• Revenue: $1.54 billion
• Profit after tax: $567 million
• Cash flow from operating activities: $790 million
• Gold production: 300,383 oz at US$1,488/oz AISC

West African Resources Limited (ASX: WAF) is pleased to provide a summary of its 2025 annual results, as reported in its 2025 Annual Report. The company delivered strong operational and financial performance, meeting all key objectives including the on-budget construction and ramp-up of the Kiaka project, continued high-margin gold production from Sanbrado, and implementation of the owner-mining model for the Group's open pit operations. WAF generated A$569 million in net profit after tax, A$790 million in operating cash flow, and finished the year with A$584 million in cash and 27,095 ounces of unsold gold bullion. The company produced 300,383 ounces of gold at an AISC of US$1,488 per ounce, which included the first five months of operation at the newly constructed Kiaka gold production centre. WAF's health and safety performance remained well above the Western Australia gold industry average. The company is positioned to further improve its revenue and operating cash flow in 2026 from a full year of production from both Sanbrado and Kiaka, its two large, long-life gold production centres. WAF also invested significantly in exploration drilling in 2025 and plans to release updated Reserves, Resources, and 10-year production targets by the end of Q1 2026.

WAF is positioned to further improve its revenue and operating cash flow in 2026 from a full year of production from both of its large, long-life gold production centres of Sanbrado and Kiaka.

WAF looks forward to releasing its updated Reserves, Resources, and 10-year production target by the end of Q1 2026.