• No significant social, health or safety incidents
• Q3 gold production of 92,721 oz at AISC of US$1,532/oz
• Q3 cash flow from operating activities of A$242m after tax payments

West African Resources Limited (WAF) is pleased to present its activity report for the quarter ended 30 September 2025 (Q3). There were no significant health or safety incidents during the quarter, and WAF's Total Reportable Injury Frequency Rate (TRIFR) at the end of the quarter was 1.78. WAF commenced operational reporting for its Kiaka gold production centre in Q3 2025. The company produced a total of 92,721 oz of gold in Q3 at an all-in sustaining cost (AISC) of US$1,532/oz. Sanbrado produced 59,852 oz at a site sustaining cost of US$1,348/oz, while Kiaka produced 32,869 oz at a site sustaining cost of US$1,921/oz. WAF sold a total of 75,892 oz of gold in Q3 at an average price of US$3,396/oz and generated A$242m in cash flow from operating activities after making A$24m in income tax payments. The company continues to engage in discussions with the government of Burkina Faso regarding their expression of interest to increase their ownership in WAF's subsidiary Kiaka SA.

WAF expects Sanbrado to achieve 2025 annual guidance of 190,000 to 210,000 oz of gold at a site sustaining cost of less than US$1,350 per ounce.