unsold gold bullion (valued at approximately A$125 million) at the end of the quarter. Table 3: Kiaka physicals Unit Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Open Pit mining Total movement BCM ‘000 3,263 2,963 1,855 1,988 6,806 Total movement kt 7,361 6,910 4,301 5,039 16,250 Strip ratio w:o 1.3 1.0 0.5 0.6 0.7 Ore mined kt 3,271 3,463 2,838 3,214 9,515 Mined grade g/t 0.8 0.9 0.8 0.8 0.8 Contained gold oz 83,270 97,906 74,134 82,643 254,683 Processing Ore milled kt 2,174 2,339 2,487 2,871 7,697 Head grade g/t 1.0 0.9 0.9 0.9 0.9 Recovery % 92.9% 92.8% 92.9% 93.1% 93.0% Gold produced oz 62,287 65,704 67,571 76,030 209,305 Gold poured oz 59,468 66,270 63,657 76,083 206,010 Gold sold oz 56,293 61,717 65,450 73,492 200,659 Ore stockpiles Stockpile ore kt 2,692 3,816 4,167 4,510 Stockpile grade g/t 0.5 0.6 0.5 0.5 Stockpile contained gold oz 44,666 71,802 73,214 74,236 Open pit mining Open pit mining at Kiaka showed an 11% increase in mined ounces in Q3 versus the previous quarter, resulting from a 13% increase in ore tonnes mined, partially offset by a 2% decrease in mined grade. Kiaka delivered 82,643 mined ounces of gold from 3,214kt of ore at 0.8g/t. Mining during the quarter continued to focus on the Kiaka Main Stage 1 pit. Processing The Kiaka process plant delivered strong operational performance in Q3. Gold production increased 13% in the quarter, driven by a 15% increase in mill throughput. During Q3, Kiaka produced 76,030 ounces of gold from 2,871kt of ore processed at an average head grade of 0.9 g/t and recovery of 93.1%.
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West African Resources Limited Page 6 of 15 WAF Project Locations Burkina permitting updates Approval of the application to update the Sanbrado life of mine (‘LOM’) plan to include the M5 South underground was received from the Government of Burkina Faso during the quarter. M5 South underground development activities have commenced, and stoping ac tivities are now scheduled to start in early H2 2027. There is flexibility within the overall Sanbrado mine plan and this delayed start is therefore expected to have minimal impact on 2027 gold production. The application for a permit to operate the explosives manufacturing and storage facility at Kiaka has not yet been approved by the Government of Burkina Faso. Access to explosives supplies improved during the quarter following better performance from the existing supplier and the engagement of a second supplier. This has allowed for a greater focus on waste stripping activities at the Kiaka and Toega open pit operations; however, explosives supply remains an operational bottleneck.
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West African Resources Limited Page 7 of 15 Financial and corporate Sanbrado Gold sales revenue was 27% higher than the previous quarter from 36% more ounces sold, partially offset by an 8% lower realised gold price. The site sustaining cost per ounce of US$1,519 was 13% lower than the previous quarter, reflecting 36% more gold ounces sold, partially offset by 19% higher site sustaining costs on a USD absolute basis. In AUD terms, the absolute site sustaining costs increased by 20% primarily driven by a A$10.9 million movement in inventory, with gold sold exceeding gold produced in the quarter as bullion on hand was drawn down, together with higher mining and processing costs and a 9% increase in ro yalties. Capital development expenditure decreased by 3% and sustaining capex by 9% compared with the previous quarter. Kiaka Gold sales revenue was 6% higher than the previous quarter from 12% more ounces sold, partially offset by a 6% lower realised gold price. The site sustaining cost per ounce of US$1,554 was 7% lower than the previous quarter, reflecting 12% more gold ounces sold, partially offset by 5% higher site sustaining costs on a USD absolute basis. In AUD terms, the absolute site sustaining costs increased by 5% reflecting higher processing and mining costs, consistent with the 15% increase in mill throughput and 17% increase in total material moved, partially offset by lower sustaining capex. Sustaining capex was 64% lower than the prior quarter, with lower expenditures on both tailings storage facility works and open pit mining equipment purchases. Group WAF sold a combined total of 135,245 ounces of gold in Q3 at an average price of US$4,240 per ounce and remains unhedged. The AISC of the combined Group was US$1,570/oz for the quarter. Non-sustaining ('growth') capital expenditure of A$61 million in Q3 mainly comprised A$26 million for pre-production stripping and construction at Toega, A$16 million for the Kiaka HFO power station, and A$15 million for M5 South underground development and power infrastructure at Sanbrado. The Group had a notional net cash balance of US$710 million at the end of Q3 versus a notional net cash balance of US$490 million at the beginning of the quarter.
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West African Resources Limited Page 8 of 15 Table 4: Production centres financial summaries (a) (A$’000 unless otherwise noted) SANBRADO Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Gold sales (oz) 49,702 42,428 45,287 61,753 149,468 Gold revenue 311,874 304,145 291,349 368,704 964,198 OP mining cost 7,675 7,426 9,779 11,849 29,054 UG mining cost 16,306 17,898 19,824 22,070 59,792 Processing cost 31,634 22,904 24,819 27,281 75,004 Site administration cost 11,123 10,098 13,155 13,416 36,669 Change in inventory (3,610) 7,688 (5,073) 5,854 8,469 Royalties (b) 33,961 42,970 36,000 39,230 118,200 Adjusted operating cost (c) 97,089 108,984 98,504 119,700 327,188 Rehabilitation 493 394 493 517 1,404 Capital development (d) 7,110 10,666 5,682 5,484 21,832 Sustaining capex 292 2,670 4,108 3,735 10,513 Sustaining leases 1,990 1,523 2,010 3,481 7,014 Site sustaining cost(e) 106,974 124,237 110,797 132,917 367,951 Site sustaining cost (A$/oz) 2,152 2,928 2,446 2,152 2,462 Site sustaining cost (US$/oz) 1,399 2,034 1,737 1,519 1,732 KIAKA Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Gold sales (oz) 56,293 61,717 65,450 73,492 200,659 Gold revenue 349,769 437,438 419,198 443,800 1,300,436 OP mining cost 36,013 32,696 29,247 33,490 95,433 Processing cost 49,385 49,247 59,021 66,518 174,786 Site administration cost 13,568 12,783 13,216 13,633 39,632 Change in inventory (12,930) (10,179) (10,762) (6,321) (27,262) Royalties (b) 56,253 57,852 44,721 47,548 150,121 Adjusted operating cost (c) 142,289 142,399 135,443 154,868 432,710 Rehabilitation 286 790 780 699 2,269 Capital development (d) - - - - - Sustaining capex 192 14,945 17,310 6,229 38,484 Site sustaining cost (e) 142,767 158,134 153,533 161,796 473,463 Site sustaining cost (A$/oz) 2,536 2,562 2,346 2,202 2,360 Site sustaining cost (US$/oz) 1,649 1,779 1,666 1,554 1,660 Table notes: (a) Amounts in the table are unaudited. (b) Royalties comprise the gold royalty and local community development levy payable to the Government of Burkina Faso except in 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). (c) The term ‘adjusted operating cost’ is a performance metric recommended by the World Gold Council. (d) Capital development includes underground capital development, open pit stripping and capitalised reserve extension drilling. (e) ‘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$’000 unless otherwise noted) Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD 2026 Site sustaining cost - Sanbrado 106,974 124,237 110,797 132,917 367,951 Site sustaining cost - Kiaka 142,767 158,134 153,533 161,796 473,463 Corporate & share-based payments 4,769 5,715 5,488 6,194 17,397 All in sustaining cost 254,510 288,086 269,818 300,907 858,811 Exploration non-sustaining 5,769 1,891 1,801 8,258 11,950 Capex non-sustaining 160,017 39,081 108,390 61,053 208,524 All-in cost 420,296 329,058 380,008 370,218 1,079,285 Group unit cost summary Unit All-in sustaining cost (b) A$/oz 2,401 2,766 2,437 2,225 2,453 All-in cost (c) A$/oz 3,965 3,160 3,432 2,737 3,083 Average sales price A$/oz 6,242 7,121 6,416 6,008 6,468 Average FX rate used A$/US$ 0.6500 0.6945 0.7100 0.7057 0.7034 All-in sustaining cost (b) US$/oz 1,561 1,921 1,730 1,570 1,725 All-in cost (c) US$/oz 2,577 2,194 2,437 1,932 2,168 Average sales price US$/oz 4,058 4,945 4,556 4,240 4,550 Cash, bullion, and borrowings at quarter end Cash and cash equivalents US$m 389.7 584.7 606.1 830.2 Bullion awaiting settlement US$m 118.3 146.7 170.9 150.7 Secured loan facilities (d) US$m (257.9) (239.7) (226.3) (213.3) PPA liability (e) US$m (15.4) (14.8) (14.1) (13.5) Supplier loan facilities US$m (40.8) (37.8) (46.6) (43.8) Notional net cash (debt) US$m 193.9 439.2 490.0 710.2 Price used for bullion awaiting settlement US$4,368 US$4,608 US$4,026 US$4,176 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) Principal amounts payable under secured loan facilities. Prior quarters restated. (e) 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 September 2026 Appendix 5B quarterly cash flow report, the Group's cash balance at the end of Q3 was A$1,195 million, an increase of A$319 million from the end of Q2. Operating activities generated net A$458 million of cash in Q3, after payment of A$46 million of Burkina Faso income taxes. Investing activities used A$77 million of cash in Q3, comprising A$25 million for Sanbrado, A$26 million for Kiaka and A$26 million for Toega. Financing activities used A$38 million of cash in Q3, including A$22 million of loan principal repayments, A$9 million of interest on borrowings, A$4 million of financing costs and A$3 million of lease payments. Dividend to WAF shareholders Post quarter end, on 7 October 2026, WAF paid an A$0.20 per share special dividend, aggregating to A$229 million. The dividend was unfranked and had a record date of 18 September 2026. SOPAMIB acquisition of 25% stake in Kiaka SA WAF expects to finalise terms and complete SOPAMIB’s acquisition of a 25% shareholding in Kiaka SA (‘KSA’) for 70 billion CFA francs (equivalent to approximately A$174 million) in the December 2026 quarter. WAF currently holds an 85% equity ownership interest in KSA , with the Government of Burkina Faso holding the remaining 15%. After the transaction with SOPAMIB completes, WAF’s equity interest in KSA will be 60%. Growth Toega gold deposit (‘Toega’) Construction of mobile maintenance workshop, office and ancillary infrastructure was largely completed in Q3. Mining activities in the quarter focused on pre-production stripping of the Stage 1 Toega open pit. Mobilisation of the haulage contractor is planned for late Q4 and Toega ore deliveries to the Sanbrado mill are expected to commence in early 2027. A 13,500m infill drilling program targeting the Toega underground resource is ongoing, with results expected to be reported in Q4. Toega Open Pit
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West African Resources Limited Page 11 of 15 M5 South underground drilling During the quarter the Company released results from diamond drilling at the M5 South underground targeting 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: ▪ 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 5.0 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 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 12 of 15 M5 North diamond drilling During the 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 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 We commenced p resentations of WAF’s 2025 Responsible Mining Report to national and regional governments and other stakeholders in September 2026. Plant nursery production increased at Sanbrado from approximately 20,000 seedlings to nearly 32,000 seedlings produced year to date. Social Investment Social investment activities in Q3 continued to focus on education, health and economic development, and included the following: ▪ The Sanbrado Trades Training and Qualification Program was recognised at the 2026 AAMEG Awards, receiving the Excellence in Social Development Award. This program enables employees to convert their practical work experience into nationally recognised trade qualifications while remaining in paid employment. Sanbrado collaborated with the Government of Burkina Faso and the national training organisation CFPEM t o implement th is program within the Sanbrado Maintenance Department, where more than 100 employees have now completed their final assessments. ▪ Kiaka is progressing with its community health initiatives. Construction of two new local health centres (CSPSs) is more than 50% complete at both the Guilaweogo and Bassindengo resettlement sites, while renovation works are fully complete at the Niaogho CSPS and more than 50% complete at the Nagrigré CSPS. ▪ The Kiaka Livelihood Restoration Program (LRP) implementation is advancing. Infrastructure needed to implement second year LRP projects across agriculture, livestock management and market gardens is nearing completion. The remainder of the year will focus on providing training and equipment to program participants. ▪ The Kiaka LRP also includes the next cohort of vocational training participants who have commenced their training at a national vocational training school, where they will spend 3 months studying a trade of their choice. 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 ▪ Construction of a new primary school near the Kinkirgou resettlement site is more than 70% complete. Excellence in Social Development Award given to Sanbrado Trades Training and Qualification Program participants 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 September 2026 Tenement Name Registered Holder WAF % Held Tenement Number Grant Date Expiry Date Tenement Type Tenement Area Km² Geographical Location Sanbrado SOMISA SA (Société des Mines de Sanbrado SA) 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 Mankarga V31 Wura Resources Pty Ltd SARL 100% 2023-347/MEMC/SG/DGCM 16/07/2020 15/07/2026 EL 52.60 Ganzourgou Province Woura2 Troboling Society SARL 100% 2025-336/MEMC/SG/DGCM 29/05/2019 28/05/2028 EL 149.61 Zoundweogo and Boulgou Provinces Koudre II1 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 Manessé II1 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 Nakomgo3 Kiaka Gold SARL 100% 2023-478/MEMC/SG/DGCM 24/10/2017 23/10/2026 EL 185.15 Bazega and Ganzourgou Provinces Sana3 Kiaka Gold SARL 100% 2023-477/ MEMC/SG/DGCM 24/10/2017 23/10/2026 EL 109.76 Zoundweogo and Ganzourgou Provinces Kiaka II3 Kiaka Gold SARL 100% 2023-471/MEMC/SG/DGCM 24/10/2017 23/10/2026 EL 134.74 Zoundweogo and Boulgou Provinces 1 Renewal applications submitted, pending approval. 2 Transfer of ownership to Wura Resources Pty Ltd SARL pending. 3 Expression of interest lodged for new exploration licence over tenement area.
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West African Resources Limited Page 15 of 15 Forward Looking Statements This release contains forward-looking statements. All statements in this release, other than statements of historical fact, are forward-looking statements, including, without limitation, guidance and statements regarding expectations, plans, strategies and objectives of WAF. Forward-looking statements are commonly, but not always, identified by words such as ‘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 based on management’s expectations and reflect judgements, assumptions, estimates and other information available, as at the date of this release. These statements are inherently uncertain and do not represent guarantees or predictions of future financial or operational performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond WAF’s control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. Factors that may affect WAF’s future operations and performance, including actual production commencement dates, revenues, costs or production output and anticipated lives of assets, mines or facilities include, without limitation: exploration hazards; exploration and development of natural resource properties; uncertainty in the ability to obtain funding; gold price fluctuations; market events and conditions; the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; governmental regulations; obtaining necessary licenses and permits; the business 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 WAF’s forward-looking statements. WAF cautions against reliance on any forward-looking statements. WAF does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or likelihood of achievement or reasonableness of any forward-looking statements. Except as required by law, WAF does not assume any obligation to update or review forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. 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 2026. 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.