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2026-11-06
◂ Monitor WAF ASX

WEST AFRICAN RESOURCES LIMITED

Producer · Gold · Burkina Faso Rating locked: sign in to view v8 · waf-20261024t193341-full
Last 2026-11-06
A$3.45
1D
—
1M
—
YTD
—
1Y
—
Fair value
Locked: sign in to view
Upside
Locked: sign in to view
Mkt cap
A$3.9B
EV
A$3.3B
Cash
A$876.3M
Debt
A$388.1M
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$876.3M2024-12-31: 391,700,000 A$2025-12-31: 584,100,000 A$2026-06-30: 876,300,000 A$ Self Funding
Debt A$388.1M Net cash A$488.2M
Basic shares 1.1B 2026-09-22
Runway Self Funding Positive H1 operating cash flow689.8m against202.2m PPE spend; no finite burn ratio. Later dividend and tax/priority obligations reduce cash.

Liquidity

Financial position

June30 reported cash876.3m and book debt388.1m remain factual metrics. Valuation bridges toOctober13 estimated cash1014.145m and contractual ex-PPA principal368.5m; elapsed income tax andpriorityprofit accruals remain dated opening claims, withpaymenttiming bounds. Inventory, receivables/payables andproposedstate-sale proceeds are separately reconciled. No undrawn facility assumed.

Inventory composition3

Bullion spot estimate is not cash. Consumables/spares99.2m complete the298.7m balance but are not separately valued as metal inventory.

Finished refined gold bullion awaiting sale or settlement
A$68.8M carrying · 42,453 oz
Ore stockpiles at carrying cost
A$112.6M carrying
Gold in processing circuit at cost
A$18.1M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.1B
Fully diluted
1.2B

June ordinary shares of 1,143,562,563 plus July conversion of 190,445, September conversion of 153,002 and 196,716 reconcile to 1,144,102,726, confirmed in the latest presentation. The September 16 form separately records 851,158 Hyde rights conversions, while the September 17 snapshot reverts that classification. Both snapshots give the same 1,151,944,514 total including rights. Use the latest issuer snapshot for ordinary comparison and the invariant fully diluted denominator for valuation; the ordinary/right registry classification remains an administrative source inconsistency.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share1.1B——
Outstanding performance rights; all included for forward dilutionPerformance Right7.8MA$0—

KPI history

Operating metrics · Kiaka

kiaka production shown
021,28842,57763,86585,154Q3 2025: 32,869 ozQ3 2025Q4 2025: 62,287 ozQ4 2025Q1 2026: 65,704 ozQ1 2026Q2 2026: 67,571 ozQ2 2026Q3 2026: 76,030 ozQ3 2026
MetricUnitTrendQ3 2025Q4 2025Q1 2026Q2 2026Q3 2026
kiaka productionozQ3 2025: 32,869 ozQ4 2025: 62,287 ozQ1 2026: 65,704 ozQ2 2026: 67,571 ozQ3 2026: 76,030 oz32,86962,28765,70467,57176,030

KPI history

Operating metrics · Sanbrado (M1/M5 and ROM)

sanbrado production shown
016,75933,51750,27667,034Q4 2024: 51,178 ozQ4 2024Q1 2025: 50,033 ozQ1 2025Q2 2025: 45,611 ozQ2 2025Q3 2025: 59,852 ozQ3 2025Q4 2025: 49,732 ozQ4 2025Q1 2026: 42,024 ozQ1 2026Q2 2026: 57,608 ozQ2 2026Q3 2026: 51,920 ozQ3 2026
MetricUnitTrendQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
sanbrado productionozQ4 2024: 51,178 ozQ1 2025: 50,033 ozQ2 2025: 45,611 ozQ3 2025: 59,852 ozQ4 2025: 49,732 ozQ1 2026: 42,024 ozQ2 2026: 57,608 ozQ3 2026: 51,920 oz51,17850,03345,61159,85249,73242,02457,60851,920

KPI history

Operating metrics · Company

Group cash shown
0245,364,000490,728,000736,092,000981,456,000Q1 2025Q2 2025Q3 2025Q4 2025: 584,100,000 AUDQ4 2025Q1 2026Q2 2026: 876,300,000 AUDQ2 2026
MetricUnitTrendQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Group cashAUDQ4 2025: 584,100,000 AUDQ2 2026: 876,300,000 AUD———584,100,000—876,300,000
Group reported AISC; acquisition royalties excluded from 2026AUD/ozQ1 2025: 2,013 AUD/ozQ2 2025: 2,315 AUD/ozQ3 2025: 2,361 AUD/ozQ4 2025: 2,401 AUD/ozQ1 2026: 2,766 AUD/ozQ2 2026: 2,437 AUD/oz2,0132,3152,3612,4012,7662,437
Operating metric source table24
MetricProjectPeriodPeriod typeValueStatus
sanbrado productionSanbradoQ4 2024Quarter51,178 ozReported
sanbrado productionSanbradoQ1 2025Quarter50,033 ozReported
sanbrado productionSanbradoQ2 2025Quarter45,611 ozReported
sanbrado productionSanbradoQ3 2025Quarter59,852 ozReported
sanbrado productionSanbradoQ4 2025Quarter49,732 ozReported
sanbrado productionSanbradoQ1 2026Quarter42,024 ozReported
sanbrado productionSanbradoQ2 2026Quarter57,608 ozReported
sanbrado productionSanbradoQ3 2026Quarter51,920 ozReported
kiaka productionKiakaQ3 2025Quarter32,869 ozReported
kiaka productionKiakaQ4 2025Quarter62,287 ozReported
kiaka productionKiakaQ1 2026Quarter65,704 ozReported
kiaka productionKiakaQ2 2026Quarter67,571 ozReported
kiaka productionKiakaQ3 2026Quarter76,030 ozReported
Group cashCompany2024-12-31Point In Time391,700,000 AUDReported
Group cashCompany2025-12-31Point In Time584,100,000 AUDReported
Group cashCompany2026-06-30Point In Time876,300,000 AUDReported
Group reported AISC; acquisition royalties excluded from 2026CompanyQ1 2025Quarter2,013 AUD/ozReported
Group reported AISC; acquisition royalties excluded from 2026CompanyQ2 2025Quarter2,315 AUD/ozReported
Group reported AISC; acquisition royalties excluded from 2026CompanyQ3 2025Quarter2,361 AUD/ozReported
Group reported AISC; acquisition royalties excluded from 2026CompanyQ4 2025Quarter2,401 AUD/ozReported
Group reported AISC; acquisition royalties excluded from 2026CompanyQ1 2026Quarter2,766 AUD/ozReported
Group reported AISC; acquisition royalties excluded from 2026CompanyQ2 2026Quarter2,437 AUD/ozReported
sanbrado site sustaining cost, excludes corporate and acquisition royaltiesSanbradoQ2 2026Quarter2,446 AUD/ozReported
kiaka site sustaining cost, excludes corporate and acquisition royaltiesKiakaQ2 2026Quarter2,346 AUD/ozReported
Company guidance2
MetricProjectPeriodLowHighStatus
Gold Production; GrossCompanyCY2026430,000490,000 ozCurrent
Group AISC Excluding Acquisition Nsr; Assumed Goldusd4000CompanyCY2026—1,900 USD/ozCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-07Ann. 2026-09-10DividendA$228.8M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Annual and H1 notes, quarterly and state decree reconcile all disclosed material equity/royalty/PPA/sales items; legal remaining royalty tier conflict and buyer contract terms remain explicit gaps. Group remains unhedged.

Registered15% state equity;85% WAF economic ownership used once in current asset values, with free-carry and capital funding terms an explicit alternative.

Free Carry · Active
Counterparties
State of Burkina Faso
Applies to
Sanbrado (M1/M5 and ROM) · Kiaka · Toega open pit and underground · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
State interest: 15 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Uncapped royalty sliding scale plus 1% FDML levy; both included in projected revenue deductions.

Royalty · Active
Counterparties
State of Burkina Faso
Applies to
Sanbrado (M1/M5 and ROM) · Kiaka · Toega open pit and underground · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty at US$4000–4499: 10 %
Community levy: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

3% first2.5m ounces and0.5% subsequent1.5m ounces; note18 also says1.298m remaining atJune30. Base uses the disclosed remaining balance; the headline-versus-remaining conflict is a quantified limitation.

Royalty · Active
Counterparties
State of Burkina Faso
Applies to
Kiaka · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Initial NSR: 3 %
Subsequent NSR: 0.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

3% NSR untilUS$25m then0.5%, included in Sanbrado-centre projected royalties through an estimated Toega feed split.

Royalty · Active
Counterparties
State of Burkina Faso
Applies to
Toega open pit and underground · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Initial NSR: 3 %
Thereafter NSR: 0.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

ContractualUS$12.44/oz on remaining1.30m Kiaka ounces atJune30; included once as production-linked cash outflow. Excluded from debt bridge.

Other · Active
Counterparties
Sprott Resources Lending Corp. · Coris Bank International SA
Applies to
Kiaka · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Production payment: 12.44 USD/oz
Remaining commitment: 1,300,000 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Decree authorises transaction, with terms and completion pending; current85% remains distinct from conditional60%. Proceeds intended for future special distribution.

Other · Conditional
Counterparties
SOPAMIB
Applies to
Kiaka · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Interest sold: 25 %
Consideration: 70,000,000,000 XOF
How it affects our valuation

No valuation treatment is available for this arrangement.

Gold sold primarily to MKS PAMP and to national precious-substances buyer. Long-term fixed-price or take-or-pay contract terms not disclosed; no commodity hedges reported.

Offtake · Active
Counterparties
MKS PAMP SA · Société Nationale des Substance Précieuses
Applies to
Sanbrado (M1/M5 and ROM) · Kiaka · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Sales to MKS PAMP: 98 %
How it affects our valuation

No valuation treatment is available for this arrangement.

June79.8m priority provision plus estimated July–October13 profit accrual is a dated opening claim. Post-cutoff15% state economic interest is captured through85% ownership; no second15% charge on future cash flow.

Other · Active
Counterparties
State of Burkina Faso
Applies to
Sanbrado (M1/M5 and ROM) · Kiaka · Toega open pit and underground · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Annual priority distribution: 15 %
Accrued at June30: 79,800,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.