{ "schema_version": "1.0.0", "ticker": "WAF", "company_name": "West African Resources Limited", "cutoff_date": "2026-10-31", "reviewed_at": "2026-10-31", "coverage_note": "Complete top-20 register as at 20 February 2026; latest identified substantial holder notices have separate dates and can overlap the register.", "register": { "as_of_date": "2026-02-20", "issued_shares": 1142328846, "source_ids": [ "annual-2025" ], "holders": [ { "holder_id": "register-01", "name": "J P Morgan Nominees Australia Pty Limited", "classification": "nominee_custodian", "shares": 237063270, "percentage": 20.75, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-02", "name": "HSBC Custody Nominees (Australia) Limited", "classification": "nominee_custodian", "shares": 228784780, "percentage": 20.03, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-03", "name": "Citicorp Nominees Pty Limited", "classification": "nominee_custodian", "shares": 203014279, "percentage": 17.77, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-04", "name": "HSBC Custody Nominees (Australia) Limited - A/C 2", "classification": "nominee_custodian", "shares": 74460127, "percentage": 6.52, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-05", "name": "BNP Paribas Noms Pty Ltd", "classification": "nominee_custodian", "shares": 59306357, "percentage": 5.19, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-06", "name": "Mr and Mrs Anthony Poli", "classification": "direct_holder", "shares": 51297811, "percentage": 4.49, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered holder or account; beneficial ownership is not independently established." ] }, { "holder_id": "register-07", "name": "Merrill Lynch (Australia) Nominees Pty Limited", "classification": "nominee_custodian", "shares": 36413457, "percentage": 3.19, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-08", "name": "BNP Paribas Nominees Pty Ltd ", "classification": "nominee_custodian", "shares": 21073356, "percentage": 1.84, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-09", "name": "HSBC Custody Nominees (Australia) Limited - GSCO ECA", "classification": "nominee_custodian", "shares": 19775196, "percentage": 1.73, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-10", "name": "Mr Richard Hyde", "classification": "direct_holder", "shares": 17633118, "percentage": 1.54, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered holder or account; beneficial ownership is not independently established." ] }, { "holder_id": "register-11", "name": "Merrill Lynch (Australia) Nominees Pty Limited ", "classification": "nominee_custodian", "shares": 14027411, "percentage": 1.23, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-12", "name": "Stichting Lichfield US\\C ", "classification": "unknown", "shares": 13250000, "percentage": 1.16, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered holder or account; beneficial ownership is not independently established." ] }, { "holder_id": "register-13", "name": "BNP Paribas Nominees Pty Ltd ", "classification": "nominee_custodian", "shares": 9350182, "percentage": 0.82, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-14", "name": "BNP Paribas Nominees Pty Ltd ", "classification": "nominee_custodian", "shares": 9114304, "percentage": 0.8, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-15", "name": "BNP Paribas Noms Pty Ltd ", "classification": "nominee_custodian", "shares": 8732697, "percentage": 0.76, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-16", "name": "BNP Paribas Nominees Pty Ltd ", "classification": "nominee_custodian", "shares": 8265088, "percentage": 0.72, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-17", "name": "BNP Paribas Nominees Pty Ltd ", "classification": "nominee_custodian", "shares": 7945405, "percentage": 0.7, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-18", "name": "HSBC Custody Nominees (Australia) Limited - GSCO EDA", "classification": "nominee_custodian", "shares": 6935875, "percentage": 0.61, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered account; a nominee can represent multiple beneficial owners." ] }, { "holder_id": "register-19", "name": "Aigle Royal Consolidated PL", "classification": "direct_holder", "shares": 5250000, "percentage": 0.46, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered holder or account; beneficial ownership is not independently established." ] }, { "holder_id": "register-20", "name": "GAMS-Mining F&I Ltd", "classification": "direct_holder", "shares": 4931224, "percentage": 0.43, "percentage_basis": "issued_shares", "as_of_date": "2026-02-20", "investor_id": null, "identity_note": null, "source_ids": [ "annual-2025" ], "notes": [ "Registered holder or account; beneficial ownership is not independently established." ] } ] }, "substantial_holders": [ { "holder_id": "helikon", "name": "Helikon Investments Limited and associated entities", "classification": "reporting_group", "shares": 140103806, "percentage": 12.2515, "percentage_basis": "voting_power", "as_of_date": "2026-07-06", "investor_id": null, "identity_note": null, "source_ids": [ "helikon-20260708" ], "notes": [ "Group relevant interests reflect investment management; multiple named entities overlap and are not additive." ] }, { "holder_id": "state-street", "name": "State Street Corporation and subsidiaries", "classification": "reporting_group", "shares": 72429381, "percentage": 6.33, "percentage_basis": "voting_power", "as_of_date": "2026-09-25", "investor_id": null, "identity_note": null, "source_ids": [ "state-20260929" ], "notes": [ "Group includes managed, pledged and lent securities and may overlap other groups." ] }, { "holder_id": "ubs", "name": "UBS Group AG and related bodies corporate", "classification": "reporting_group", "shares": 68205075, "percentage": 5.96, "percentage_basis": "voting_power", "as_of_date": "2026-10-02", "investor_id": null, "identity_note": null, "source_ids": [ "ubs-20261006" ], "notes": [ "Group includes investment manager, brokerage and securities lending relevant interests." ] } ], "sources": [ { "source_id": "annual-2025", "title": "2025 Annual Report", "publisher": "West African Resources Limited", "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03069002-6A1316695", "publication_date": "2026-03-17", "accessed_date": "2026-10-31", "locator": "downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99", "detail": "Lists dated issued shares and all 20 registered accounts." }, { "source_id": "helikon-20260708", "title": "Change in substantial holding — Helikon", "publisher": "Helikon Investments and associates via ASX", "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03109319-6A1333084", "publication_date": "2026-07-08", "accessed_date": "2026-10-31", "locator": "downloads/WAF/2026/2026-07-08_Change in substantial holding_476c02aa0d520fe9.pdf, page 1", "detail": "Form 604 reports relevant interest on 6 July." }, { "source_id": "state-20260929", "title": "Change in substantial holding — State Street", "publisher": "State Street Corporation via ASX", "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03141521-6A1346379", "publication_date": "2026-09-29", "accessed_date": "2026-10-31", "locator": "downloads/WAF/2026/2026-09-29_Change in substantial holding_9be345abff588ee1.pdf, page 1", "detail": "Form 604 reports relevant interest on 25 September." }, { "source_id": "ubs-20261006", "title": "Becoming a substantial holder — UBS", "publisher": "UBS Group AG via ASX", "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03144943-6A1347898", "publication_date": "2026-10-06", "accessed_date": "2026-10-31", "locator": "downloads/WAF/2026/2026-10-06_Becoming a substantial holder_aa26d93cba731bda.pdf, page 1", "detail": "Form 603 reports relevant interest on 2 October." }, { "source_id": "blackrock-cease", "title": "Ceasing to be a substantial holder — BlackRock", "publisher": "BlackRock Group via ASX", "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03151405-6A1350573", "publication_date": "2026-10-22", "accessed_date": "2026-10-31", "locator": "downloads/WAF/2026/2026-10-22_Ceasing to be a substantial holder_6acf2dfdfc2481b5.pdf, page 1", "detail": "Scanned Form 605 reports cessation on 20 October, following a 19 October threshold crossing." }, { "source_id": "vaneck-cease", "title": "Ceasing to be a substantial holder — Van Eck", "publisher": "Van Eck Associates Corporation via ASX", "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03032531-6A1301247", "publication_date": "2025-12-03", "accessed_date": "2026-10-31", "locator": "downloads/WAF/2025/2025-12-03_Change in substantial holding_190886194102a942.pdf, page 1", "detail": "Form 605 reports cessation on 28 November 2025, after the 26 November position repeated by the annual report." }, { "source_id": "aigle-cease", "title": "Ceasing to be a substantial holder — Aigle Royal", "publisher": "Aigle Royal entities via ASX", "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03120101-6A1338217", "publication_date": "2026-08-12", "accessed_date": "2026-10-31", "locator": "downloads/WAF/2026/2026-08-12_Ceasing to be a substantial holder_a87a61251dd740e7.pdf, page 1", "detail": "Names West African Resources and reports cessation on 12 August, but the issuer ACN printed in this form differs from WAF’s ACN." }, { "source_id": "l1-cease", "title": "Ceasing to be a substantial holder — L1 Capital", "publisher": "L1 Capital Pty Ltd via ASX", "url": "https://asx.api.markitdigital.com/asx-research/1.0/file/2924-03143992-6A1347508", "publication_date": "2026-10-02", "accessed_date": "2026-10-31", "locator": "downloads/WAF/2026/2026-10-02_Ceasing to be a substantial holder_db19eccb50e40484.pdf, page 1", "detail": "Form 605 reports cessation following September disclosure." } ], "limitations": [ "Register dated 20 February 2026 precedes subsequent transactions and capital changes; beneficial ownership cannot be inferred from nominee names.", "Annual report lists Van Eck as substantial despite its 28 November 2025 cessation notice filed before report publication; the old holding is not retained as current.", "BlackRock crossed above 5% on 19 October 2026 but ceased on 20 October; a cessation does not establish a zero holding.", "L1 Capital and Mitsubishi UFJ have reported cessation of substantial status; their below-threshold positions may remain.", "An Aigle Royal 12 August cessation names West African Resources and its existing shareholder entities but prints a different issuer ACN; the mismatch prevents unqualified reliance.", "Substantial positions are latest identified notices, not real-time holdings, and can overlap registered accounts and each other." ] }