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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
—
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

Company ownership

Investors & shareholders

Reviewed 2026-10-31

Complete top-20 register as at 20 February 2026; latest identified substantial holder notices have separate dates and can overlap the register.

Top registered shareholders

Register at 2026-02-20 · 1,142,328,846 issued shares

20 holders
Top registered shareholders at 2026-02-20; percentages of issued shares
#Investor / registered holder% issued sharesShares held
1 J P Morgan Nominees Australia Pty Limited Nominee / custodian
Evidence for J P Morgan Nominees Australia Pty Limited

Registered account; a nominee can represent multiple beneficial owners.

237,063,270 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

20.75%237,063,270
2 HSBC Custody Nominees (Australia) Limited Nominee / custodian
Evidence for HSBC Custody Nominees (Australia) Limited

Registered account; a nominee can represent multiple beneficial owners.

228,784,780 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

20.03%228,784,780
3 Citicorp Nominees Pty Limited Nominee / custodian
Evidence for Citicorp Nominees Pty Limited

Registered account; a nominee can represent multiple beneficial owners.

203,014,279 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

17.77%203,014,279
4 HSBC Custody Nominees (Australia) Limited - A/C 2 Nominee / custodian
Evidence for HSBC Custody Nominees (Australia) Limited - A/C 2

Registered account; a nominee can represent multiple beneficial owners.

74,460,127 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

6.52%74,460,127
5 BNP Paribas Noms Pty Ltd Nominee / custodian
Evidence for BNP Paribas Noms Pty Ltd

Registered account; a nominee can represent multiple beneficial owners.

59,306,357 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

5.19%59,306,357
6 Mr and Mrs Anthony Poli
Evidence for Mr and Mrs Anthony Poli

Registered holder or account; beneficial ownership is not independently established.

51,297,811 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

4.49%51,297,811
7 Merrill Lynch (Australia) Nominees Pty Limited Nominee / custodian
Evidence for Merrill Lynch (Australia) Nominees Pty Limited

Registered account; a nominee can represent multiple beneficial owners.

36,413,457 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

3.19%36,413,457
8 BNP Paribas Nominees Pty Ltd <Cowen and Co LLC> Nominee / custodian
Evidence for BNP Paribas Nominees Pty Ltd <Cowen and Co LLC>

Registered account; a nominee can represent multiple beneficial owners.

21,073,356 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

1.84%21,073,356
9 HSBC Custody Nominees (Australia) Limited - GSCO ECA Nominee / custodian
Evidence for HSBC Custody Nominees (Australia) Limited - GSCO ECA

Registered account; a nominee can represent multiple beneficial owners.

19,775,196 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

1.73%19,775,196
10 Mr Richard Hyde
Evidence for Mr Richard Hyde

Registered holder or account; beneficial ownership is not independently established.

17,633,118 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

1.54%17,633,118
11 Merrill Lynch (Australia) Nominees Pty Limited <Equity Finance A/C> Nominee / custodian
Evidence for Merrill Lynch (Australia) Nominees Pty Limited <Equity Finance A/C>

Registered account; a nominee can represent multiple beneficial owners.

14,027,411 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

1.23%14,027,411
12 Stichting Lichfield US\C <A/C 051 52041 9>
Evidence for Stichting Lichfield US\C <A/C 051 52041 9>

Registered holder or account; beneficial ownership is not independently established.

13,250,000 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

1.16%13,250,000
13 BNP Paribas Nominees Pty Ltd <Agency Lending Collateral> Nominee / custodian
Evidence for BNP Paribas Nominees Pty Ltd <Agency Lending Collateral>

Registered account; a nominee can represent multiple beneficial owners.

9,350,182 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

0.82%9,350,182
14 BNP Paribas Nominees Pty Ltd <Clearstream> Nominee / custodian
Evidence for BNP Paribas Nominees Pty Ltd <Clearstream>

Registered account; a nominee can represent multiple beneficial owners.

9,114,304 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

0.80%9,114,304
15 BNP Paribas Noms Pty Ltd <Global Markets> Nominee / custodian
Evidence for BNP Paribas Noms Pty Ltd <Global Markets>

Registered account; a nominee can represent multiple beneficial owners.

8,732,697 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

0.76%8,732,697
16 BNP Paribas Nominees Pty Ltd <IB AU Noms Retailclient> Nominee / custodian
Evidence for BNP Paribas Nominees Pty Ltd <IB AU Noms Retailclient>

Registered account; a nominee can represent multiple beneficial owners.

8,265,088 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

0.72%8,265,088
17 BNP Paribas Nominees Pty Ltd <Agency Lending A/C> Nominee / custodian
Evidence for BNP Paribas Nominees Pty Ltd <Agency Lending A/C>

Registered account; a nominee can represent multiple beneficial owners.

7,945,405 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

0.70%7,945,405
18 HSBC Custody Nominees (Australia) Limited - GSCO EDA Nominee / custodian
Evidence for HSBC Custody Nominees (Australia) Limited - GSCO EDA

Registered account; a nominee can represent multiple beneficial owners.

6,935,875 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

0.61%6,935,875
19 Aigle Royal Consolidated PL
Evidence for Aigle Royal Consolidated PL

Registered holder or account; beneficial ownership is not independently established.

5,250,000 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

0.46%5,250,000
20 GAMS-Mining F&I Ltd
Evidence for GAMS-Mining F&I Ltd

Registered holder or account; beneficial ownership is not independently established.

4,931,224 shares · Issued shares · Disclosed holding at 2026-02-20

2025 Annual Report
West African Resources Limited · 2026-03-17
downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

0.43%4,931,224

Nominee and custodian accounts can hold shares for several underlying investors.

Disclosed substantial holders

Latest reviewed disclosure for each holder or reporting group

Substantial-holder disclosures; these can overlap registered accounts above
Investor / reported groupDisclosed holdingHolding at
Helikon Investments Limited and associated entities Reported group
Evidence for Helikon Investments Limited and associated entities

Group relevant interests reflect investment management; multiple named entities overlap and are not additive.

140,103,806 shares · Voting power · Disclosed holding at 2026-07-06

Change in substantial holding — Helikon
Helikon Investments and associates via ASX · 2026-07-08
downloads/WAF/2026/2026-07-08_Change in substantial holding_476c02aa0d520fe9.pdf, page 1

12.25%Voting power2026-07-06
State Street Corporation and subsidiaries Reported group
Evidence for State Street Corporation and subsidiaries

Group includes managed, pledged and lent securities and may overlap other groups.

72,429,381 shares · Voting power · Disclosed holding at 2026-09-25

Change in substantial holding — State Street
State Street Corporation via ASX · 2026-09-29
downloads/WAF/2026/2026-09-29_Change in substantial holding_9be345abff588ee1.pdf, page 1

6.33%Voting power2026-09-25
UBS Group AG and related bodies corporate Reported group
Evidence for UBS Group AG and related bodies corporate

Group includes investment manager, brokerage and securities lending relevant interests.

68,205,075 shares · Voting power · Disclosed holding at 2026-10-02

Becoming a substantial holder — UBS
UBS Group AG via ASX · 2026-10-06
downloads/WAF/2026/2026-10-06_Becoming a substantial holder_aa26d93cba731bda.pdf, page 1

5.96%Voting power2026-10-02

These disclosures can overlap accounts in the register above. Their percentages should not be added together.

Sources & review notesEvidence checked through 2026-10-31

Coverage and 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.

Sources

  1. 2025 Annual Report

    West African Resources Limited · Published 2026-03-17 · Accessed 2026-10-31

    Lists dated issued shares and all 20 registered accounts.

    downloads/WAF/2026/2026-03-17_2025 Annual Report_8b85b5baa6453d0c.pdf, PDF page 99

  2. Change in substantial holding — Helikon

    Helikon Investments and associates via ASX · Published 2026-07-08 · Accessed 2026-10-31

    Form 604 reports relevant interest on 6 July.

    downloads/WAF/2026/2026-07-08_Change in substantial holding_476c02aa0d520fe9.pdf, page 1

  3. Change in substantial holding — State Street

    State Street Corporation via ASX · Published 2026-09-29 · Accessed 2026-10-31

    Form 604 reports relevant interest on 25 September.

    downloads/WAF/2026/2026-09-29_Change in substantial holding_9be345abff588ee1.pdf, page 1

  4. Becoming a substantial holder — UBS

    UBS Group AG via ASX · Published 2026-10-06 · Accessed 2026-10-31

    Form 603 reports relevant interest on 2 October.

    downloads/WAF/2026/2026-10-06_Becoming a substantial holder_aa26d93cba731bda.pdf, page 1

  5. Ceasing to be a substantial holder — BlackRock

    BlackRock Group via ASX · Published 2026-10-22 · Accessed 2026-10-31

    Scanned Form 605 reports cessation on 20 October, following a 19 October threshold crossing.

    downloads/WAF/2026/2026-10-22_Ceasing to be a substantial holder_6acf2dfdfc2481b5.pdf, page 1

  6. Ceasing to be a substantial holder — Van Eck

    Van Eck Associates Corporation via ASX · Published 2025-12-03 · Accessed 2026-10-31

    Form 605 reports cessation on 28 November 2025, after the 26 November position repeated by the annual report.

    downloads/WAF/2025/2025-12-03_Change in substantial holding_190886194102a942.pdf, page 1

  7. Ceasing to be a substantial holder — Aigle Royal

    Aigle Royal entities via ASX · Published 2026-08-12 · Accessed 2026-10-31

    Names West African Resources and reports cessation on 12 August, but the issuer ACN printed in this form differs from WAF’s ACN.

    downloads/WAF/2026/2026-08-12_Ceasing to be a substantial holder_a87a61251dd740e7.pdf, page 1

  8. Ceasing to be a substantial holder — L1 Capital

    L1 Capital Pty Ltd via ASX · Published 2026-10-02 · Accessed 2026-10-31

    Form 605 reports cessation following September disclosure.

    downloads/WAF/2026/2026-10-02_Ceasing to be a substantial holder_db19eccb50e40484.pdf, page 1

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