West African Resources (WAF) investor relations material

Operational performance and production outlook

• Annual production guidance is 430,000–490,000 oz, with potential to exceed 500,000 oz if supply constraints ease, and a 10-year average target of 533,000 oz/year, peaking at 596,000 oz in 2030.

• Current run rate is 500,000 oz per annum, with 14 million oz in resources and 7 million oz in reserves; group holds 13.7 Moz in mineral resources and 7 Moz in ore reserves, all unhedged.

• Production year-to-date is over 230,000 oz at costs below AUD 1,900/oz, with 2026 guidance set at AISC under US$1,900/oz.

• Ongoing and planned drilling exceeds 100,000 m annually, with a dedicated in-house drill team and resource growth programs.

• Production and financial forecasts are based on current resource estimates, gold prices, and operational assumptions.

Project development, asset quality, and portfolio

• Operates two main production centres: Kiaka (16-year mine life, 277,000 oz/year avg, 4.7 Moz reserves, 9.2 Moz resources) and Sanbrado (11+ year mine life, 256,000 oz/year avg, 2.3 Moz reserves, 4.4 Moz resources).

• Kiaka mine is performing above expectations, with 93% recovery and potential for increased throughput.

• Burkina Faso government to acquire an additional 25% of Kiaka for AUD 175 million, with decree published and deal expected to close by end of Q4.

• Sanbrado operation exceeded guidance, with new ore sources like Toega to be processed from Q1 next year.

• Significant near-mine growth potential at both centres, with ongoing drilling, resource extensions at M5 South, and infill drilling to support future production.

Financial position and capital management

• Market capitalization is AUD 3.3–3.36 billion, with AUD 1.1–1.12 billion in cash and gold as of mid-2026.

• Kiaka debt facilities balance at US$220 million in Q2 2026.

• Reviewing capital management options, including a potential special dividend or share buyback, to be decided later this quarter.

• Over AUD 771 million (US$771 million) paid to the Burkina Faso government since 2020 in taxes and royalties.

• Institutional investors hold 72.9% of shares, with strong representation from Australia/NZ, Europe, and North America.