• Group production guidance of 430,000 - 490,000oz gold
• Group AISC guidance under $1,900/oz gold
• Kiaka production forecast of 240,000 - 280,000oz gold
• Sanbrado production forecast of 190,000 - 210,000oz gold
• Planned drilling of >100,000m across Sanbrado, Kiaka and surrounding areas

West African Resources Limited (WAF) is pleased to present its production guidance for calendar year 2026. The company is forecasting a record year of gold production, with guidance set at 430,000 - 490,000 ounces at an AISC under US$1,900/oz. Kiaka is expected to contribute over half of the Group's gold production in its first full year of operation, while Sanbrado is expected to continue its strong, reliable performance. WAF plans to build on the success of its 2025 drilling programs, with more than 100,000m of drilling scheduled for 2026 across the Sanbrado and Kiaka production centres and their surrounding exploration areas. This will focus on extending the mine life of Sanbrado's underground and open pit operations, as well as upgrading the Toega deposit for a maiden underground Ore Reserve in 2027. The company's updated Resources, Reserves and 10-year Production Plan, also released today, sees increases to Sanbrado's production plan and higher production throughputs modelled for Kiaka following exceptional performance in the December 2025 quarter. WAF is on an exciting growth trajectory and aims to become a sustainable 500,000+ ounce gold producer.

Group gold production guidance of 430,000 - 490,000 ounces in 2026 at an AISC under US$1,900/oz. Sanbrado production forecast of 190,000 - 210,000 ounces and Kiaka production forecast of 240,000 - 280,000 ounces in 2026.

WAF plans to invest US$15 - 20 million in exploration in 2026, drilling over 100,000m across the Sanbrado and Kiaka production centres and surrounding areas. The company's growth capital projects in 2026 are budgeted at US$165 - $200 million, including investments in power infrastructure, pre-production development, and underground upgrades. At current gold price levels, WAF is forecasting to generate sufficient free cash flow to consider early debt repayments, dividends to shareholders, and/or share buybacks in the second half of 2026.