• No significant social, health or safety incidents
• Q1 gold production of 50,033 oz at AISC of US$1,262/oz
• Kiaka project progressing on time and budget, first gold in Q3 2025

West African Resources Limited (WAF) reported a solid Q1 2025 performance, with gold production of 50,033 oz at AISC of US$1,262/oz. The company's Sanbrado operations in Burkina Faso continue to perform well, with the underground mining at M1 South increasing 7% in Q1. WAF's Kiaka project is progressing on schedule and budget, with key construction milestones achieved in Q1, including practical completion of the dry plant, completion of structural steel installation, and installation of mechanical equipment. The project timeline remains on target for first gold production in Q3 2025. WAF also released the results of a maiden underground resource and scoping study for the Toega deposit, which outlines the potential for 515koz of gold production over a 7-year mine life. The company remains fully unhedged and ended the quarter with a strong cash balance of A$331 million and 13,849 ounces of unsold gold bullion. WAF provided unhedged annual guidance for 2025, including 190,000-210,000oz from Sanbrado and 100,000-150,000oz from the new Kiaka operation.

WAF's unhedged annual guidance for 2025 includes: Sanbrado - 190,000 to 210,000oz at site sustaining cost of <US$1,350/oz; Kiaka - 100,000 to 150,000oz; Combined group - 290,000 to 360,000oz.

WAF is focused on maintaining Kiaka construction and operational readiness on schedule and budget, reporting drilling results from programs at M1 South, and completing an updated Resource, Reserve and 10-year production plan.