• WAF to increase Burkina Faso government's free-carried equity interest from 10% to 15%
• Other material aspects of existing mining agreements remain unchanged
• 2025 production guidance of 190,000 - 210,000 oz gold at AISC <US$1,350/oz unchanged

West African Resources Limited (WAF) has announced that it will align the Government of Burkina Faso's (the 'State') equity interest in the Company's mining projects with the new Burkina Faso Mining Code adopted in August 2024 (the '2024 Code'). This will see the State's free-carried equity interest increase from 10% to 15% in WAF's three operating projects: Sanbrado, Kiaka, and Toega. Other than this change to the State's equity interest, all other material aspects of the Company's existing mining agreements with the State remain in place. WAF's decision follows extensive discussions with the Ministry of Mines, the Burkina Faso Chamber of Mines, and other mining industry stakeholders in Burkina Faso. The Company's 2025 gold production guidance of 190,000 - 210,000 oz gold at AISC of <US$1,350/oz remains unchanged. Construction of the Kiaka project is on schedule and on budget, with first gold expected in early Q3 2025, at which point WAF will become a plus 420,000 ounce per year gold producer.

WAF's 2025 gold production guidance of 190,000 - 210,000 oz gold at AISC of <US$1,350/oz remains unchanged.