• Government considering acquiring 25% stake in Kiaka SA
• Discussions ongoing between WAF and government on Kiaka ownership
• Potential cooperation on new mining projects in Burkina Faso

West African Resources Limited (WAF) has responded to recent media coverage regarding the publication of minutes from a meeting of the Council of Ministers of the Burkina Faso Government held on 19 February 2026. The minutes record the government's consideration of a draft decree to authorize the acquisition of an additional 25% equity stake in the capital of Kiaka SA, the company that owns the Kiaka project. The government's interest in increasing its shareholding in Kiaka SA comes in the context of ongoing discussions between WAF and the government, represented by its legal entity Société de Participation Minière du Burkina Faso (SOPAMIB), to respect the legitimate interests of all parties, including existing shareholders and lenders. SOPAMIB has also reaffirmed the government's interest in cooperating with WAF on the development of new mining projects in Burkina Faso that have the potential to increase national participation in the mining sector, create new jobs, deliver greater social benefits, and unlock more value from the country's mineral resources. WAF has stated that it will continue to engage constructively with SOPAMIB on these matters, and that operations at its Sanbrado and Kiaka projects have continued unaffected throughout the engagement with the government.

WAF is in discussions with the Burkina Faso government regarding the ownership structure of the Kiaka project and potential cooperation on new mining projects in the country. The company is committed to engaging constructively with the government to develop a strong and sustainable mining industry that benefits the Burkinabé people and delivers long-term value for all stakeholders.