West African Resources (WAF) AGM 2026 presentation summary

Strategic growth and production targets

• Aims to achieve over 500,000 ounces of gold production annually by 2027, with a 10-year average target of 533,000 ounces per year and a peak of 596,000 ounces in 2030.

• Holds 13.7 million ounces in mineral resources and 7 million ounces in ore reserves, all unhedged.

• Operates across more than 1,100 km² of exploration permits in Burkina Faso, with major projects at Sanbrado and Kiaka.

• Plans over 100,000 meters of exploration drilling in 2026 to support resource and reserve growth.

• Maintains strong liquidity with US$732 million in cash and bullion as of March 2026.

Key project metrics and operations

• Sanbrado: 4.4 Moz resources, 2.3 Moz reserves, 11+ year mine life, 256,000 oz/year average production (2026–2035), 92% recovery.

• Kiaka: 9.2 Moz resources, 4.7 Moz reserves, 16-year mine life, 277,000 oz/year average production (2026–2035), 92% recovery.

• Both projects are 85% owned, with the Burkina Faso government holding 15% equity and additional royalties.

• Sanbrado and Kiaka employ over 95% local workforce, with significant community and government engagement.

• Ongoing drilling and expansion at Sanbrado and Kiaka target further resource conversion and mine life extension.

Financial and capital structure

• Market capitalization stands at A$3.475 billion, with 1.14 billion shares on issue as of May 2026.

• Cash and gold holdings total US$732 million, with US$230 million in Kiaka debt facilities.

• Institutional investors hold 72.7% of shares, with significant presence in Australia/NZ, Europe, and North America.

• Maintains a strong track record of meeting or exceeding production guidance over the past five years.